Macquarie wrap, the latest entrant into the UK platform market, will launch next week to its first adviser client.
Set for a phased introduction to around six IFA firms initially, Macquarie brings years of experience running wrap propositions in the more established Australian market.
Macquarie global head of financial services Peter Maher says wrap development plays a key role in the group's future expansion plans in the UK.
"Demand for platforms will no doubt grow substantially in the future. Our platform is central to achieving a big presence in the UK," he says.
"Our business is wholly focused on what can we do to help advisers achieve better practices."
Macquarie head of UK business Jason Huddy says using the Australian market as a guide, the UK platform space could be set for a boom in business in the coming years.
"If you look at the Australian market, 90c in the dollar of new business is put on a platform," he says. "But here in the UK, it is only 30p in the pound.
"Along with the natural evolution to platforms, the RDR will also be a further catalyst for advisers to progress their businesses."
Maher also expects Macquarie to be active in the UK asset management industry's current consolidation process.
"We have very significant corporate backing and we are putting more resources across all of our businesses, including corporate advisory and Macquarie Funds Group," he adds.IFAonline
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