Macquarie retreats from UK wrap market
The Macquarie Group has confirmed that it has withdrawn from the UK wrap platform market.
The group has confirmed that, “due to a combination of execution challenges and difficult business conditions in the UK, it does not see a long-term future for its wrap platform in the UK, or for the Veracity business as part of Macquarie”.
The group also said that Macquarie would retain retail operations in the UK through its funds management, relationship banking and cash flow management businesses.
“This would not impact any of Macquarie’s other UK businesses or any other market. This has no impact on Macquarie’s Australian Wrap operations, which continue to grow successfully,” the group said.
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