From 1 July 2021, Macquarie Investment Management Limited (MIML) will retire from a number of its current roles.

Roles and appointments

MIML will retire from being the Responsible Entity of the Macquarie Separately Managed Account (SMA) and Issuer and Operator of the Macquarie Individually Managed Account (IMA).

From 1 July 2021, Macquarie Investment Services Limited (MISL) will be appointed in these roles.

MIML has appropriately considered the appointment of MISL for these roles and has conducted a thorough review of MISL frameworks to determine that its appointment is in the best interests of investors.

Why is this change occurring?

The changes are a result of a regulatory change which will soon prohibit superannuation trustees from having duties to act in the interests of other persons outside of superannuation or providing personal advice.

Given MIML is also a superannuation trustee, MIML is retiring from its roles as Responsible Entity of the Macquarie SMA and the Issuer and Operator of the IMA.

What you need to know

1.      Products impacted by this change

The products impacted by this change are Macquarie’s Managed Accounts (MMA) products which include the Macquarie SMA & the Macquarie IMA.

2.      Other impacted managed investment schemes

MIML is also the Responsible Entity (RE) for a number of managed investment schemes which are also impacted by this regulatory change. These funds are in varying stages of wind-up which has been previously communicated to impacted members.

What do these changes mean for you?

A new PDS for the SMA will be issued on 1 July 2021.

No action is required by you and this is for your information only. The personnel, systems and people who manage and support these products and services will remain the same.

Need help?

If you have any questions or would like more information, please contact us.