Calastone, the global transaction network for the superannuation and managed fund industries, today announced that Rare Infrastructure had gone live on the Calastone fund network.
Calastone MD Australia, Ms Shannon Bernasconi, said the efficiency of the Australian industry had increased markedly over the past two and half years since Calastone automated the processes of fund/platform communication previously conducted via fax.
"Investment Trends, the global financial services market research organisation, have shown that efficiency is important right through the investment chain," she said. "Automation offers this, as well as risk and cost reduction."
Recep III Peker, Senior Analyst, Investment Trends, commented "Following their ongoing pursuit of greater efficiency, planners are placing an even greater emphasis on speed of processing in 2014."
He also said that Investment Trends had found admin errors to be a key driver of provider switching – "service providers are almost guaranteed to lose planner relationships as a result of admin errors."
Calastone will automate the flows from participating platforms and custodians into RARE's global listed infrastructure fund range. RARE Head of Distribution, Matt Dell, said he looked forward to the improved service it will bring to both existing and future RARE customers.
"This is a sensible business decision," he said. "By partnering with Calastone our clients will benefit by improving efficiency, saving time and making it easier to do business."
Ms Bernasconi said the feedback from industry – including planners, platforms and fund managers – had been very positive after each implementation.
"These benefits are real and make themselves felt at all levels," she said. "We passed the tipping point of automation of the Australian fund management industry some time ago and are enjoying consistent momentum. As we add new products, like distribution income and tax statements, we look forward to further boosting efficiency and transparency for the industry and its investors."