According to the Australian Securities Exchange (ASX), mFunds are unlisted managed funds admitted for settlement under the ASX rules and available to investors through the mFund settlement service.
Launched in 2014, this service was designed to provide a platform on the ASX for mumanddad investors, self-managed super fund trustees and financial advisers to buy and sell units in unlisted managed funds. It removed paperwork and offered them an electronic method to trade through brokers, much like investing in shares.
In the beginning, everyone was excited. The mFund service was backed by the ASX and was meant to make life easier for all.
At the service launch announcement, former ASX deputy chief executive Peter Hiom said: “mFund will allow brokers to offer a greater choice of products to their clients and provide investors with a more convenient and efficient method for transacting in managed funds. The current process can
