Ausmaq names price for MAINhub
AUSMAQ has launched its pricing system for its MAINhub and MAINlink transaction processing systems, but will waive these charges for fund managers signing up before January next year.
The set-up fee for joining the system will be $150,000 and there is a monthly subscription of $2500 for master trust and wrap providers.
Fund mangers also pay $2500 a month for the first 10 products they have on the system. Any additional products are charged at $100 each.
Ausmaq general manager of business development and operations Chris Donohoe says the fees will be waived for fund mangers signing up by January 1, 2003.
“We have presented an indicative pricing model for MAINhub, which is the first to be released to the [financial services] industry. The incentive of waiving the fees for early users of MAINhub will represent a significant up-front saving for early members,” he says.
Donohoe says it has been estimated that the total cost to the industry of using faxes and e-mails for transaction processing is about $700 million a year.
“The annual cost of MAINlink to the industry would be in the order of 0.5 to one per cent of these estimated cost savings,” he says.
MAINhub and MAINlink are MFundEC compliant and initially will be aimed at the wholesale industry.
Ausmaq is one of four providers, along with the Australian Stock Exchange, IWL and InvestmentLink, competing in what is expected to be a burgeoning market for the provision of straight through processing services to the managed fund sector.
InvestmentLink launched its transaction processing service for retail managed funds, known as e-Portfolio Transaction Service, in June. The Australian Stock Exchange is planning to launch its service, Fund Connect, next year.
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