Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that fund provider Martin Currie has signed an agreement to offer its funds via the Calastone transaction network.
Martin Currie will benefit from fully electronic STP throughout the transaction lifecycle, whatever their preferred messaging protocol. They will gain electronic connectivity to fund distributors and aggregators through a single connection and orders will be sent electronically via Calastone, which provides a universal message communication and 'translation' service.
By connecting to Calastone, fund providers are able to lower cost and gain visibility and control of their order flow. Through Calastone, all parties will be able to react to exceptions quickly and efficiently.
Commenting on the agreement, Kevin Lee, Managing Director of Calastone said, "We are delighted to see another fund provider benefiting from the Calastone mutual fund service. Calastone's service reduces cost, improves efficiency and our full settlement service via SWIFT and Euroclear will change the mutual funds landscape enabling all firms to benefit through STP. Martin Currie will benefit by receiving orders electronically from a growing number of distributors and aggregators globally, many of whom are using SWIFT messaging via Calastone. It is our ultimate aim to offer the entire mutual funds industry complete front to back STP regardless of participants' incumbent technology or connectivity preference."
Andy Sowerby, Managing Director of Marketing, Distribution, and Product Management at Martin Currie, added, "At Martin Currie we believe that choice and competition can only benefit the market as a whole by driving down cost and encouraging innovation. We are pleased to offer our funds via Calastone and are confident that their transaction network will continue to attract an increasing number of fund distributors and transfer agents."