Calastone, the global funds transaction network, today announced the successful implementation of Asgard, completing its services across BT Financial Group encompassing BT Wrap, Asgard and Panorama platforms.
BTFG has been using Calastone for automatic routing of managed fund orders on its BT Wrap platform from 2012, included it exclusively on Panorama, and now built out the electronic messaging for Asgard managed fund instructions. Statements for reconciliations, end of tax year, and distribution statements have also been automated across the business.
Calastone Director for Australia, Sarah Hayward, said fund managers could now connect to the majority of Australian platforms via the Calastone network.
“With all the biggest platforms now live on the network, most Australian end investors are now in a position to reap the benefits of increased accuracy and faster turnaround times,” she said. “Fund managers benefit too, as we estimate now that over 70% of trade instructions can now be automated through our transaction network, eliminating risk associated from manual processing from back-office procedures.”
The move to increased straight-through-processing of managed fund transactions and reporting has been steady since 2011, with the critical tipping point reached around 18 months ago, Ms Hayward said.
“When Calastone arrived in Australia there was very limited STP rates,” she said. “In the three and a half years since then we have seen the bulk of the industry transition to some level of automation – and importantly, none have gone back once they have made the switch. The efficiencies and savings that automation has brought to the Australian industry have really been very significant indeed and our long-standing relationships with firms like BT are a testament to that.”
For further information and interviews with Sarah Hayward:
Kristin Westlake, The Continuum Partners, +61 416 219 358, kwestlake@thecontinuumpartners.com
