Alex Wise

According to the OneVue/Investment Trends 2014 SMSF Accountant Report, 13 per cent of those surveyed said they’re likely to start using the service for their clients.

The report shows more than half of this group plan to increase their usage of managed funds through mFund. Further, SMSF accountants would be inclined to use mFund to access yield-based investments, equity and infrastructure funds, and funds with international exposure.

“The findings are significant because mFund only recently commenced operation, and already 13 per cent of SMSF accountants say they’re likely to use it. We expect this trend will continue as more accountants become familiar with the service,” OneVue Head of Client and Product Strategies Alex Wise said.

ASX Head of Customer and Business Development Ian Irvine added: “It’s pleasing to see a substantial number of accountants are attracted to mFund. We believe there are significant opportunities for their practices to benefit from mFund’s electronic nature via providers such as OneVue.”

mFund was launched in May 2014 to make funds more accessible to self-managed super fund trustees and other self-directed investors. OneVue is a foundation member of mFund and last December connected the first major fund manager AMP Capital, to the service.

“mFund represents a significant service offering for OneVue and reinforces our strategic positioning to evolve the way Australians manage their investments in a digital environment. We have a fully integrated service offering with connectivity to the ASX’s Clearing House Electronic Subregister System,” Wise said.

“There is a growing demand from SMSF investors who want to buy both managed funds and listed securities in a simple and convenient way. We expect our involvement with mFund to continue to experience substantial growth this year.”

The OneVue/Investment Trends 2014 SMSF Accountant Report is the biggest study of SMSF accountants. It’s based on a survey of 1,289 accountants in public practice, from various sources including the leading independent accounting body Chartered Accountants ANZ.

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John Brogden

ASX has  officially launched its new managed funds settlement service – mFund. The launch was hosted at Exchange Square in Sydney by ASX Managing Director and CEO, Elmer Funke Kupper, with guest speaker John Brogden, Chief Executive Officer of the Financial Services Council.

mFund – through which the first transaction took place on Tuesday between APN Funds Management and Bell Direct – will broaden fund managers’ distribution networks, offer brokers a greater choice of products, reduce costs for industry, and make processes more efficient for transacting in managed funds.

ASX acknowledges the cooperation and hard work of more than 70 Foundation Members in delivering mFund. These include fund managers and their unit registries, and ASX brokers, supported by back office providers and other distributors of financial services, such as administration service providers and independent financial adviser groups.

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 will replace the traditional paper-based processes and use 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 will be settled directly with fund managers via CHESS. Unit prices are set by the fund manager, usually at the end-of-the-day.

Visit www.mfund.com.au for more information, including a list of funds that will grow with time, prices, performance details and an educational video explaining how the mFund service works.

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Andrea Slattery

ASX has received regulatory clearance to launch its new managed funds settlement solution – mFund Settlement Service. It will be launched in the first half of this calendar year following the completion of customer connectivity.

mFund has been developed for investors, brokers and fund managers to improve the timeliness and reduce the costs associated with investing in managed funds.

The service will replace the traditional paper-based processes and use the same electronic system (CHESS) familiar to investors and brokers for settling – or finalising – ASX share transactions. mFund is an electronic processing service that allows investors to use an ASX broker when they buy and sell units in unlisted managed funds. CHESS will automate and track the process of these transactions and remove much of the paperwork.

Through the use of ASX’s CHESS infrastructure, investors will receive a consolidated report that summarises all of their holdings in shares, other products such as Australian Government bonds and ETFs, and managed funds purchased using the mFund service. A broad range of unlisted managed funds (mFund products) will be admitted to ASX. ASX is working with around 60 Foundation Members to deliver mFund. These include fund managers and their unit registries, ASX brokers, back office providers, and other distributors of financial services such as administration service providers and independent financial adviser groups.

Peter Hiom, ASX Deputy CEO, said: “ASX is delighted to partner the managed funds industry to bring mFund to market, which will broaden the industry’s distribution network. It will allow brokers to offer a greater choice of products to their clients, and provide investors with a more convenient and efficient method for transacting in managed funds. The current process can be time consuming and paper intensive, and it is often difficult to get an overview of your holdings.

The new mFund service changes all this.” Andrea Slattery, CEO of the Self-Managed Superannuation Fund (SMSF) Professionals’ Association of Australia (SPAA), said: “SMSF trustees want control over their own retirement savings and greater investment flexibility in how they achieve this. Any service that helps meet this goal will demand their attention, as well as that of the SPAA specialist advisors advising them in this superannuation sector.

“The more services that are offered to help SMSF trustees and their advisors oversee their investment portfolios, the greater the integrity that can be built into our sector that now accounts for more than $500 billion in funds under management.”

mFund products are unlisted and not traded between investors on the market, but will be settled directly with fund managers via CHESS. Unit prices are set by the fund manager, usually at the end-of-the-day.

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