AMP Capital has today joined ASX’s mFund Settlement Service. This takes the number of partners connected to mFund to 10 issuers representing 70 funds and 23 fund managers, nine distributors, and nine registrar service providers.
Ian Irvine, Managed Investment Services Manager at ASX, said momentum had picked up over the last two months following the completion of a range of educational seminars for retail investors and advisors detailing the service as well as showcasing some of the partners involved.
“The funds that AMP Capital brings to the mFund service deepen the range of investment solutions available to retail investors through ASX. We look forward to strengthening the ‘investment supermarket’ we are building for investors with the continued cooperation and commitment from our mFund foundation members in 2015,” Mr Irvine said.
AMP Capital has added six funds to the mFund service across a range of asset classes including fixed income, equities, property and infrastructure. AMP Capital is a leading investment house with over $145 billion in funds under management and 160 years’ experience in managing clients’ money. The funds are connected to the service through OneVue as the funds’ unit registry and settlement participant.
Background
mFund is an electronic processing service that allows investors to use an ASX broker to buy and sell units in unlisted managed funds. It has been developed for investors, brokers and fund managers to improve the timeliness and efficiency associated with investing in managed funds. The service replaces traditional paper-based processes and uses the same electronic system (CHESS) familiar to investors and brokers for settling – or finalising – ASX share transactions. mFund products are unlisted and not traded between investors on the market, but settled directly with fund managers via CHESS. Unit prices are set by the fund manager, usually at the end-of-the-day.
