Phoenix Fund Services connects to Calastone for order-routing
Phoenix Fund Services is now able to offer its clients the ability to place orders through Calastone and get the benefits of full STP trading. Manual dealing errors will be reduced and MI data will be delivered on a timely basis for settlement and reconciliation. Phoenix and Calastone are already working pro-actively with distributors to facilitate STP dealing.
Commenting on the decision to link up with Calastone, Tony Reed, MD of Phoenix Fund Services said, "Great strides are being made in the mutual fund industry to achieve greater efficiencies and STP to support the rapidly evolving world of distribution. We took the decision to connect to Calastone because we believe that our clients will benefit from the flexible approach to technology and global distribution which Calastone offers.”
Alex Hofmann, sales director of Calastone added, “This initiative should help Phoenix to improve efficiency, remove substantial operational risks and deliver a greater level of transparency to the whole process of buying and selling funds. Phoenix will be able to track trades and manage exceptions on a real-time basis throughout the transaction lifecycle. Not only are participants finding that Calastone is highly cost-effective, but industry feedback has also highlighted that our greatest strength lies in helping participants address their business process, by providing a flexible approach and value added services."