Heartwood Wealth Management (Heartwood), the independently-owned wealth management and investment management firm, has today connected to Calastone's independent cross-border transaction network to benefit from automated dealing efficiencies.
Calastone offers electronic order routing between fund buyers, fund distributors and fund managers whatever their preferred format and provides automated net settlement services through trade order matching. Calastone's Execution Management System (EMS) provides a consolidated view of all order flow at all stages of the trade lifecycle offering full reconciliations functionality. Calastone's EMS enables participants to react to exceptions quickly and efficiently offering settlement risk reduction and enhances a firms offering to its end clients.
Heartwood can connect to the Calastone Transaction Network (CTN) directly using their existing technology enabling transactions to be processed using ISO 20022 message standards irrespective of how they are submitted. One of the counterparties to take advantage of receiving automated orders direct from Heartwood will be Capita Financial Group in their capacity as Authorised Corporate Director and fund administrator. Capita Financial Group will benefit from instant automation and visibility efficiencies.
Commenting on the announcement, Alexander Hofmann, Head of Sales of Calastone said, "We are delighted that Heartwood is now able to take advantage of the unique benefits which Calastone offers the distribution community. Heartwood was able to leverage their existing fund order processes to move from contract signature to live trading in under one month. Calastone offers unrivalled access to the onshore and offshore fund community and our indemnified delivery process means that Heartwood can now use one connection to route orders to multiple TAs and fund managers at zero cost and risk."
Paul Roberts, Associate Director - Dealing and Settlements at Heartwood added, "We are continually looking for ways to improve order flow processing for our fund transaction processing. Calastone's ability to connect the entire funds market without having to invest in costly technology infrastructure not only brings us cost efficiencies but also increases STP levels significantly. We have been impressed with the ease of connecting to Calastone's single pipe and with the testing and implementation environment provided by the Calastone team."
Karl Midl, Director of Relationship Management and Product Development at Capita Financial Group said, "Calastone will help Capita Financial Group offer a full breadth of service and add value by automating associated administrative processes . By improving the operating efficiencies we can help Investment Managers and Capita reduce risk and lower cost."