MAS posts accounts milestone
Neil Roderick
Fund manager Macquarie Adviser Services’ Macquarie Cash Management Trust, which is primarily targeted at independent financial advisers (IFA), now exceeds 400,000 accounts.
The achievement follows on the heels of another product milestone the manager posted for the year ending June 30 — more than $7 billion in inflows to its Macquarie Wrap fund.
Head of Macquarie Adviser Services Neil Roderick said the growth in accounts had made the CMT the largest cash management trust in the country, with $18 billion in FUM, up by $4 billion since March this year.
Roderick attributed the milestone achievement to MAS differentiating the CMT — on the basis of service proposition — from competing cash funds, which compete singularly on interest rates.
“The milestone accounts achievement is the truest indicator of our strong service delivery and of our relevance to the IFA market.”
Roderick said CMT’s market share had increased to 40.5 per cent currently, up from 31 per cent in 2004.
He added that MAS, including both the CMT and Macquarie Wrap products, had opened 57 per cent more accounts than at October last year.
Recommended for you
Private markets may be the hot topic of the day but two financial advisers have shared the red flags to consider and why advisers shouldn’t be tempted to invest solely in the pursuit of higher returns.
The corporate regulator has officially launched its new digital portal for financial services businesses submitting AFSL applications, offering a more “efficient, modern and user-friendly” experience.
The advice community has reacted to the re-election of the Labor Party for a second term and called on the incoming Minister for Financial Services to take “decisive action” as Stephen Jones retires from politics.
Advice licensee Finchley & Kent has announced a strategic partnership with technology firm Padua Solutions as licensees are encouraged to broaden their tech usage.
