Euroclear UK & Ireland (EUI) said that it has been selected by three major UK investment fund houses to settle transactions in their funds: Aberdeen Asset Management, Artemis Fund Managers and Schroders Investment Management. All three already use EUI for automated fund order routing.
“The holy grail of the fund industry is to have a better solution than today’s slow, unreliable and expensive manual approach to fund transaction processing,” said John Trundle, EUI’s chief executive officer. “This can be achieved through robust automation, endorsed by the whole industry.”
Alan Hawthorn, global head of investor services at Aberdeen, said: “We see the simplicity of Euroclear UK & Ireland’s fund processing system as an extension of our business model for investors in the UK. Retail investors are looking to save, which is a good thing – and in parallel
they are increasingly expecting transparency around product, process and costs arising.
“Automated settlement for bonds and equities has been commonplace at EUI for many years, so there is no reason investment funds shouldn’t follow.”
Alex Murton, head of transfer agency UK at Schroders, added: “The ease with which transfers, corporate action processing as well as reconciliations can now take place should make mutual fund processing as easy as other asset classes in the UK.”
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.