Australian wrap platform unaffected: Macquarie Group
The Macquarie Group has confirmed that the shut down of its wrap platform in the United Kingdom will not affect its sister platform in Australia.
The group has announced this week that, “due to a combination of execution challenges and difficult business conditions in the UK, it does not see a long-term future for its wrap platform in the UK, or for the Veracity business as part of Macquarie”.
The group also said that Macquarie would retain retail operations in the UK through its premium funding, relationship banking, cash flow management and funds management businesses.
“This would not impact any of Macquarie’s other UK businesses or any other market. This has no impact on Macquarie’s Australian Wrap operations, which continue to grow successfully,” the group added.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
