Calastone expands to New Zealand, processes first transactions
NEWS | 16 May 2016
Sydney and Auckland
Calastone, the global fund transaction network, has expanded into New Zealand, bringing critical infrastructure to support smoother transaction flow across Australasia.
Calastone Managing Director Australia, Sarah Hayward, said the firm’s extended cross border coverage enables transactions between Australian and New Zealand platforms, fund managers and respective counterparts.
“Our expansion has been primarily driven by our Australian clients wanting access to cross-border opportunities and New Zealand clients embracing automation,” she said.
Calastone’s technology provides total interoperability, relieving asset managers, platforms, custodians, and administrators from the burden of unifying or standardising legacy technologies for straight through processing of information.
The network operates like a universal adapter, connecting to existing systems as opposed to mandating conformity for the smooth processing and confirmation of fund orders between sending and receiving party.
“New Zealand firms can now benefit from the efficiency of streamlined processing that we provide around the globe, where momentum, size and governance have out-dated manual processing,” Ms Hayward said.
Tom Reiher, co-founder of fund administration business MMC, said with the growth in the number of New Zealanders investing, manual and archaic practices will be unsustainable.
“Using Calastone, we’ll be able to scale up to efficiently process much higher volumes of transactions at a reasonable marginal cost,” Mr Reiher said.
“Calastone brings a scalable, manageable and controllable solution that relieves us from the intense information flow associated with the large volume of transactions we manage every year.”
David Campbell, Senior Manager Client Services at Public Trust Corporate Trustee Services said the move to Calastone is expected to bring efficiencies to its processing of Australian and international investments.
Ms Hayward said the first Trans-Tasman transaction was an order received by an Australian manager.
“The New Zealand funds management industry is an international facing market in which transaction volumes are increasing significantly,” she said.
“We are thrilled to bring connectivity to this market and look forward to welcoming new firms as they adopt smarter solutions to streamline order processing.”
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For further information, please contact Emma Cullen-Ward, OneProfile Communications on +61 (2) 8915 9900 or +61 414 989 137 and see further for notes.
MMC are a specialist New Zealand outsourced fund and investment administration business.
Incorporated as a company back in 2002, they are now the recognised leader in providing fund and investment administration services. They have 25 clients and funds under administration in excess of $25.2bn (as at 31 March 2016).
As the truly 'local' investment administration service provider operating in Auckland, MMC's experience and expertise is unsurpassed. This is evidenced by their #1 position in the New Zealand market for the number of clients where specialised PIE investment administration services are provided together with an excellent client retention record.
About Public Trust
Public Trust is a Crown Entity, one of New Zealand's largest trustee organisations and provides trustee services for individuals, charities and corporations including some of the best known names in the finance and investment industry locally and internationally. For more information visit www.publictrust.co.nz. http://www.publictrust.co.nz/
Calastone is a financial technology company. Our mission is to make markets friction-free by connecting trading partners through our global fund transaction network. More than 1,000 customers in 29 domiciles are now processing domestic and cross border transactions via Calastone, benefitting from the cost and risk reduction opportunities transaction automation can offer.
Our purpose is to use smart technology solutions and industry collaboration to enable global distribution, reduce operational risk, and enhance client profitability.
Calastone is one of the UK Government Tech City’s Future Fifty companies, recognised for high growth and transforming industries. Calastone has offices in London, Luxembourg, Hong Kong and Sydney.
Calastone Limited is a company registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. For further information, please visit www.calastone.com