FundSettle adds in-house funds processing
17 November 2005 | 1489 views | 0
FundSettle, Europe's leading market infrastructure for the processing of cross border and domestic fund transactions, has expanded its reach beyond third-party funds to include clients' in-house funds for the first time.
This enhancement is intended to help clients centralise all of their fund-processing business in a single location.
A low-cost, sliding-scale tariff has also been introduced in support of the new offering, representing a reduction of minimum 60% on the servicing tariff for third-party funds. No other fund-industry service provider offers specific pricing for in-house fund-transaction processing in this manner.
In-house funds - where the fund distributor and fund promoter are part of the same company - represent around 80% of all funds in the industry.
Ivan Nicora, Director and head of Investment Fund Product Management at Euroclear Bank, said: "While third-party fund processing on FundSettle continues to grow - by more than 140% in the past year, in fact - client demand to centralise all of their fund-processing business, including their own in-house funds, has reinforced FundSettle's role as the leading market infrastructure for fund-transaction processing. We are delighted to be able to serve the market's needs for both third-party and in-house funds in this way."