The Scottish Friendly group connects to Calastone for single-point access to global funds
NEWS | 28 April 2009
Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that wrap platform Scottish Friendly has signed an agreement to become a member of Calastone’s transaction network.
Wrap platforms and distributors can connect directly from their existing Order Management Systems or use Calastone’s Execution Management System (EMS), providing a consolidated view of all their order flow. This enables them to react to exceptions quickly and efficiently and deliver a better service to their clients.
Commenting on the agreement, Peter Hermans, Client Services Director of Calastone said, "We are delighted to see a wrap platform benefiting from the Calastone mutual fund service. Calastone’s service reduces cost, improves efficiency and provides clients with the choice and flexibility to help them address their business processes. Connectivity to Calastone now removes the entire paper trail and shortens the settlement cycle which will deliver considerable savings for Scottish Friendly and offer them the potential to handle more transactions. Scottish Friendly will benefit from the ability to send orders electronically to a growing number of fund providers, many of whom are using SWIFT messaging via Calastone. We offer the mutual funds industry complete front-to-back STP, right through to CREST and Euroclear settlement, irrespective of their technology or connectivity preferences."
Jeff Wilson, Head of IT at Scottish Friendly, added, "Calastone’s ability to connect to the entire funds market without the need for the fund providers to incur costly technology spend will significantly increase the efficiency of our operation. With low costs and an easy-to-connect model we feel that Calastone will continue to attract ever more fund providers and transfer agents."