Jupiter selects Calastone’s automated messaging settlement service
NEWS | 20 September 2010
Jupiter, one of the UK's leading fund management groups for private and institutional investors has committed to use Calastone’s settlement and matching service.
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.
Selecting Calastone’s settlement service will enable Jupiter’s clients to benefit from Calastone’s straight-through-processing 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, "Our settlement service was developed in collaboration with the industry to deliver a primary market approach designed specifically for settling mutual fund transactions. We are delighted to see yet another fund manager join Calastone’s settlement service and reap the cost and efficiency benefits on offer".
Christopher James, Director Institutional Services at Cofunds commented, "As an early supporter of the Calastone settlement solution we are delighted to see more fund groups connecting, getting ever closer to 100% STP throughout the transaction lifecycle. Working with Calastone is good for our clients and good for 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 the fund managers joining Calastone’s settlement service. Working towards full lifecycle automation will ultimately benefit the investor; we completely support straight-through-processing and applaud Calastone for providing a service designed from the ground up for the primary funds market."