Bank seeks buyer for advisers Veracity

AUSTRALIAN investment bank Macquarie is set to close its Leeds financial advisory arm unless a bidder comes forward to save it, the Yorkshire Post understands.

Macquarie has earmarked both Veracity Asset Transformation Service, and its Bristol-based 'wrap' platform, for closure in March but it is possible a buyer could be found for the Leeds business, which has suffered a disappointing performance.

Veracity, which provides services for independent financial advisers, opened in October 2009 with Britain still in recession. Now options are being explored which would see the firm, which has around nine staff, survive outside the Macquarie group.

A spokesman said: "Macquarie has announced that, due to a combination of execution challenges and difficult business conditions, it does not see a long-term future for its wrap platform in the UK, or for the Veracity business as part of Macquarie.

"Macquarie's businesses are built on superior service and execution, which have been important factors in our success elsewhere in the world. Therefore not meeting these expectations within any business is not a satisfactory outcome. We will spend the next few months supporting the small number of financial planners and clients who use the platform to facilitate a seamless transfer of investments to other providers."

Macquarie said there would be be no impact on its 1,200 retail operations staff in Britain or globally.