60% of Australian market enabled for automation as IOOF joins Calastone
NEWS | 26 November 2013
Calastone, the global transaction network for the superannuation and managed fund industries, today announced that IOOF had joined their Global Funds Transaction Network.
Previously, platforms and funds were communicating exclusively by fax machine. Seven of the top ten Australian platform administrators, representing around 60% of the Australian market, now use Calastone’s automated communication systems either directly or through their custodians.
IOOF is using Calastone’s utilities for its Platform and Registry business. Calastone MD Australia, Shannon Sweeney, said this was another important milestone in the automation of the Australian fund industry.
“IOOF represents another important plank of the automation process in Australia,” she said. “In other markets Calastone is the key utility for the industry, connecting funds and platforms so they can communicate efficiently without the need for paper-based processes. In Australia we’ve now passed the tipping point and we see the industry accelerating towards full automation.”
Bryce Doherty, head of UBS Global Asset Management said, "UBS was one of the first fund managers to perform electronic transactions through Calastone in Australia as part of a strategy introduced to ensure our customers have the best, most efficient systems supporting their investments. This has led to an increase in straight through processing coverage, both globally and domestically, which we expect will be further enhanced through the addition of IOOF."
Calastone will celebrate its two year Australian anniversary in December. Having launched in Australia in 2011, Calastone specialises in automating manual processes for the managed fund and super industries. Calastone Australia Managing Director, Shannon Sweeney, says the Australian industry is undergoing a fundamental shift in the way business is done
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