Macquarie’s first client firm joined its platform last week, marking its official entrance into the UK marketplace.
Macquarie UK head of banking and financial services Jason Huddy says the firm is now planning to add another 11 firms over the coming months.
He says: “We’ve been looking at the UK now for the last five years to see whether there might be an opportunity for us to offer a wrap account for the professional financial planner in the UK. We progressed the business planning on that a little over a year ago and have launched with our first firm.
“We’ve got a very managed roll-out process underway. We are engaging initially with 12 founding firms with whom we have been quite close with for a number of months in developing this proposition.
“We want to maintain that reasonable level of concentrated firms for the first few months to deliver the proposition to them and grow that number of firms from that point forward.”
Currently Macquarie has operational capabilities in Bristol and London, with around 50 staff, and has been operating in the Australian wrap market for 10 years.
Huddy says: “Competition in Australia is more mature. The statistics we have become aware of is if you are in Australia, 90 cents in the advised dollar is directed via a wrap account. In the UK that is more like 30p in the advised pound so for us that is great opportunity for providers like Macquarie to develop its wrap capabilities to support financial planners and the client.”