Macquarie wrap hits the $2 billion mark
Macquarie’s wrap service has hit the $2.7 billion mark three months ahead of time, after being in operation for only 27 months.
Macquarie Wrap Solutions, which provides wrap administration services to financial planning dealer groups Australia wide, recorded the funds-under-management milestone with the business continuing at a rapid pace with some $1 billion in inflows reached during the past six months.
Macquarie Wrap Solutions division director Neil Roderick says the plan going forward was a further acceleration of the business. At present, Macquarie’s wrap is being supplied to 125 dealer groups.
Roderick says the group’s wrap solutions has committed itself to a similar growth rate in 2002 which could be achieved if the adviser reaction continues as it has in the past.
He says the support the group has received from the adviser community means the wrap policy of consultation and service provision is working for the advisers.
Roderick says throughout the rest of 2002, the Macquarie Wrap team will be implementing a range of enhancements to both its super and non-super service to further increase its back-office efficiencies.
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