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Australia's largest Cash Management Trust (CMT) provider Macquarie Bank and Australia's largest retail equities network, GBST, have signed an agreement for GBST to provide stockbrokers with real time access to the Macquarie CMT.
"We are delighted that market leader Macquarie Bank will offer real time CMT across the GBST network," said GBST's CEO Stephen Lake. "This means our retail brokers can now access Australia's largest provider of cash management services using GBST's real time CMT processing facility. According to Mr Lake retail advisors using Macquarie real time CMT can view clients' transactions, current balances and pledge funds. "This improves client service, reduces risk, and lowers the broker's capital requirements," he said.
"Providing a high quality of service to GBST's network of retail stockbrokers represents a significant opportunity for Macquarie," Head of Macquarie's CMT Sales Grant McCorquodale said.
"Macquarie is a market leader with $9 billion funds under management in CMT accounts and is committed to helping GBST provide the highest level of service to their clients by offering the most efficient services automated processing can provide. Macquarie is continually looking for ways to improve its services to valued clients like GBST's network of stockbrokers. The GBST network is obviously important because of its size", Mr McCorquodale said.
According To Mr Lake, GBST's network includes 35 retail stockbrokers with a client base of one million investors. Macquarie's CMT service went live at Bell Potter in October 2002, with ABN AMRO Morgans, Tolhurst Noall, and Patterson Ord Minnett set to upgrade to the service early in 2004.
Mr Lake believes real time interfaces to GBST SharesTM, the securities processing system used by most Australian stockbrokers to process half ASX trading volumes, provides revenue growth opportunities for financial service providers. It also gives stockbrokers a wider choice of products for their clients. "Stockbrokers using GBST SharesTM can already choose from a number of CMT providers, margin lenders and 800 managed funds on the GBST network. Some of these providers have experienced spectacular growth and we expect to announce three new providers shortly," Mr Lake said.
For Further Information Contact:
Stephen Manallack
Phone 03 9531 4099
Manallack Pty Ltd
0419 532 418
Macquarie Bank Ltd
Irene O'Brien
Financial Services Group
Head Public Relations
02 8232 3241
0417 260 309
14 January 2004.
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