Paul Hagger, Manager Custody at netwealth, said the firm had already experienced benefits from using the new service.
“We received automated tax statements in the first week of July – a big improvement on waiting for receipt by post or email,” he said. “We’ve been able to load those statements directly to our administration system, thereby largely eliminating the risks associated with manual input. The potential savings in time and cost are significant.”
Calastone’s distribution solution seamlessly connects fund manager and client, standardising the flow of information for tax and income statements. The unique service, developed specifically for Australia, enables full STP interoperability between fund managers and platform investors allowing them to use existing infrastructure and benefit through reduced operational risk and cost.
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.
“Year-end is traditionally a stressful time for the industry,” she said. “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.”
Calastone launched its distributions offering following its automation of orders and confirmations, and statements of holdings and transactions, over its four-year tenure in Australia. These procedures, once done over fax, post and email, are now electronic and automatic. The services have been warmly received with a growing percentage of the Australian managed fund industry now utilising Calastone for some or all of these functions.
For further information and interviews with Sarah Hayward:
Kristin Westlake, The Continuum Partners, +61 416 219 358, firstname.lastname@example.org