Macquarie launches online corporate action election service

Macquarie Wrap has launched an online election service for corporate actions, reducing shares administration and making the management of corporate actions more efficient for advisers.

The service allows advisers to implement a corporate action across their client base, validates client elections as they are authorised by the adviser and maintains the election history online for 13 months.

The service also provides e-mail notifications and reminders to improve workplace processes, provides a corporate actions calendar to notify advisers of upcoming and active corporate offers, and allows advisers to submit elections online.

Head of product for Macquarie Doug Chang said the new service was part of an ongoing focus on reducing equity administration and simplifying businesses for advisers.

“Transitioning what was formerly a manual, paper-based process into a streamlined, online service is already making it easier for advisers to manage their clients’ wrap accounts, while ensuring they can take advantage of attractive corporate action offers as they become available,” he said.

Chang said corporate actions were already on the increase as market conditions improve, and advisers were keen to take part without enduring a labour-intensive process.