Capita Financial Managers Limited selects Calastone’s settlement service and reconciliations functionality______

Capita the largest Authorised Corporate Director (ACD), through its subsidiary, Capita Financial Managers Limited, today signed an agreement to use Calastone’s settlement, matching and reconciliations functionality.

This enables Capita’s investment manager delegates, as well as their distributors, to benefit from Calastone’s straight-through-processing, removing the need for manual intervention and reducing risk, by automating processing throughout the trade lifecycle. Connectivity to Calastone will allow fund platforms and distributors to automate settlements with Capita’s ACD investment manager delegates fund ranges.

Capita will also use Calastone’s reconciliation functionality, the Execution Management System (EMS). By automating this activity, Capita will be able to send and receive reconciliation data in any format, using Calastone’s messaging ‘translation’ service, and will be able to react to exceptions quickly and efficiently, reducing settlement risk and improving client service delivery.

Commenting on the announcement, Alexander Hofmann, Sales Director of Calastone said, “It is excellent to see another service provider select not only our settlement service but also our reconciliations solution. Capita was instrumental in the design and execution of our settlements solution and we are delighted to welcome the firm’s ACD investment manager delegates on board. The Calastone settlement and reconciliations services are examples of how Calastone is addressing industry challenges in the post-trade environment; reducing risk and improving operational control. Our settlement service is a whole of market solution allowing participants to benefit from genuine STP efficiencies. The translation facility, which is integral to the reconciliations service, allows us to accept statements of holdings and transactions in any format and deliver them to investors in the format of their choice.”

Chris Addenbrooke, Chief Executive Officer, at Capita Financial Managers Limited, said: “It is in everyone’s interest to welcome greater efficiencies in all areas of mutual fund dealing. We have selected Calastone’s automated settlement service as it helps all our participants benefit from a more efficient standardised process.”

As significant users of the Calastone software, leading platform provider, FNZ is pleased with Capita’s move. Anne Stokes, Group Chief Operating Officer at FNZ commented, “We welcome the addition of Capita as a participant of the Calastone settlement and reconciliation services. Calastone is leading the way to increase the standardisation and automation of post-trade mutual fund administrative processes.

We look forward to more fund managers and third party administrators signing up Calastone’s services in order to help us achieve our goal of 100% STP throughout the entire mutual fund trade lifecycle.”

For media enquiries, contact:

Julia Streets / Abby Munson
Streets Consulting
+44 (0)20 7959 2235

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