- Why Calastone?
Calastone Limited, the independent cross-border transaction network for the mutual funds industry, today welcomed Capita Financial Group, the mutual fund transfer agent, to its growing universe of fund providers, distributors and transfer agents / third party administrators.
Capita Financial Group provides services for a wide range of fund providers and elected to connect to Calastone to offer its clients choice, a broader range of business flow automation and to enable them to reap the efficiencies STP has to offer, whatever the preferred method of connectivity, messaging protocol or format.
Commenting on the decision to become a member of Calastone’s transaction network, Chris Addenbrooke, Chief Executive Officer of Capita Financial Group said, “Great strides are being made in the mutual fund industry to achieve greater efficiencies and STP. We took the decision to connect to Calastone because we believe that our clients will benefit from more choice.”
Kevin Lee, Managing Director of Calastone added, “We fully support Capita Financial Group’s efforts to offer choice for their clients. This aligns entirely with our philosophy that choice and competition only benefit the end clients. Seamlessly integrating into Capita clients’ workflow, orders can be received and acknowledgements and prices sent on a membership fee free basis, low tariff pricing model and without investment into new technology. We offer a full breadth of service and add value by automating associated administrative processes, including account opening, re-registration, creations and liquidation, swaps, client reporting and account management administration. By improving the operating efficiencies we help clients reduce risk, lower cost and improve their time to market by providing an adaptable and easily adoptable approach to new developments, for example new message types. We are enjoying competing with the market incumbent by offering a cost effective and service competitive alternative, readily accessible by the whole of the mutual fund market.”
Calastone Transaction Network participants are able to send or receive instructions using their preferred means of communication in any format, such as flat files, FIX, SWIFT, ISO15022, ISO20022, XML or proprietary formats. This enables all participants to enjoy straight through processing irrespective of size or technology capabilities. Through Calastone’s execution management system, participants can now track their trades and manage exceptions on a real-time basis throughout the transaction lifecycle. This helps firms reduce not only their costs, but also operating risks.