Global asset manager Dimensional Fund Advisors has moved to streamline fund administration for its Australian and New Zealand clients by extending its global relationship and implementing Calastone’s global fund transaction network service.
Calastone specialises in automating manual processes for the managed fund and superannuation sectors. Previously, platforms and funds communicated by fax machine, with data inputted manually by operators.
Dimensional has opted to automate processing in a move that improves reliability, lifts efficiency and decreases risk.
The change is timely, coming after recent interim report of the Murray inquiry into the Financial System, which called for greater focus on efficiency around the operation of superannuation in Australia.
“Our business is founded on the principle of delivering great investment outcomes for clients reliably and at low cost, so using Calastone was an easy decision for us to make,” said Dimensional Australia Chief Executive Officer Glenn Crane.
There are a number of wrap services in Australia currently utilising Calastone’s transaction network service. As other wrap platforms in both Australia and New Zealand move toward automation they are quickly realising the benefits of a single, one-to-many connectivity including increasing domestic and international opportunities.
Calastone, which entered the Australian market in 2011, specialises in automating paper-based processes that connect managed funds with platforms. Straight-through processing has been shown to have a significant impact on lowering cost, and with billions of assets passing through the secure automated network, risks of error and delays are reduced.
”Calastone welcomes Dimensional Australia to the network, and looks forward to extending the partnership both in Australia and New Zealand” said Shannon Bernasconi, Managing Director Calastone Australia.