Global asset manager Legg Mason has made six funds available on the ASX settlement service mFund.
Legg Mason has made its multi-asset retirement income, diversified, Australian bond, small companies, equity income and real income options funds available via the mFund service.
“The initial application was made by a self-directed investor using Bell Direct’s stockbroking service to access the Legg Mason Western Asset Australian Bond Trust,” a statement from Legg Mason said.
“The mFund service allows investors to buy and sell units in managed funds through a panel of brokers, similar to the process employed in share transactions. The minimum investment into Legg Mason’s mFunds is $30,000,” it said.
Legg Mason Australia head Annalisa Clark said the successful transaction into its funds required the “seamless coordination” between two mFund founding members, and is a “testimony to the achievement” of the ASX-driven initiative.
Bell Direct chief executive Arnie Selvarajah said it is pleased to be able to offer clients an expanded menu of services through the mFund service.
“We aim to provide a broad set of investment opportunities and mFund helps us achieve that for our investors,” Mr Selvarajah said.
In Australia, Legg Mason and its investment affiliates manage over $22 billion for both institutional and retail clients and is a founding member of the mFund service along with Bell Direct.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Aug 2018Grandfathering is not in consumers' interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- view all