Macquarie launches niche distribution arm
Macquarie Adviser Services is targeting selective Australian boutique and international fund managers to partner with after unveiling a new business arm yesterday - Macquarie Professional Series (MPS).
The new distribution initiative has signed a ‘letter of intent’ with US-based Morgan Stanley Investment Management to develop a locally offered version of the US manager’s Global Franchise Fund.
Morgan Stanley Investment Management executive director, Jon Buckeridge, says the group had been actively seeking a distribution outlet in Australia.
“We have been looking for a distribution and responsible entity services partner in Australia for our Global Franchise capability and this agreement with Macquarie provides us with all the administrative and distribution support we require,” Buckeridge says.
Macquarie Adviser Services executive director Neil Roderick says in addition to the initial MPS deal with Morgan Stanley the group is in discussions with other Australian and international fund managers as it seeks similar agreements.
“Macquarie aims to partner with a limited number of quality Australian boutique and international fund managers and develop and distribute a suite of best of breed funds under the Macquarie Professional Series banner,” Roderick says.
Macquarie Financial Services group executive director, Peter Maher says the creation of a fund administration and distribution business was the logical next step for the retail arm of Macquarie Bank, with the group now.
“Macquarie’s front and back office support will give our partners access to a national team of key account managers, business development managers, a highly qualified researcher relationship team, telephone based sales team as well as to our specialist call center,” he says.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
