M&G Securities Limited selects Calastone’s automated messaging settlement service______

M&G Investments, one of the UK’s leading fund providers has signed an agreement to use Calastone’s settlement and matching service.

Calastone, the independent cross-border transaction network and settlement service for mutual funds, offers electronic order routing between fund buyers and fund managers whatever their preferred format and provides automated net settlement services through trade order matching.

Signing up to Calastone’s settlement service will enable M&G’s clients to benefit from Calastone’s straight-through-processing approach. This approach removes any need for manual processing and reduces risk by automating business flow processing, from orders through to settlement.

Commenting on the announcement, Alexander Hofmann, Sales Director of Calastone said, “Our settlement service was developed in collaboration with the industry to deliver a primary market approach designed specifically for settling mutual fund transactions. We are delighted to see yet another fund manager sign up to Calastone’s settlement service and reap the cost and efficiency benefits on offer”.

Laurence Mumford, Retail Chief Operating Officer at M&G Investments added, “As a member of the IMA’s investment funds operation committee, M&G are fully committed to initiatives to automate mutual fund dealing. M&G’s decision to sign up to Calastone’s settlement messaging represents the latest in a series of initiatives to eliminate inefficiencies and reduce costs”.

Christopher James, Director Institutional Services at Cofunds commented, “As an early supporter of the Calastone settlement solution we are delighted to see more fund groups connecting, getting ever closer to 100% STP throughout the transaction lifecycle. Working with Calastone is good for our clients and good for the funds industry”.

Tim Archer, Head of Operations, at Redmayne-Bentley and Co-chair of the APCIMS Operations committee added, “I am delighted to see the fund managers signing up to the Calastone settlement service. Working towards full lifecycle automation will ultimately benefit the investor; we completely support straight-through-processing and applaud Calastone for providing a service designed from the ground up for the primary funds market.”.

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