Mac’s wrap cracks $7 billion
Macquarie Portfolio Servicesis set to offer more investment options on its Wrap Solutions platform after passing $7 billion in funds under administration (FUA).
Macquarie Adviser Services head Neil Roderick says the landmark FUA was reached off the back of strong inflows which are likely to continue, as the platform has now also passed 20,000 accounts.
“There have been positive inflows into the service on the back of both adviser and investor sentiment during the past month and this milestone will allow us to develop a broader range of services for advisers within a core business that is very stable and mature,” Roderick says.
As part of the addition of services Macquarie will formally launch its cut-down wrap service - Accumulator - as well as look at enhancements to the overall platform offering.
Roderick says the group has surveyed advisers using the platforms, identifying about a dozen areas of importance, and is investigating the best ways to implement the requested changes.
He says these changes follow on from the work involved in getting the service to run well but the economies of scale the platform has gained means the further developments can begin.
These developments are part of finding a niche role in the market according to Roderick and will be based on specific services aimed at advisers and clients, with Macquarie claiming its two platform offerings will cover much of the market.
AUTHOR
Jason Spits
Recommended for you
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
Praemium is to acquire an advanced technology firm for $7.5 million, helping to boost its strategy to be a leader in AI-powered wealth management.
