Macquarie adds Step to its wrap


New investment product Macquarie Step has been placed on Macquarie's wrap platforms platform five months after its launch, the group has announced.
Macquarie Step, a structured investment product launched through Macquarie Specialist Investments, targets clients who are looking to transition from cash into an investment, providing exposure to asset classes such as domestic and global equities.
The placing of Macquarie Step on the wrap followed solid demand from its financial adviser base, according to division director at Macquarie Specialist Investments Xanthe Virtue.
"We often have many advisers - who have used a lot of structured products in the past - asking us to place it on the wrap," Virtue said.
Macquarie Step's placing on the wrap platform will also allow for online application through the platform's website, easier administration and updates, Virtue added.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.