Calastone, the global funds transaction network, today announces that Investec Wealth & Investment, one of the UK’s largest private client wealth management firms, has gone live with Calastone’s recently launched Transfer Service.
Investec Wealth & Investment joins other firms, including Rathbone Investment Management, in adopting the Calastone Transfer Service, which is specifically designed to automate stock transfers. Firms have identified a need to automate the transfer of assets and better facilitate unwrapped nominee-to-nominee transfers. This has been part of an ongoing industry push to speed up the transfer process as mandated by the Retail Distribution Review.
Calastone’s Transfer Service brings a greater level of efficiency to brokers and wealth managers processing stock transfers. Participating firms can now complete transfers within days rather than weeks.
Ann Mosey, Head of Settlements, Investec Wealth & Investment commented: “By connecting to Calastone’s Transfer Service, we look forward to benefitting from the efficiencies that straight-through processing brings. A key goal for us is to undertake and complete transfers for the majority of cases within a day, thus driving valuable operational and cost efficiencies.”
Jon Willis, Chief Commercial Officer at Calastone added: “Calastone’s Transfer Service intelligently re-uses technology to automate simple nominee-to-nominee stock transfers and is complementary to our TeX-compliant Re-registration solution. We are thrilled to see major wealth managers such as Investec Wealth & Investment and Rathbone Investment Management join the service.”