Macquarie retreats from UK wrap market
The Macquarie Group has confirmed that it has withdrawn from the UK wrap platform market.
The group has confirmed 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 funds management, relationship banking and cash flow 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 said.
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.
