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
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
