EUI provides end-to-end services for the settlement of fund units and applicable cash movements to the entire Rathbones distributor community.
John Trundle, CEO of EUI, said: “Rathbones is smart to move to automated transactions settlement with us. EUI’s delivery-versus-payment settlement means that cash movements related to subscriptions and redemptions are reflected on the register typically two hours after the notional units have exchanged hands electronically.”
“By linking cash and unit settlement, firms can greatly improve their daily treasury operations; cash from proceeds is usually available between 6am and 8am on the intended settlement date and available for the entire business day. Rathbones avoids the risks, costs and reconciliation complications of manual cash processing when payments are decoupled from the unit movements.”
Andrew Butcher, COO at Rathbones, said: “[EUI’s] service for unit trusts makes perfect sense for us. It is fully scalable as we can integrate the processes with our UK equity settlements.”
“We are custodian for £22 billion of client assets, so having the benefit of full registry reconciliation transparency which automated settlement affords, plus easier cash management through the CREST cash memorandum account, will prove highly beneficial to our operations teams."