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Structured launch faces struggle

Advisers have warned that Macquarie will face an “uphill struggle” to gain traction in the UK structured product market following the FSA’s review of the sector and Keydata’s collapse.

Macquarie Funds Group, the asset management arm of Australian-listed Macquarie Group, recently unveiled its first structured plan for UK investors.

The six-year global infrastructure growth plan is backed by UBS (Standard & Poor’s A+ rated) and linked to the S&P global infrastructure index. The firm has appointed Meteor as plan manager and administrator.

Macquarie Funds Group head of UK investment solutions and sales Philipp Graf says: “For obvious reasons, we waited to launch until after the FSA guidance. We are part of a large organisation and have a strong risk management process to ensure the products meet high standards required.”

Lowes Financial Management managing director Ian Lowes says: “It is marked as A+ so will not get on to our list but it might have made a nice diversification play for Isa season. I think they have got an uphill struggle entering the market in the current climate.”

Baronworth Investment Services Colin Jackson says: “This is probably the worst time for anybody to come into this market with a structured product. I do not have a problem with the product but think they will not get the take-up they would have had before Keydata.”

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