Cash management trust account before its time

ON December 15, 1980, Macquarie Bank, then known as Hill Samuel Australia, introduced the cash management trust to Australia.

This is now easily Australia’s largest CMT with $7 billion under management and 220,000 investors.

Why has this happened?

The Macquarie CMT for the first time allowed investors the opportunity to bypass traditional retail bank channels and access wholesale money markets.

The fact it was incredibly successful immediately highlighted the need for such a vehicle.

During the past two decades, Macquarie expanded its services through the CMT. In 1983, personal chequebooks were offered to the customers.

Telephone banking facilities was introduced in 1987 and in 1991 electronic funds transfers.

Between 1997 and 2000, 24-hour telephone banking, 24-hour Internet banking, links to American Express’s gold card and Bpay were introduced and it charges no fees on transactions.

Add your comment

BNIQ sponsored byECU School of Business and Law


6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer