Cofunds goes live with Altus electronic account transfer and fund re-registration tech

Source: Altus

Today Altus, the financial services and solutions provider, announce that Cofunds are executing live account transfers and fund re-registrations using the Altus Transfer Gateway (ATG).

Fully integrated with Cofunds platform, the solution automates the transfer of account portfolios and the in-specie re-registration of funds. ATG uses the new open and interoperable standards from the UK Funds Market Practice Group (UKFMPG) and the TeX (TISA eXchange) contract club legal framework.

The system has already dramatically sped up the account transfer process, delivering better service to advisers and better outcomes for their clients. This is the third major platform to go live with ATG and is another major step in achieving the transferring of client assets between platforms in days.

Through the RDR, the FSA has mandated that any organisation holding funds on behalf of a customer must be able to re-register those assets to another provider in a timely manner. Consequently, Altus has experienced heightened demand for ATG which has been warmly received by the industry at large.

Ben Cocks, Products Director at Altus says: "It's great to see the largest UK platform taking a leading role in the introduction of electronic transfers. Congratulations to the Cofunds and Altus teams who worked so hard to get a very efficient and fully integrated solution live in a very short period of time. This is good news for the TISA/TeX initiative and also for the end consumer who can now move their assets quickly and without restrictions."

Verona Smith, Director of Marketing at Cofunds says: "Delivering better services to clients is key in the post RDR world. Working with Altus on automating, the often onerous transfer and fund re-registration process, has allowed Cofunds to transform the speed and efficiency of processing transfers. We now offer an industry leading transfer capability to our clients and look forward to continuing our relationship with Altus to enhance our service in automating pension transfers and supporting our institutional clients.' 

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