Macquarie Wrap grows FUA
Macquarie Wrap has reached $4 billion in funds under administration (FUA) for its Consolidator Series of investment, superannuation and pension accounts.
Since the platform's launch two years ago, the Consolidator Series now services more than 1750 financial advisers and more than 350 dealer groups, according to Macquarie.
Overall FUA for Macquarie Wrap sits at more than $34 billion, Macquarie added.
Justin Delaney, Macquarie Adviser Services head of platforms, said the need to deliver value and choice to clients had never been more important than in a Future of Financial Advice (FOFA) environment.
He said the absence of adviser rebates and commissions — and having a competitive administration fee — met the current expectations of advisers and clients, and had seen uptake of the platform increase in the last year.
In June, Macquarie added built-in fee disclosure statement capabilities to its platform in an effort to streamline the administrative responsibilities of advisers in the lead-up to 1 July regulatory changes.
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
