Euroclear UK & Ireland (EUI) and International Financial Data Services (IFDS) today announce that IFDS, a leading transfer agency service provider, will use EUI to process its clients' investment fund transactions.
For the first time, the IFDS fund management community of users will be able to benefit from EUI's fully automated services for the settlement of fund units and applicable cash movements.
Yannic Weber, CEO of Euroclear UK & Ireland, said: "We are delighted to be working with IFDS and extend an industry-designed solution for funds processing to their clients. Thanks to the great deal of support from the distribution community, coupled with the strong representation of IFDS clients in the UK market, we believe this is evidence of a solid value proposition. The system we have developed provides counterparties with the certainty they need regarding movement of not just the cash on intended settlement date, but also that the fund unit positions are updated in the register in parallel."
Matthew Brown, Chief Administration Officer at IFDS, commented: "We continually look at ways to improve operational efficiency in the services we provide in all areas of transaction processing. We support initiatives that automate and standardise processes that help to lower cost and risk. IFDS is pleased to be working with Euroclear UK & Ireland in this regard, helping our users to settle fund transactions using an automated solution."
Gary O'Brien, Investment Support at Old Mutual Asset Managers UK (OMAM), commented: "We are committed to working with our operational partners in the development of solutions in order to improve the efficiency of the transaction process. OMAM is pleased to be working with IFDS and Euroclear UK & Ireland in this development which will benefit both our clients and us."