SMSF advisers bulk of mFund users

Financial advisers who predominantly service SMSF trustees make up around three-quarters of those who use the Australian Securities Exchange (ASX) mFund Settlement Service.

The ASX also reported today that the mFund service, which allows investors to apply for and redeem unlisted managed funds through a process similar to buying or selling shares, has surpassed 200 funds that are now available to investors and financial advisers.

The increase in the number of funds available through mFund comes after various ASX growth initiatives in 2017 and 2018, including attaining regulatory clearance to expand the service beyond simple managed investment schemes, adding distribution partners and conducting investor education.

ASX chief executive Dominic Stevens said: “ASX is pleased with the progress of the mFund service, particularly its popularity within the SMSF sector, and is committed to its continued enhancement.

“ASX’s mFund service puts unlisted managed funds within easy reach of investors, allowing them to diversify their portfolios into new asset classes. Investors access the service via their broker or financial adviser just as they would to transact in shares.”

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

Combined with ASX’s other investment products and services, including exchange-traded products and listed investment companies and trusts, these products cover all asset classes and provide investors with access to over 500 funds with over $80 billion in funds under management.

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