Euroclear UK & Ireland has signed up five more UK fund managers to its investment fund service already this year.
These investment firms have chosen to automate the settlement and reconciliation phase of their funds' transaction processing cycle with the UK's central securities depository. The fund managers already use Euroclear UK & Ireland for automated order routing. The funds managers are:
• Aviva Investors
• Legg Mason Global Asset Management
• Martin Currie Investment Management
• Neptune Investment Management
• Royal London Asset Management
Katrina Sartorius, Head of Product Management at Euroclear UK & Ireland, said: "The momentum we saw last year has continued into 2014 with five more investment managers choosing the benefits of our established funds offering. We welcome Aviva, Legg Mason, Martin Currie, Neptune and Royal London which are now benefitting from Euroclear UK & Ireland's robust, cheap and efficient investment funds service. They join other leading funds managers such as M&G, Aberdeen and Invesco."
Tim Orton, Pensions and Investments Product Director from Aviva, stated: "The automated services that Euroclear UK & Ireland now offer us go a long way to abolishing manual and time-consuming administrative processes.
Not only are we freeing up resources internally to focus on business critical areas, we are passing on efficiency savings to our clients which should, over time, reduce the overall cost of fund ownership."
Pritie Sharma, Head of Investor Services from Neptune, commented: "Euroclear UK & Ireland's fund services enable Neptune to provide its clients with clarity and risk-avoidance afforded by real-time balance reconciliation. Cash and unit balance movements now happen in tandem, which was not the case previously."