Source: Euroclear
Euroclear and Brewin Dolphin Limited, one of the UK's largest independent private-client investment management firms, announce today that Brewin Dolphin has become the first UK firm to select both Euroclear Bank's FundSettle platform to settle cross-border fund transactions and the Delivery-versus-Payment (DvP) settlement service for UK fund transactions offered by Euroclear UK & Ireland. Brewin Dolphin already uses Euroclear's EMX Message System to route UK fund orders.
Brewin Dolphin is a leading example of a Euroclear group client that has decided to maximise use of the multi-market infrastructure to process fund transactions. As a distributor of local and foreign funds to its clients, Brewin Dolphin is now able to easily and more efficiently reach fund promoters, transfer agents and other relevant parties outside the UK to settle fund transactions on behalf of its clients. This new development eases the often complex, manual and costly challenges of processing international fund transactions.
John Beeston, Director, Group Head of Business Support at Brewin Dolphin, commented: "We are committed to offering our clients a wide variety of investment opportunities efficiently and at reasonable cost. We have selected FundSettle and Euroclear UK & Ireland to settle fund transactions, as we believe the reach, automated features and comprehensiveness of their services will enable us to offer our clients more value at lower risk. We recognise the benefits in trading and settling our cross-border fund transactions through a single gateway, which maximises the use of existing links to the Euroclear group for settlement. In addition to STP efficiency gains, we will be able to process a higher number of fund trades and promote a shorter settlement cycle, due to automation."
Ivan Nicora, Director and head of Investment Fund Product Management at Euroclear,said: "Having worked closely with us in designing client-focused fund processing solutions, Brewin Dolphin's decision to migrate its fund business to Euroclear is a much-appreciated vote of confidence, particularly when there are many competing commercial solutions available. Euroclear UK & Ireland and FundSettle will provide Brewin Dolphin with greater scalability and lower levels of risk through automation and DvP settlement. Their decision to use both the CSD and ICSD platforms also reinforces the importance of flexibility in our fund transaction-processing infrastructure in meeting client needs for local market and cross-border transactions."