Macquarie tipped to change course on axing funds from super wrap platform
Prominent asset manager Magellan also confirmed it is in talks with Macquarie over the move, which would see almost all Australian funds blocked from a key distribution channel.
Macquarie is set to change course on controversial plans to remove asset managers overseeing less than $300 billion from its superannuation wrap platform, as prominent investor Magellan confirmed it has held talks with the financial services behemoth over the controversial move.
Three industry sources who spoke to Capital Brief on the condition of anonymity said they expect Macquarie to backtrack from the $300 billion threshold given it would cut most Australian fund managers from the platform, a significant distribution channel.
Magellan Financial Group CEO Sophia Rahmani on Tuesday confirmed she was in talks with Macquarie in a bid to escape the axing, telling shareholders at the company's annual general meeting she expects the outcome of those discussions to be “positive”. Magellan manages $39.6 billion, according to its latest ASX disclosure, well short of the mooted $300 billion threshold.
“We do have a reasonable sized relationship with the Macquarie superannuation platform… We have, let's say, a couple of $100 million on that platform. We are working with Macquarie through that, and we're looking for an outcome later this week on how impacted we may be,” she said.
