Sarasin connects to Calastone for funds distribution

NEWS | 27 January 2009
London

Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that fund provider Sarasin & Partners LLP has signed an agreement to offer its funds via Calastone.

By connecting to Calastone’s transaction network, Sarasin will benefit from fully electronic STP throughout the transaction lifecycle, whatever their preferred messaging protocol. They will gain electronic connectivity to fund distributors and aggregators through a single connection and orders will be sent electronically via Calastone, which provides a universal message communication and ‘translation’ service. By connecting to Calastone, fund providers are able to lower costs, reduce the risk of trading, and gain visibility and control of their order flow. Through Calastone, all parties will be able to react to exceptions quickly and efficiently.

Commenting on the agreement, Kevin Lee, Managing Director of Calastone said, "We are delighted to see another fund provider benefiting from the Calastone mutual fund service. Calastone’s service reduces cost, improves efficiency and removes risk for all our clients and our offering is proving increasingly attractive to the industry in these harsher economic times. As Calastone continues to expand, Sarasin will benefit by receiving orders electronically from a growing number of distributors and aggregators globally, many of whom are using SWIFT messaging via Calastone. It is our ultimate aim to offer the mutual funds industry complete front to back STP regardless of the incumbent technology or connectivity chosen by each participant."

Guy Matthews, CFO at Sarasin & Partners, added, "We are pleased to offer our funds via Calastone and look forward to reducing costs and risks with the help of their efficient network. With Calastone’s low cost model and its easy connection, we expect their network to continue to attract an increasing number of fund distributors and transfer agents."

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