Macquarie, BT lead platform inflows

macquarie platforms BT cent capital gains

17 July 2002
| By Jason |

MacquarieWrap Solutions has claimed the top place in funds inflows for discretionary master trusts and wraps after recording inflows of $1.2 billion during the March quarter.

The inflows into the Macquarie wrap account equal 28 per cent of net inflows for the quarter, whileBT Funds Managementtook second place with 21 per cent of inflows, or around $830 million. Together the two groups accounted for 47 per cent of all inflows into platforms for the quarter.

AMP, Navigator andAsgardfilled out the remaining top five positions respectively. AMP inflows were $556.4 million, Navigator inflows were $385.1 million and Asgard inflows were $263.9 million for the quarter.

The claim by Macquarie and BT is based on the Assirt March Quarter report as well as data independently sourced by the two groups as Assirt has yet to report the inflows of Macquarie and BT’s wrap products.

Macquarie says its wrap product now has $5 billion in funds under administration including the March quarter inflows with more than double the wrap’s entire holdings over the previous quarter.

Macquarie Wrap Solutions national sales manager Giulio Russo says the growth in the wrap product has been driven by the asset portability in which advisers are seeking ways to shift client funds without crystallising capital gains.

He says this does not occur via the use of wraps, as opposed to master trusts, as clients remain the owner of underlying assets while being able to move assets in or out of the wrap service.

Macquarie says most of the inflows have come from third party financial planners who are working with clients to transition them from other forms of investments across to the wrap account.

However AMP has maintained its first place for platforms in terms of funds under management with $20.4 billion or 24.7 per cent of the market. Asgard and theCommonwealthhave taken out second and third place respectively with Asgard nudged ahead of the bank with $9.8 billion or 11.9 per cent of the market and the Commonwealth with $9.4 billion within its master trust, or 11.34 per cent of the market.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 4 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 8 hours ago