BNY Mellon Asset Servicing goes live on Calastone to offer mutual fund STP choice
NEWS | 11 October 2010
Calastone, the independent cross-border transaction network for the mutual funds industry, has today announced that BNY Mellon Asset Servicing, the global leader in securities servicing, has gone live with its connection to the network to offer full mutual fund processing STP for its UTAS mutual fund clients.
BNY Mellon provides a comprehensive range of services for its mutual fund clients. In recognition of the market appetite for greater automation and mutual fund processing efficiency, connecting to Calastone’s transaction network will enable the end clients to reap STP efficiencies and benefit from connectivity to Calastone’s fast growing global mutual fund community in addition to the efficiencies that will be provided by their settlement offering.
Calastone’s independent cross-border transaction network services provides electronic message automation to help clients improve their account opening, re-registration, creation and liquidation, switching, settlement, reconciliation, cash reporting or any associated funds messaging processes. Calastone is the only protocol and message neutral transaction network where the global fund industry can meet to electronically transact their mutual funds with its growing community of fund providers, distributors, wrap platforms, wealth managers, stockbrokers, transfer agents, hedge funds and pension funds.
Commenting on the process, Kevin Lee, Chief Executive of Calastone, said: "From the outset Calastone has been committed to delivering 100% STP for the mutual fund industry. The addition of BNY Mellon to our fast growing community brings us ever closer to achieving this objective. We believe that the combination of our transaction network, our settlement solution and automated re-registration and valuation processing capability positions Calastone as the venue of choice for the global mutual funds industry, a claim which is supported by the rate with which mutual fund firms are connecting."
Frank Froud, Head of Europe, Middle East & Africa at BNY Mellon Asset Servicing, added: "We have been impressed by the speed at which Calastone is signing up fund providers and distributors. The benefits of Calastone connectivity are clear in terms of providing global industry automation and by extension opportunities for growth, scale, cost and risk management for us and our mutual fund clients."
BNY Mellon is working with Calastone to connect its remaining mutual fund clients to the network by early 2011.