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.”