Calastone, the independent cross-border transaction network is pleased to announce that Cullen Funds Plc, an Irish UCITS, has signed up to the network's order routing service for its range of mutual funds.
Calastone is the only venue where the global fund industry can meet to send and receive fund order messages, irrespective of their size, geographic location, preferred messaging protocol or technology. Whatever the preferred communication method of each participant, Calastone's transaction network standardises all messages into the ISO 20022 format, enabling the industry to become fully automated throughout the trading lifecycle.
Joining the network is simple and does not require additional costly technology. Single point of entry to the market via Calastone is seamless and industry developments, such as the movement away from ISO 15022 messaging to the ISO 20022 standard, are easily accommodated by the network, regardless of incumbent infrastructures.
The sub-funds currently being managed by Cullen, based in New York City, include Cullen North American High Dividend Value Equity Fund and Cullen Global High Dividend Value Equity Fund. Cullen chose Calastone's order routing service at the request of existing and potential clients and believe it will improve efficiencies and cost for the funds and investors alike.
Jeff Battaglia, Chief Financial Officer of Cullen, said: "We are pleased to be connecting to Calastone's transaction network and supporting initiatives which enhance automation within the funds industry, particularly if such initiatives help reduce risk, improve efficiency and reduce costs for our clients."
Peter Hermans, Director of European Sales and Business Development at Calastone, said: "We are delighted to welcome Cullen to our electronic order routing service. Cullen will now be able to offer their client base an easy and flexible solution, to automate their transactions into their Irish fund range, at zero cost. Not only does STP reduce the cost of processing orders, but greatly reduces any risks to both the distributors and the fund provider and provides much greater transparency of trading to all parties connecteed to the Network."