Macquarie prepares to take on Australia
Macquarie Funds Management Group has launched an assault on the Australian financial planner network, with the opening of a new Victorian office marking the beginning of the company’s plans to roll out a greater Australian presence.
Macquarie Funds Management manager of retail distribution Geoff Pidgeon said the Victorian office would be headed by former Australian Unity Investments business development manager Marcus Cleary, who will lead the adviser presence in Victoria and Tasmania.
“Mr Cleary’s appointment represents our intention to expand across Australia and reflects not only our business growth but our strategic commitment to building even stronger relationships in Victoria and Tasmania,” he said.
Commenting on the newly-formed position, Cleary said the retail advisory market is an important piece in Macquarie’s funds management growth strategy.
“Melbourne is one of the leading centres for the Australian retail market, so we believe it’s essential to have an experienced, local presence.
“I look forward to building a team in Melbourne that will further strengthen our existing retail relationships,” Cleary said.
Recommended for you
Hot on the heels of its AMP advice acquisition last year, Entireti has acquired licensee solution provider IOOF Alliances from Insignia, enhancing its offering for self-licensed advisers.
Over 600 AFSLs – a third of the total number – are operating with just one adviser, according to Wealth Data, reflecting the rise of self-licensing.
Wealth management firm LGT Crestone has appointed Darragh Kennelly as a senior investment analyst to help the firm scale its alternatives platform.
A failure to implement a succession plan could negatively impact the sale price of an advice firm, with almost half of practices telling CFS that they would struggle to operate without their owner.
