NAB joins ASX mFund service

NAB joins ASX mFund service

The National Australia Bank has announced that Nabtrade, NAB Asset Management and NAB Asset Servicing will join the ASX mFund settlement service.

NAB is the first major bank to commit to the ASX mFund service, launching by the end of the year.

The ASX said in a statement that "the addition of Nabtrade will substantially extend the reach of mFund to a wider group of investors and financial advisers".

"NAB is the first major bank to commit to the mFund service. Earlier this month Macquarie Online Trading began offering mFund," said the ASX.

A statement by NAB said: "NAB will support mFund through Nabtrade, NAB Asset Management and NAB Asset Servicing. These areas will provide specialist investment solutions and registry services and, via Nabtrade, deliver a key access point for investors."

NAB general manager of self-directed wealth Nathan Walsh said: "Self-directed investors are looking for simple ways to diversify their portfolio.

"By joining the ASX mFund settlement service, Nabtrade is expanding its smarter digital investing capability, giving customers better value and greater access to insights, and a range of investment solutions.

"This follows the introduction of international trading and IPOs earlier this year which have received strong interest from self-directed investors and SMSFs," he said.

ASX deputy chief executive Peter Hiom said: "The addition of NAB across the three touch points of broker distribution, funds management and registry, is a key milestone in the development of the mFund service. It’s a strong vote of confidence in the quality of the mFund initiative and even better news for investors."

mFund is an electronic processing service that allows investors to use an ASX broker to apply and redeem units in unlisted managed funds.

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