Union Bank of Taiwan, a financial services provider and fund distributor in Taiwan, is the second distributor to sign up with Calastone through the new Taiwan Depository & Clearing Corporation (TDCC) fund service.
The announcement follows last month’s successful implementation of Far Eastern International Bank on Calastone’s TDCC service with 10 offshore fund houses distributing in Taiwan including Aberdeen, Alliance Bernstein, Barings, Fidelity, JP Morgan Asia, Pinebridge, Schroders, Old Mutual and Threadneedle.
Hann-Tsau Tsai of Union Bank of Taiwan said: “Calastone was the obvious choice for us, given their outstanding offshore fund manager and transfer agent coverage and their proven track record in automating fund transactions globally."
Low Hon Yu, chief operating officer at Aberdeen Asia said: “Automating our first distributor via the TDCC service in Taiwan is another step in our strategy to increase our automation rates in the region, following a similar roll-out for funds we manage in Australia and Singapore. The response to Calastone’s initiative has been very positive, and we expect with Union Bank and Far Eastern’s lead other distributors will soon join the TDCC service.”
Sebastien Chaker, head of Asia for Calastone said: “With several million manual orders being processed annually, Taiwan is the top automation priority for our global fund manager clients and in response Calastone has made significant investments in technology and human resources to tailor our service for the Taiwan market.”
.jpg)