Gartmore connects to Calastone for funds distribution
NEWS | 04 February 2009
Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that fund provider Gartmore Investment Management (Gartmore) has signed an agreement to offer its funds via Calastone.
Gartmore’s mutual fund third party administrator, IFDS (International Financial Data Services), has connected to Calastone and as a consequence, Gartmore can take advantage of STP efficiencies, not only from the automation of the entire lifecycle of mutual fund trades including settlement, but also by taking advantage of the business flow process automation achievable by Calastone connectivity.
Calastone’s membership fee free basis, and a low tariff pricing model, is enabling the mutual fund community to reduce cost and operational risk. For the first time, irrespective of their preferred method of connectivity, messaging protocol or standards, all Calastone participants enjoy straight through processing regardless of their size or technology capabilities. In addition, transactions can now be tracked and exceptions managed on a real-time basis via the Calastone EMS.
Commenting on the agreement, Kevin Lee, Managing Director of Calastone said, "We are delighted to welcome Gartmore as a participant. Fund management firms, such as Gartmore, will continue to benefit as more and more distributors connect to Calastone, announcements of which will be made in due course."
Martin Jones, Head of TPA Service Delivery at Gartmore added, "We have been impressed with Calastone and IFDS’s collaboration to complement existing opportunities for electronic trading and to extend such opportunities to the wider mutual fund community. Choice and competitive forces will only benefit the mutual fund industry by reducing transaction costs and improving the settlement process. We look forward to embracing the opportunities Calastone's global reach will offer."