National Australia Bank (NAB) has announced that it is to join the Australia Securities Exchange’s (ASX) mFund settlement service.
NABTrade, NAB Asset Management and NAB Asset Servicing will join mFund by the end of 2015.
In joining mFund, NAB follows Macquarie online trading which joined the service earlier this month.
General manager of self-directed wealth at NAB, Nathan Walsh said, “Self-directed investors are looking for simple ways to diversify their portfolio. By joining the mFund settlement service, NABTrade is expanding its smarter digital investing capability.”
The mFund, an unlisted managed fund allows investors to use an ASX broker to apply and redeem units.
Initially launched in May 2014, the service replaces traditional paper-based processes and currently includes 16 responsible entities representing 35 managers and 125 funds.
Peter Hiom, deputy chief executive of ASX, spoke of the continuing progress of mFund.
“The addition of NAB across the three touch points of broker distribution, funds management and registry, is a key milestone in the development of the mFund service. This is a strong vote of confidence in the quality of the mFund initiative.”
By Paul Walsh, staff writer