Macquarie signs up to Aegis

The ASB-Bank owned wrap provider Aegis has picked up a significant new financial planning firm and has also passed the $4 billion under administration mark.

Tuesday, December 19th 2006, 7:20AM
Macquarie Financial Services Group is the latest group to start using Aegis’s custodial wrap platform.

Aegis general manager Mark Ryland says the retail broking market is a big opportunity for Aegis. “With the way the market is heading, traditional lines of demarcation are becoming much more blurred.”

He says brokers are embracing wider wealth management services and increasingly require the functionality that a wrap platform can provide.

Macquarie chief operating officer Alison Creed says Macquarie is gearing up for significant growth in its financial advisory and retail broking arms.

“Until now we have been running our own in-house investment platform together with a couple of external platforms (including Aegis), but it is critical to the effective operation of the business to have a single platform going forward,” she said.

Ryland says Aegis has built functionality that allows brokers to either initiate trades to market through their existing systems or to initiate the process through Aegis.

“Either way, Aegis settles the trades, holds assets in custody and provides client and management reporting. The development allows brokers to leverage the best aspects of their trading systems.

In addition to signing up Macquarie, Aegis has grown its funds under administration more than $1billion in the past year and it now exceeds the $4 billion mark.

Aegis’ growth rate since inception has averaged just over $400 million a year with the previous best year of growth, around $780 million.

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