Parmenion goes live with Calastone’s automated fund order-routing service and selects its settlement and reconciliations services
NEWS | 15 November 2010
Parmenion, the independent investment and technology partner for IFAs, has selected Calastone’s independent cross-border transaction network to take advantage of automated order-routing and dealing efficiencies. Parmenion will also benefit from automated net settlement services through trade order-matching and will reap the advantages of Calastone’s streamlined approach to the reconciliations data reporting process.
Parmenion is the latest distributor to recognise that connecting to the Calastone network will ensure the firm benefits from lower costs, improved efficiency and reduced risk. Parmenion’s decision to connect to Calastone and to use the full spectrum of Calastone’s order-routing and post-trade services will ensure they benefit from automation efficiencies throughout the transaction lifecycle. Calastone’s reconciliations services will enable Parmenion to address the challenges associated with the delivery of non-standardised formatting of data. Calastone normalises, translates and standardises all messages received into the network and its EMS (Execution Management System) gives Parmenion visibility and control over their fund trading from deal placement through to settlement.
Commenting on the announcement, Alexander Hofmann, Head of Sales of Calastone said, "We are delighted to welcome Parmenion to our network. Parmenion is owned and backed by some of the most experienced investment and technology executives in the industry so it is rewarding to see them recognise the benefits that connectivity to Calastone’s fully-automated and scalable solutions brings. We have a strong track record in delivering services that are fit for purpose and accurately serve the mutual funds industry and we fully support a move towards an efficient trade and post-trade infrastructure that allows global investors and distributors to access investment funds more easily."
David Tanner, Operations Manager of Parmenion added, "We look forward to the operational benefits that connectivity to Calastone’s automated services will bring and wholeheartedly welcome industry change and adoption of more efficient alternatives. Their services will aid our automation and will work in line with our current efficiencies."