The ASX’s settlement service for unlisted managed funds has reached $500 million in funds under management – an achievement it says exceeded internal forecasts.
Speaking exclusively to InvestorDaily, ASX national distribution manager David Ho revealed the $500 million FUM figure for its mFunds service, describing it as a “significant milestone”.
“We’re extremely pleased with this result as we reached it far in advance of what we forecasted,” Mr Ho said.
“We attribute a lot of this growth to forward thinking financial planners who are at the leading edge of innovation and client-centricity. mFunds allow these financial planners to implement investment portfolios directly with the fund managers in an electronic and STP fashion with ‘name on title’ ownership.”
Mr Ho said he anticipates further demand for mFunds into 2018, growing not only in FUM and investor uptake but also the name of investment managers signing on to the project.
“ASX sees the needs and investment behaviours of investors changing with a strong focus on achieving better outcomes, with greater certainty and transparency and needing to diversify their portfolios across different asset classes and regions,” he said.