Investec Asset Management has signed up to use EMXCo's EMX Message System, a straight-through processing (STP) system for electronic orders and valuations of UK mutual funds.
EMXCo says its EMX Message System routed over 91,000 messages in September and now moves one in five of all UK mutual fund transactions. The platform is also being extended into cross-border markets.
Max Wright, chief executive of EMXCo, says by deploying the platform, Investec will see the reduced costs and increased efficiencies which come from automating the mutual fund process. The firm will also benefit from a new settlement function, to be released shortly.
David Aird, joint managing director, Investec Fund Managers, says: "We continue to manage our business with the aim of controlling costs and delivering superior service and market leading fund performance. In our pursuit of cost efficiencies we are keen to work with organisations, such as EMXCo."
The link up will go live for business in the first quarter of 2004.