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Old Mutual connects to Calastone for funds distribution

18 August 2009  |  3083 views  |  0 Source: Calastone

Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that Old Mutual Asset Managers (UK), the investment management company, has signed an agreement to make its funds available via the global Calastone transaction network.

Old Mutual will benefit from connectivity to Calastone's rapidly expanding list of global fund distributors and aggregators through a single connection, reaping immediate advantages in cross-border trading access to distributors and aggregators in Ireland and Luxembourg. By connecting to Calastone, providers are able to offer their open architecture funds to a wide variety of investors irrespective of domicile or preferred messaging protocol. Calastone enables providers to lower costs, gain visibility and keep control of their order flow, without any membership fees or technology expenditure.

Commenting on the agreement, Kevin Lee, Managing Director of Calastone said, "We welcome Old Mutual to Calastone's growing community of fund providers enjoying lower costs, increased global reach and full STP. Irrespective of their current preferred protocol or messaging format, firms are keenly aware that by connecting to Calastone they immediately future proof their technology by becoming ISO 20022 compliant. This enables them to immediately reap the benefits of STP and business process automation. Domestic and international distribution is key and Calastone offers access not only to a growing community of UK distributors, wrap platforms and stockbrokers, but also to an ever lengthening list of international counterparties with which to transact their open architecture funds."

Gary O'Brien, Investment Support Manager at Old Mutual added, "We are pleased to offer our funds via Calastone. At Old Mutual, we believe that choice and competition are necessary in driving down cost and encouraging innovation and we are confident that Calastone's transaction network will continue to attract an increasing number of fund distributors and transfer agents."

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