ASX mFund service passes 200-fund milestone

16 October 2018
| By Nicholas Grove |
image
image
expand image

The ASX mFund Settlement Service, which allows investors to apply for and redeem unlisted managed funds in a process similar to buying or selling shares, now has 200 funds available to investors and financial advisers and continues to grow, the Australian Securities Exchange said.

The ASX said the increase in the number of funds available through mFund followed a number of growth initiatives in 2017 and 2018, including regulatory clearance to expand the service beyond simple managed investment schemes, the addition of distribution partners, and investor education.

Dominic Stevens, ASX managing director and CEO, said the mFund service put unlisted managed funds within easy reach of investors, allowing them to diversify their portfolios into new asset classes.

“ASX is pleased with the progress of the mFund service, particularly its popularity within the SMSF (self-managed super fund) sector, and is committed to its continued enhancement,” he said.

Around 75 per cent of mFund’s usage comes from financial advisers, the ASX said, who saw it as an efficient way to build a diversified portfolio for their clients, who are predominantly SMSF trustees.

ASX launched mFund in May 2014 and there are now 66 fund managers connected to the service, offering 203 funds via 17 brokers.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago