Calastone specialises in automating manual processes for the managed fund and superannuation sectors. Previously, platforms and funds communicated by fax machine, with data inputted manually by operators.
Dimensional has opted to automate processing in a move that improves reliability, lifts efficiency and decreases risk.
The change is timely, coming after recent interim report of the Murray inquiry into the Financial System, which called for greater focus on efficiency around the operation of superannuation in Australia.
“Our business is founded on the principle of delivering great investment outcomes for clients reliably and at low cost, so using Calastone was an easy decision for us to make,” says Dimensional Australia chief executive officer Glenn Crane.
There are a number of wrap services in Australia currently utilising Calastone’s transaction network service. As other wrap platforms in both Australia and New Zealand move toward automation they are quickly realising the benefits of a single, one-to-many connectivity including increasing domestic and international opportunities.
Calastone, which entered the Australian market in 2011, specialises in automating paper-based processes that connect managed funds with platforms. Straight-through processing has been shown to have a significant impact on lowering cost, and with billions of assets passing through the secure automated network, risks of error and delays are reduced
“Calastone welcomes Dimensional Australia to the network, and looks forward to extending the partnership both in Australia and New Zealand” said Ms Bernasconi, Managing Director Calastone Australia
Founded in 1981 and basing its approach on Nobel Prize-winning academic ideas, Dimensional manages about $400 billion globally for institutional investors and the clients of fee-based financial advisors.
The firm has operated in Australia for 20 years and manages $26 billion for clients in Australia and New Zealand.