Following the untimely death of its founder and CIO, Macquarie has decided to close down its robo-advice offering.
John O'Connell, who was the founder and chief investment officer of the Macquarie Group-owned robo-advice venture Owners Advisory, has passed away at the age of 53.
In a statement yesterday on its website, Macquarie said Owners Advisory will no longer be providing direct advice and its automated advice offering will be integrated into the Macquarie wealth platform.
Distinguished Career
On O'Connell's recommendation, in 2016 Macquarie made the move to computer-generated financial advice, aiming to provide low-cost professional grade guidance, expertise and access to knowledge to self-directed and self-managed super fund (SMSF) investors.
At its height, the platform offered more than 30,000 local and international investments from across the funds management industry.
O'Connell had a long and distinguished career at Macquarie where he began as a senior analyst in the 1990s, before going on to be Macquarie's global head of research and building a leading global research team.
