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The Macquarie Group has confirmed that it has withdrawn from the UK wrap platform market.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.
AUTHOR
Milana Pokrajac
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
