Montreal-based National Bank Financial (NBF) has rolled out access to the fund distribution platform of NEO Connect for both prospectus and private/offering memorandum (OM) funds, Toronto-based Aequitas NEO Exchange announced Friday.
NBF’s decision to join the platform follows a successful pilot program in 2017.
“National Bank was an early adopter of the platform, and we are very excited to strengthen our partnership with NBF as we welcome them onto NEO Connect,” says Jos Schmitt, president and CEO of Aequitas NEO Exchange in a statement.
NEO Connect currently has 45 platform traded funds (PTFs), which consist of 43 prospectus funds and two OM funds available with access provided by numerous investment dealers.
PTFs are unique in that they transact and settle just like securities or ETFs, using a streamlined process that eliminates unnecessary layers of cost, NEO Connect says in a news release.
NEO Connect has experienced rapid growth in the past year, with the assets under management (AUM) of funds transacted now surpassing $450 million.
“Doubling our AUM within the last six months is a tremendous achievement and our team is already looking forward to the next big milestone,” Schmitt says.