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
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