Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that Findlay Park Funds plc has signed an agreement to become a fund provider to transact its funds via the Calastone transaction network.
Findlay Park will benefit from Calastone's bespoke configuration approach. This service means that the Findlay Park funds can now enjoy the advantages of cost and risk reduction offered from transaction automation and straight through processing ("STP").
Connectivity to Calastone offers Findlay Park's existing shareholders full electronic STP throughout the transaction lifecycle, irrespective of their domicile or their preferred messaging protocol. Transacting via Calastone and using its Execution Management Systems offers Findlay Park visibility and control over its order flow and real time risk management.
Commenting on the agreement, Ian Taylor, Chief Operation Officer of Calastone said, "We are delighted that Findlay Park has decided to connect to Calastone. Findlay Park and its shareholders will benefit immediately from the cost and risk reductions offered by STP and business process automation. Over the coming weeks we will work with Findlay Park to ensure all of their shareholders can benefit."
Findlay Park added, "We wanted to be able to offer full fund transaction automation to our shareholders and have been impressed not only with the flexibility of the Calastone system but also with their responsive approach in addressing our specific requirements."