London
02 November 2010
Reporter: Steven Lafferty
Securities Lending default image

Northern Trust now connected, Calastone's a match


Calastone Limited, the only independent cross-border transaction network for the mutual funds industry, today announced that Northern Trust a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide is connected to Calastone's settlement and matching service.

Northern Trust and Barings will immediately benefit from the efficiencies of Calastone's net settlement and trade order matching service. Northern Trust's client, Baring Asset Management - which was the first firm to connect to Calastone's transaction network in May 2008 - will reap the advantages of full Straight-Through-Processing (STP) and business flow processing automation throughout the entire transaction lifecycle from order entry through to settlement.

Daniel Llewellyn, Director of Market Innovation at Calastone said, "We're delighted to see that our primary market model continues to be adopted by the key participants in the UK industry. We welcome the addition of Transfer Agents who play a significant role in the processing of mutual fund orders and the resultant administration. We believe that the introduction of Northern Trust and Baring Asset Management to our settlement model further demonstrates that the UK market is being serviced correctly and efficiently by the Calastone settlement service. Every new participant using our settlement model will further lead to full STP for the entire industry and ultimately benefits the end investor."

Karen Hamilton, product management EMEA at Northern Trust added, "Northern Trust currently provides fund administration services to more than 4,000 funds, with assets of more than US$870 billion across the globe and continues to look at ways to enhance our solutions to our clients, responding to their unique and changing requirements. STP will bring increased operational control and reduced risk for the industry and Calastone's innovative settlement service supports and complement this requirement and those of the UK mutual fund industry."

Peter Arnold, Head of Fund Services, Performance Measurement and Business Liaison at Baring Asset Management added, "We have been Calastone's first order routing customer and have been benefiting from transaction automation and straight through processing (STP), for more than three years. Working with Northern Trust, our connectivity to the Calastone settlement model is expected to help us settle our transactions more efficiently which will be of further benefit to our end investors."

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
SANNE hires Hannah Correll Jaeger
22 February 2018 | New York | Reporter: Becky Butcher
SANNE has appointed Hannah Correll Jaeger as head of client relationship management for the Americas to support the company’s growth
Citco: Fund admin for alternatives approaching tipping point
22 February 2018 | London | Reporter: Becky Butcher
Fund administration for the alternatives industry is approaching tipping point, according to the Citco Group of Companies
Benelux trio set to strengthen collaboration on blockchain
22 February 2018 | Brussels | Reporter: Becky Butcher
B-Hive, the Luxembourg House of Financial Technology and the Dutch Blockchain Coalition have signed a memorandum of understanding to strengthen further collaboration in blockchain within the Benelux region
RSA implements SimCorp Dimension
22 February 2018 | Alabama | Reporter: Becky Butcher
The Retirement Systems of Alabama has successfully completed the implementation of SimCorp Dimension
Confluence partners with ICE Data Services
22 February 2018 | Pittsburgh | Reporter: Becky Butcher
Confluence and ICE Data Services have teamed up to help asset managers meet compliance with SEC Modernization and other regulatory reporting requirements
Christopher Bloechle joins LUX Fund Technology
22 February 2018 | New York | Reporter: Becky Butcher
LUX Fund Technology and Solutions has hired Christopher Bloechle as chief technology officer
Custom House appoints David Barry
22 February 2018 | Valletta | Reporter: Becky Butcher
Custom House Global Fund Services has hired David Barry as chief operations officer
More news