Yellow Brick Road/Macquarie Bank deal to create competition
Yellow Brick Road's (YBR) new deal with Macquarie Bank will "establish much-needed competition in financial services", the company has announced.
YBR has launched a range of lower-priced mortgage products and is set to launch a new range of wealth management products in 2013 as part of its strategy to increase its presence in the sector.
The deal with Macquarie Bank would see the two companies develop branded banking and wealth management products and services, including the terms of a new mortgage funding and distribution arrangement.
"Key to our strategy is to deliver advice across a broader range of needs, including planning for retirement and protecting [clients'] assets," the company said in a statement to the Australian Securities Exchange.
The newly-announced campaign represents an "aggressive" push into financial services to create "much needed competition" in the sector, YBR said.
"The launch of this new range of mortgage products is compelling in the short term, but equally as compelling is the medium- to long-term potential of Yellow Brick Road delivering additional initiatives in banking and wealth management."
The announcement came hours after YBR entered a trading halt, saying it would announce a deal with a major financial services institution.
In the days leading up to the announcement, the media speculated the deal would be struck with Macquarie.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
