London
28 November 2013
Reporter: Daniel Jackson
FNZ selects Euroclear for fund settlement
FNZ, the custody services provider with £45 billion in assets under administration, has signed a strategic partnership agreement with securities depository Euroclear UK & Ireland (EUI).

Under the agreement, FNZ will integrate its fund settlement process with EUI to improve clearing counterparty protection for its customers and lower operating risk through improved end-to-end automation of the settlement process for managed funds. In the UK, FNZ powers the wealth platforms for a significant portion of the market including Standard Life, AXA, Zurich, Friends Life, Close Brothers, JPMorgan Asset Management and HSBC.

Christopher James, managing director of wealth services at FNZ, said: “This agreement transitions the UK fund market, in which FNZ is the leading provider of fund transaction and custody services in the platform sector, to the delivery-versus-payment model that has existed for many years in the North American fund market and for equities in the UK market. Our decision to house unit settlement and cash reconciliation with Euroclear significantly enhances the security and automation of the end-to-end process for our customers which are the leading UK platform providers.”

Katrina Sartorius, director and head of product management for EUI, said: “We are delighted to partner with FNZ, a leading provider of cutting edge transaction and custody services to the institutional funds and wealth platform sectors. We are committed to supporting their current and future growth by ensuring that FNZ and their clients benefit from the efficiencies and risk reductions that can only be achieved through scale, and end-to-end automation of cash and share settlement.”

Other UK fund managers using EUI as their investment fund service provider include Invesco, and Schroders and Hendersons.

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
Funds need to keep an eye on BEPS negotiations
24 May 2017 | London | Reporter: Becky Butcher
Fund participants were encouraged at Guernsey’s Fund Forum to pay close attention to negotiations over base erosion and profit sharing (BEPS) rules
Northern Trust expands UAE operations
24 May 2017 | Abu Dhabi | Reporter: Stephanie Palmer
Northern Trust has opened a new branch office in Abu Dhabi, as part of a continuing focus on business in the UAE
R3 raises record funds for DLT development
24 May 2017 | London | Reporter: Stephanie Palmer
The R3 group has raised $107 million in two tranches of fundraising, securing the largest ever investment in distributed ledger technology to date
Promotions abound at Interstrust in Jersey
24 May 2017 | Jersey | Reporter: Stephanie Palmer
Intertrust in Jersey has made a spate of promotions, including elevating Sherin Sugeeswaran to the role of associate director in the fund services team
RSRCHXchange boosts research offering with data consumption partnership
23 May 2017 | London | Reporter: Stephanie Palmer
Institutional research marketplace RSRCHXchange has partnered with corporate access management solution provider CorpAxe in order to make research consumption data available to the buy side
MainstreamBPO to expand in Europe and Cayman through Trinity acquisition
23 May 2017 | Sydney | Reporter: Stephanie Palmer
MainstreamBPO has entered into an agreement to acquire Trinity Fund Administration in Dublin and the Cayman Islands
Julius Baer builds on UK and Ireland compliance team
22 May 2017 | London | Reporter: Stephanie Palmer
Julius Baer International has appointed John Dodds as head of compliance for the UK and Ireland
More news