Aberdeen Unit Trust Managers Limited selects Calastone for order routing and settlement services
NEWS | 07 July 2010
Aberdeen Unit Trust Managers Limited, the independent asset manager for superior investment performance through original thinking and first-hand research, has signed an agreement to connect to Calastone’s global network to take advantage of the firm’s order routing and settlement services.
Calastone offers electronic order routing between fund buyers and fund managers whatever their preferred format and provides automated net settlement services through trade order matching. Fund providers are able to benefit from fully electronic STP throughout the transaction lifecycle, whatever the preferred messaging protocol or format and benefit from business process automation.
Signing up to Calastone’s settlement service will enable Aberdeen’s clients to benefit from Calastone’s STP approach. This approach removes any need for manual processing and reduces risk by automating business flow processing, from orders through to settlement.
Commenting on the announcement, Alexander Hofmann, Sales Director of Calastone said, "We are committed to providing a multi-domicile infrastructure from order routing through to settlement and to ensuring that we help all our participants benefit from significant financial and operational efficiencies. We are delighted to see Aberdeen realise the benefits of connecting to our order routing and settlement services and reap the benefits of lower costs and reduced risk".
Alan Hawthorn, Global Head of Investor Services at Aberdeen Unit Trust Managers added, "Aberdeen is delighted to enter into a relationship with Calastone which we feel will continue and improve the straight-through-processing capability within our industry".
Christopher James, Director Institutional Services at Cofunds commented, "As a supporter and early adopter of the Calastone settlement solution, we are pleased that the market is embracing it so strongly. Working towards 100% STP is important in providing the best possible service to investors. We are delighted to be working with Calastone and hope to see more institutions realise the benefits for both clients and the funds industry".
Tim Archer, Head of Operations, at Redmayne-Bentley and Co-chair of the APCIMS Operations committee added, "I am delighted to see more fund managers signing up to the Calastone settlement service. We completely support straight through processing and applaud Calastone for providing a service that is working towards full lifecycle automation which will ultimately benefit the end investor".