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ASX proclaims ‘win for all’ in mFund launch

In launching the long-awaited mFund settlement service yesterday, ASX boss Elmer Funke Kupper has predicted benefits for the entire “value chain”, including financial advisers.

Speaking at the launch event in Sydney yesterday, Mr Kupper said the new initiative would create a “win, win, win, win” situation, providing benefits to investors, advisers/stockbrokers, fund managers and the ASX itself.

“Today, we are launching a service that we believe over time will become a real game changer for the managed funds industry,” Mr Kupper said.

“mFund is the result of collaboration from right across the industry and we feel the benefits will be felt right across the industry.”

For financial advisers, Mr Kupper said the service would “improve the number of options they can offer their clients” as well as speed up efficiencies.

FSC chief executive John Brogden expressed support for the service, anticipating particular benefits for the SMSF sector and playing down any concerns over sector “leakage”.

“The opportunity that mFund provides to link investors with the mFund platform across into-listed opportunities in the funds sector is enormous,” he said.

“What mFund does is really provide that opportunity to bring the self-managed superannuant together with managed funds in a fashion that many simply wouldn’t have been able to do in the past. The laborious process of the past has been eliminated.”