Sydney
11 August 2015
Reporter: Stephanie Palmer
Calastone goes live with distribution service
Calastone has launched its new automated distribution service for standardising the flow of information for tax and income statements.

The service connects clients with fund managers, and allows interoperability between managers and platform investors. Users can access the service through existing infrastructure, simultaneously reducing costs and operational risk.

Developed specifically for Australia, the service has already been adopted by investment and superannuation group netwealth.

Paul Hagger, manager of custody at netwealth, said: “We received automated tax statements in the first week of July – a big improvement on waiting for receipt by post or email.”

“We’ve been able to load those statements directly to our administration system, thereby largely eliminating the risks associated with manual input.”

Sarah Hayward, Calastone’s director of Australia, commented: “The income and annual tax statement process has always been an extremely manual and time-consuming undertaking for Australian managed funds. The risk of inefficiency and error has long been a thorn in the industry’s side.”

She added: “At a time when cost pressures are very high, automating and streamlining this process offers huge benefits in redirecting these resources into higher-value work.”

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
BNP Paribas: ESG investment seeing increased interest
25 May 2017 | London | Reporter: Stephanie Palmer
The survey report noted that 77 percent of asset owners already incorporate ESG aspects into their strategies
Nasdaq to support Chilean CSD in post-trade tech
25 May 2017 | Santiago | Reporter: Stephanie Palmer
Based on the Nasdaq Financial Framework the solution will replace Depósito Central de Valores’s existing core system
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
More news