Macquarie to offer service to affluent investors in UK
Macquarie, the Australian financial services group, plans to launch a service targeting UK independent financial advisers by early next year.
The service will not cater specifically to high net worth clients, but Macquarie is expecting it to appeal to financial planners advising affluent clients on a long-term basis.
It will use a wrap account, where client assets are entrusted to professionals and held on a single online platform, giving clients access to their entire portfolio at any time. All expenses relating to the account, including professional advice and commissions, are wrapped into a single annual fee.
Macquarie set up a team in 2006 to engage with financial advisers and fund managers to identify opportunities.
Executive director Jason Huddy was appointed in February as head of the UK business with responsibility for building the group’s operation and leveraging its experience, product and service offerings in Australia. Macquarie is better known in the UK for putting together infrastructure deals.
Huddy was previously head of sales and marketing for Macquarie’s adviser services business in Australia, managing the distribution of Macquarie’s investment services and products to IFAs in Australia and New Zealand.
He also played a key role in the formation and growth of the Macquarie wrap Platform business in Australia, which services over 2,500 IFAs in Australia and, last year, secured the equivalent of £2.5 bn €1.6bn in rom advisers and their clients.
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