Platform provider OneVue has signed on to be one of 60 foundation members of the ASX’s mFund Settlement Service, calling the new solution a “game changer”.
OneVue chief executive Connie Mckeage said the company will need to adjust its operating models to adapt to the mFund service but that the service will redefine “the possibilities of the managed funds sector”.
“OneVue is pro-active, not reactive. Any opportunity that can reduce costs, minimise paperwork and provide investors with great product choice is something we’re going to support and support from day one,” Ms Mckeage said.
“Currently, managed funds don’t take up a high proportion of SMSF holdings, so you can see why tapping into this market, which comprises more than $532 billion in savings, is going to be a huge game changer and a fantastic opportunity for fund managers as well as self-directed investors and the advice community.”
Ms Mckeage pointed to the absence of a number of “big name” platform providers that had not signed on as foundation members.
While several fund managers, responsible entitles, unit registrars and brokers have signed on to the service already, she said she expects many more, including investment managers, to follow suit.
“A number of industry participants didn’t think mFund would get off the ground but despite what the sceptics thought, mFund will launch before the second half of the year and I believe it will be a success,” Ms Mckeage said,.
“There are too many fund managers out there who want to regain control of their businesses and that deserve to have a direct relationship with their clients.
“Platforms take that away from them whereas mFund creates an opportunity for fund managers to reconnect directly with segments of the retail market that until now have been largely intermediated.”
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