Cominvest signs up to Clearstream's Vestima+ funds processing platform

Cominvest signs up to Clearstream's Vestima+ funds processing platform

International depository Clearstream has signed Germany's Cominvest Asset Management to its cross-border funds processing platform Vestima+, which will be launched in October.

Cominvest will initially deploy Vestima+ at its Luxembourg operations, with roll-out across areas in Germany to follow.

The Vestima+ platform will deliver country-specific services for each of Europe's main domestic markets, beginning with France and Germany. The service - which is based on Clearstream's Fors electronic routing software and the original Vestima STP system - will provide a single platform for access to multiple fund markets in Europe and enable users to select settlement routes and custody providers.

Commenting on the implementation, Heinrich Echter, managing director, Cominvest, says: "It will enable us to cut costs by providing an easy-to-implement, cost efficient order processing facility for all our funds. We expect STP rates to climb as a direct result and our customers can benefit from the open settlement route policy that Clearstream has adopted."

Volker Potthoff, managing director, banking and custody services, Clearstream, adds: "Across the entire investment funds sector, there is a clear need for this innovative open market infrastructure that brings direct cost benefits to the industry."

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