T. Bailey connects to Calastone for funds distribution
NEWS | 12 March 2009
Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that fund provider T. Bailey has signed an agreement to offer its funds via the Calastone transaction network.
T. Bailey 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 cost 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 our offering is proving increasingly attractive to the industry in these harsher economic times. As Calastone continues to expand, T. Bailey 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".
T. Bailey CEO, Jason Britton, added, "We are pleased to offer our funds via Calastone and are confident that their network will continue to attract an increasing number of fund distributors and transfer agents."