Australian responsible entity services provider Perpetual has joined the Calastone global transaction network.
Perpetual provides independent entity services for Australian and global fund managers and has more than $140 billion in funds under supervision.
It will offer automated order routing through Calastone for about 50 funds that it operates as an independent responsible entity.
Calastone is the only network that allows Australian managed funds to send and receive messages electronically, regardless of the organisation’s location, protocol or technology.
Since it launched in Australia in 2011, the network has transmitted transactions with an asset value of more than $13 billion.
Rupert Smoker, head of responsible entity services at Perpetual, said: “Calastone has a proven track record in Australia and we expect to see definite benefits in the reduction of risk and cost that automation offers. We look forward to working with our clients over the coming months to bring these benefits to them.”
Shannon Bernasconi, managing director of Calastone in Australia, said: “Calastone provides an automated, interoperable and transparent order routing service that significantly reduces transaction time and operational risk. We are delighted to extend our offering to Perpetual and its clients.”
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