FirstMac opens bonds to brokers

by Adam Smith28 Oct 2011

FirstMac has released a fixed income managed fund, and is encouraging brokers to diversify into the bond market.

The non-bank has announced the bond offering, which it said will meet demand from retail investors for bonds traditionally only available to institutional investors. FirstMac head of sales and marketing Darren McLeod said the lender was eager to sell the product through broker channels.

"FirstMac is keen to work with broker channels to help leverage the potential portfolio upsides for their clients and additionally provide exposure to an asset class which offers consistent and reliable income," he commented.

McLeod said brokers were well-positioned to offer the products due to their "unique financial relationships" with clients. He commented that brokers' clients disclose their full financial position "in a very candid fashion", and that brokers could offer the product as a reliable income stream for clients.

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