AMP Capital targets SMSF market with mFund listings
AMP Capital has listed six of its funds on the ASX mFund service with a view to attract interest from SMSF trustees.
AMP Capital head of SMSF Tim Keegan told SMSF Adviser one of the factors driving AMP Capital’s decision to make the funds available via the mFund service was that SMSF trustees are dominant users of the stock exchange and also looking for easier access to AMP Capital’s funds.
“SMSF trustees typically have a skew towards Australian equities so they’re very familiar with trading on the stock exchange – what mFund allows them to do is buy funds in a similar way,” said Mr Keegan.
“It makes it a lot easier because they don’t have to fill out any paperwork and essentially their on-boarding process is done by virtue of their account with their broker.”
Mr Keegan said since AMP Capital launched its SMSF business roughly a year ago, there has been a 70 per cent increase in flows into its funds.
He said the funds AMP Capital chose to list on the mFund service were selected as they provide exposure to asset classes that SMSF trustees are looking to diversify into.
AMP Capital, he said, continues to stay in contact with its clients to “understand what other kinds of funds they might be interested in, or indeed new investment opportunities”.
“This year we’ve launched our SMSF suite which provides a whole range of tools and insights for SMSF trustees and a weekly newsletter, which now has several thousand subscribers.
“We are looking at a range of different investment opportunities that we can bring to SMSF trustees as well as other tools and services that make their investing life easier – they’ll be progressively rolled out through 2015,” said Mr Keegan.
Mr Keegan said the mFund service was a good thing from an investor point of view and hopes more brokers take up the service over time.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.