Macquarie connects to wrap service
Macquarie has this week begun trialing another wrap service, to be offered through Macquarie Financial Services (MFS).
Macquarie has this week begun trialing another wrap service, to be offered through Macquarie Financial Services (MFS).
Called Macquarie Connections, the new service will be released early next year if all goes well during the trial, according to MFS’ associate director and head of re-tail for New South Wales Lucinda Chan.
“The soft launch will be to 50 of our top clients,” Chan says.
Originally, MFS were interested in offering clients a master trust, but instead de-cided on the wrap for its reporting and transaction and capabilities.
“The new product will have consolidated reporting. On the transaction side of the business, clients will be able to enter and exit products quite easily. Wraps take the settlement hassles out of investing,” says Chan.
Fees for the new service will vary, depending on the size of a transaction.
Chan says the distribution of Macquarie Connections will remain in line with MFS’ low key distribution policy. “There’ll be very little hard push on it. It’s a more generic product.”
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