Calastone, the global transaction network for the managed fund industry, is pleased to announce Perpetual Corporate Trust is now live on the global Calastone network.
Perpetual provides independent responsible entity services to a number of Australian and global fund managers, with over $14b in funds under supervision. Perpetual Corporate Trust will offer Calastone's automated order routing service to approximately 50 funds it operates as an independent responsible entity.
Rupert Smoker, Head of Responsible Entity Services, Perpetual, said: "Calastone has a proven track record in Australia and we expect to see definite benefits in the reduction of risk and cost that automation offers. We look forward to working with our clients over the coming months to bring these benefits to them."
Calastone is the only network where the Australian managed fund industry can send and receive messages electronically irrespective of an organisation's location, preferred messaging protocol or technology. Since the firm launched in Australia in 2011, over $13bn in asset value of transactions has been transmitted over the network.
Shannon Bernasconi, MD Australia, Calastone, said: "Calastone provides an automated, interoperable and transparent order routing service that significantly reduces transaction time and operational risk. We are delighted to extend our offering to Perpetual and its clients."