MacquarieBank’s advisory services division has announced the creation of a new risk platform, just weeks after Sydney-based Straight Through Solutions (STS) became the first Australian company to launch a similar product.
Much like the STS product, the Macquarie risk platform is currently being trialled by financial planning dealer groups ahead of a possible formal launch early next year.
Backed by global reinsurance giant Munich Re, Macquarie’s risk platform is integrated with its popular wrap and superannuation administration products.
Feedback from planners testing the Macquarie product has been good, according to adviser services head Neil Roderick, who said the platform was designed to save client and adviser time and help address Australia’s underinsurance problem.
The STS product is being trialled by Professional Investment Services, AFS and Securitor, and will be tested over an eight-week period ahead of its formal launch.
At present, PrefSure is the only life company on the platform, but STS director Miles Sterrick said another eight groups had approached him about the product.
Meanwhile, Macquarie has also announced an upgrade of its online trading facility DirecTrade, and listed its much publicised media fund on the Australian Stock Exchange.
Macquarie Media Group (MMG) has raised $536.7 million in its initial public offering, which was over-subscribed by global and Australian institutions as well as retail investors.
An additional $400 million is expected to be raised at a second MMG instalment in 12 months time.
Shares in the Sydney-based fund sold at $2.75 at its listing.
