Calastone announces internal appointment and substantial growth in Ireland
NEWS | 11 May 2011
Calastone, the independent cross-border transaction network for the mutual fund industry, names Dan Llewellyn the new Managing Director of European Business Development.
Dan will have overall responsibility for the sales, account management, business analysis, product development and market innovation functions in the UK and Ireland. Upon joining Calastone in 2009, Dan’s initial role as Director of Market Innovation was focused on launching the company’s new mutual fund settlement system and reconciliation service.
Dan’s previous experience of the mutual fund industry led him to recognise that as well as the UK domestic market, the cross-border markets of Ireland and Luxembourg would also benefit from straight-through-processing improvements, ultimately reducing complexities and links in the mutual fund processing chain.
Moreover, Calastone has secured a pre-eminent position in the Irish mutual funds market. The company is now live with eight of the largest Transfer Agents in Ireland, covering 80% of the market. Accordingly, if a distributor wants to be able to send fund order instructions to Irish fund managers at zero cost, then there is no reason why they cannot reach 100% of the market via Calastone. In addition, Calastone recently automated the first hedge fund trade in Ireland using the SWIFT SharP message set which is fully compliant with the ISO 15022 and ISO 20022 standards.
Commenting on the announcement, Kevin Lee, Chief Executive Officer at Calastone, said: "Fund administration is one of the fastest-growing industries in Ireland and Calastone is ideally placed to automate this market and offer reduced costs and increased operational efficiency. Dan has been an instrumental driving force behind Calastone’s successful settlement and reconciliations services and he forms a key part of our strategy to turn Calastone into the global market leader."
Prior to starting at Calastone in 2009, Dan worked for EMXCo and Euroclear UK and Ireland EUI. Whilst at EUI Dan was responsible for the mutual fund settlement programme and worked with the industry and the FSA to help develop Euroclear’s product offering to the UK market.
From 2001 to 2006, Dan worked for Brewin Dolphin where he was responsible for a number of different operational and IT areas as well as helping them implement one of the markets first ever automated systems for Corporate Action processing.
His early career included work for Barings, Kleinwort Benson, Dresdner Bank and RaboBank where he led on number of initiatives to automate internal STP developments in the areas of liquidity management.