Calastone, the independent cross-border transaction network for the mutual fund industry, are delighted to announce that GLG Partners (GLG) have signed up to Calastone's automated settlement service for their UK range of funds.
Calastone offers electronic order routing between fund buyers and fund managers whatever their preferred format and provides automated net settlement services through trade order matching.
Signing up to Calastone's settlement service will enable GLG's clients to benefit from Calastone's straight-through-processing approach. This approach removes any need for manual processing and reduces risk by automating business flow processing, from orders through to settlement.
Commenting on the take up of the settlement service by GLG, Ian Taylor, Chief Executive Officer for Calastone, said "We are delighted to see yet another fund manager sign up to Calastone's settlement service. With a significant number of major UK fund management companies now live, this service gives their distribution clients the chance to automate settlement, leading to significant cost savings and reduction in operational risk. Requests continue for this automated solution because it allows fund managers and distributors alike the ability to achieve both greater transparency and reduced liquidity requirements."
Andrew Malkin, Head of Mutual Fund Services at GLG added "We are committed to providing our clients with focused investment solutions. This latest settlement service of automated messaging from Calastone provides us with a new advantage, which brings increased efficiencies and benefits everyone in the fund buying process."