Macquarie forced to contact customers

[rodimus]

http://www.theaustralian.com.au/bus...-over-bad-advice/story-fn91v9q3-1227025309590

Has anyone here invested in Macquarie products?

I;m still waiting for them to write to me....

 

[Rolf Latham]

what dod you invest in from them ?

ta
rolf

 

[rodimus]

their Fusion Fund and Reflexion Fund.

Lost 14,000 in Fusion, not counting the $24,000 interest over 2 years.

Reflexion also lost, despite capital protection. Just couldn't handle paying interest on it every month while the fund hold on to Cash Units (instead of Equity Units). They switched most units to cash units during the 2007 GFC.

 

[Blacky]

Interesting.
I haven't heard from them, however I didn't go through a Macquarie advisor. So not sure if I will hear from them.

I got burned on the fusion fund also

Blacky

 

[Ausprop]

I got burned as well. I didn't use their adviser tho so I think too bad so sad. Lost $100k or more on that debacle... I think the 5 year product was stuffed about 3 months into it from memory

 

[Demoivre]

I got burned as well. I didn't use their adviser tho so I think too bad so sad. Lost $100k or more on that debacle... I think the 5 year product was stuffed about 3 months into it from memory

100k ouch. I feel for you bro

 

[Ausprop]

100k ouch. I feel for you bro

oh well not much in the scheme of the gfc shake out, lost plenty more on property

 

[alexm]

Reflexion Trust. One of the worst investments i've ever had.

Wouldn't touch another MacBank product ever again.

 

[Ausprop]

Reflexion Trust. One of the worst investments i've ever had.

Wouldn't touch another MacBank product ever again.

I had multistrategy 2 and there was something called volition (violation as I use to like saying to them) and a couple of others. The whole product was incomprehensible (stupid mistake number 1) and their reported figures didn't make any sense.

"Wouldn't touch another MacBank product ever again" - I second that thought

oh and this all happened at the time when they pulled my preapproval just prior to needing to settle on an OTP.... they were too scared to be a bank so left everyone high and dry. They cost me another $100k there. They've got some dutch courage and come back into the market I think. Completely lost my trust.

 

[Waldo]

"Wouldn't touch another MacBank product ever again" - I second that thought

Seems to be a common trend. I'd probably never invest again either.

 

[rodimus]

Well in that article above, ASIC said Maccquarie is forced to write to all its customers..... I;m still waiting.

Anyone know where we can find info about whether they are gonna write, or have written?

 

[Ausprop]

Mac have also cost me another $50k by leaving their mortgage interest rate 3% above everybody elses (7.8%), I haven't been able to refi that loan as the equity position is stuffed. Despite being a good property grossing 6% the finance position behind it makes it unworkable so will just fold that one up and move on

 

[Kenster]

Ausprop,

Did you get attracted to Maq by yourself of through some third party advisors?

Ta,

 

[Ausprop]

Ausprop,

Did you get attracted to Maq by yourself of through some third party advisors?

Ta,

for which products? the structured products were an unofficial chat with a financial planner that I met at a seminar, the mortgage products was just brokers but you can't blame a broker if a bank turns unto a rogue lender

 

[Truly Exotic]

I put some money into a share fund in 08-09

it dropped 33% in 12 months and didnt recover and in 12 they shut the fund down,

I didnt get any advice from macquarie about it

but I dont think id be eligible for compensation.

I now stick to property