View more on these topics

Macquarie global plan fails to launch

Macquarie Funds Group has failed to raise sufficient funds for the launch of its first structured product in the UK market.

The asset management arm of Australian-listed Macquarie Group unveiled a six-year global infrastructure growth plan in November backed by UBS (Standard & Poor’s A+ rated) and linked to the S&P global infrastructure index.

However, the plan did not launch due to lower than expec-ted subscriptions and missed the mark for several adviser panels due to its credit rating.

The fund had a short offer period of around one month and tried to launch amid uncertainty in the structured product market following the FSA review.

Macquarie would not disclose the target amount for the fund. A spokeswoman says: “The subscriptions were less than what we had looked for. That is not unusual in the ramp-up period but it was a short offer per-iod and the FSA review did feed into it.

“We did see sufficient investor interest and are comforted by that and intend to continue to pursue structured products in the coming year.”



Cheque fraud hit Cheshire BS in 45 minutes

A Cheshire Building Society employee who was at the heart of a conspiracy to cash forged cheques worth more than £160,000 has been jailed for two years. Shamaela Kousar, 22, from Oldham, who worked for the Cheshire Building Society, admitted a series of fraud and conspiracy charges when she appeared before Crown Court in Manchester […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment