RBC Investor & Treasury Services has broadened its service offering to asset managers in Australia by becoming the first custodian bank to act as a Product Issuer Settlement Participant (PISP) for the mFunds Settlement Service. It is already acting as PISP for one manager.

Developed by ASX, the mFunds Settlement Service is fully automated application that improves transparency and management of investments.

“Being the first global custodian and asset servicing provider registered as a PISP on mFunds Settlement Service is an important development in our services that support asset managers and their distribution strategies. Helping asset managers improve efficiency and reduce operational risk is an important part of our role,” said David Travers, managing director, Australia, RBC Investor & Treasury Services.

The firm said it has introduced the new service in recognition of the important new distribution channel that mFunds represents for fund managers in Australia, allowing individual investors to diversify their portfolios through access to a broad range of unlisted mutual funds.