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.
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