Macquarie to expand offshore/Oeic offering in UK

23 September 2009 10:09 am

In a presentation published on the Australian stock exchange, the bank revealed plans to expand its UK offshore offering on the back of its April launch of the platform, as well as continuing to pursue growth initiatives for its UK wrap service, including new payment solutions and technology.

The stock exchange alert also said Macquarie Funds Group is launching a Sicav in the European markets, and Macquarie Capital will expand third party advisory businesses through selective recruitment and potential acquisitions.

The presentation also revealed that the bank will also pursue strategic acquisitions and buy controlling stakes in high quality asset managers, though it would not specify whether it would target the UK market.

Macquarie also said in the medium term its Funds Group operation will look at variable annuity products though it would not specify in which markets.

Macquarie head of banking and financial services group UK Jason Huddy says: “It is not on our current list here, but we would always consider it in the UK."

Finance and Technology Research Centre director Ian McKenna says: "Variable annuities are an obvious omission from many platforms and it could be argued that as risk products they are an area outside the core competency of asset managers. If Macquarie can bring these skills from abroad they could put themselves in a strong position.

"However this is a market where many have tried and few have succeed."

Offshore it is also looking to launch tailored products for the Indian market with JV parent Religare, and ramp up its private wealth offering throughout Asia and China. According to the alert, Macquarie will source new funding for mortgage business, but says it cannot specify whether it will target the UK market.

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