Tap into digital investors with mFund
ASX’s launch of their mFund settlement service earlier in the year is viewed by many in the industry as a “game changer”. FundBPO is a foundation member of mFund and has seen the benefits for fund managers of adopting this new distribution platform.
“We are a big supporter of mFund and the new opportunities it can bring to responsible entities, investment managers and investors by replacing traditional paper-based processes with electronic transacting and settlement.” says Jonathan Philips, manager of unique registries at FundBPO and responsible for supporting clients taking up the mFund service.
mFunds offer an alternative method to traditional distribution channels for investors to buy and sell units in managed funds. It makes applications and redemptions much easier – and pricing much more transparent – for investors.
Investors can now buy and sells units directly through their stockbroker. The mFund service uses CHESS, ASX’s world-class electronic settlement system, to automate and track the process of buying (applying for) and selling (redeeming) units in select unlisted managed funds.
Currently the mFund service give investors access to 75 funds across a range of fund managers.
FundBPO can support mFund issuers by providing unit registry services.
“FundBPO was the first third party registrar on mFund.” says Phillips. “We already have 24 funds live and operational, with a number of other funds being integrated.
“We worked with our clients and stakeholders to build the interface needed to support the expanded CHESS message types and connectivity. Our registry team can assist in the transition of products onto the mFund platform and process their transactions, saving the issuer time and hassle.”
Chan Arambewela, manager of mFund Settlement Service at ASX (left) presented a plaque recognising FundBPO as a foundation member of mFund to Mainstream CEO Byram Johnston, with FundBPO unique registries manager Jonathan Phillips and ASX head of customer and business development Ian Irvine.
This article is not intended to be financial advice and is of a general nature only that does not take into account your individual objectives, financial situation or needs. While all efforts have been made to ensure the information contained in this article is accurate, errors may occur.