Legg Mason tastes mFund success
One day after going live last week, global asset manager Legg Mason announced the receipt of its first inflow on the Australian Securities Exchange (ASX) settlement service, mFund.
The company said it had made six funds available on the service, including multi-asset retirement income, diversified, Australian bond, small companies, equity income and real income options.
It said the initial application had been made by a self-directed investor using Bell Direct’s stockbroking service to access the Legg Mason Western Asset Australian Bond Trust.
Commenting on the successful move onto MFund, Legg Mason Ausrtralian head, Annalisa Clark said the company had been delighted to be able to offer investors greater choice in how they choose to access Legg Mason capability across a range of asset classes.
“The successful transaction required the seamless coordination between two mFund founding members and this is testimony to the achievement of the ASX-driven initiative,” she said.
The mFund service allows investors to buy and sell units in managed funds through a panel of brokers, similar to the process employed in share transactions. The minimum investment into Legg Mason’s mFunds is $30,000.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
