ASX has signed on broker Macquarie Online Trading to its mFund Settlement Service, bringing the total number of mFund distribution partners to 13.
The news comes on the back of the ASX announcing that UBS Global Asset Management had added a suite of eleven funds earlier this week.
Ian Irvine, head of customer and business development at ASX, said the addition of Macquarie Online Trading will extend access to mFunds to a wider group of investors and financial advisers.
“We’re very pleased to be working with Macquarie Online Trading to be able to bring the mFund settlement service to investors and financial advisers,” he said.
Cameron Garrett, head of wealth product for Macquarie’s wealth management division, said that the move provides clients with access to new markets and strategies, “complementing” the suite of investments already available on Macquarie’s online trading platform.
National distribution manager for ASX, David Ho, said that the addition of Macquarie Online Trading was significant for the ASX who were “getting closer and closer” to bridging the gap between clients and financial planners.
However, Ho said that reaching out to more brokers still remains key to the expansion of the mFund service in the long-term.
“Not all brokers can take a client through every aisle of our investment supermarket; that’s what the mFund allows,” Ho said.
“Those with the mFund can take a client through every aisle and every product structure that we have at the ASX.”
Despite the mFund currently being geared more towards self-directed investors and SMSF trustees, Ho said that as the ASX connects with more distributors and brokers, the ASX will increasingly be able to penetrate the market and look at new ways of broadening their scope with the service.
“Today we’re also expecting four new funds from Bennelong. That brings the total number of funds up to 124,” he said.
“That’s more mFunds in just over 15 months than the exchange traded funds which have been around for over 14 years.”
