The mFund Settlement Service is a new way to access unlisted managed funds. mFund allows investors to buy, hold and sell units in unlisted managed funds through a process similar to buying and selling shares. According to the ASX, the benefits of investing in unlisted managed funds via mFund include the ability to diversify a portfolio, streamline transactions and access a familiar system with complete transparency of ASX holdings.
The service uses CHESS, ASX’s world-class electronic settlement system, to automate and track the process of buying (applying for) and selling (redeeming) units in managed funds. The holdings in a fund (‘mFunds CHESS holdings’) are held electronically and can be linked to the same Holder Identification Number (HIN) used to hold other investments transacted through ASX, such as shares.
Craig Bingham, Bennelong Chief Executive Officer said the business was excited to be adding four funds to the mFund Settlement Service. “Bennelong is focused on being a resilient organisation which can learn, adapt and accommodate the changing needs of clients and end users of our products. mFund further broadens our capabilities and supports the ongoing expansion of the business” Craig said.
The following Bennelong funds are available on the mFund Settlement Service:
- Bennelong Australian Equities Fund
- Bennelong Concentrated Australian Equities Fund
- Bennelong ex-20 Australian Equities Fund
For more information regarding mFund, visit www.asx.com.au/mfund/index.htm
