Euroclear UK & Ireland has signed deals to settle fund transactions for Aberdeen Asset Management, Artemis Fund Managers and Schroder Investment Management.
Euroclear UK & Ireland, which is the UK's central securities depositary, has developed its fund settlement service as a more efficient alternative to manual fund transaction processing, which is still prevalent in the industry.
“The holy grail of the fund industry is to have a better solution than today’s slow, unreliable and expensive manual approach to fund transaction processing,” says John Trundle, chief executive of Euroclear UK & Ireland. “This can be achieved through robust automation, endorsed by the whole industry.”
All three asset managers already use Euroclear's service for automated fund order routing.
“Automated settlement for bonds and equities has been commonplace at Euroclear UK & Ireland for many years, so there is no reason investment funds shouldn’t follow,” says Alan Hawthorn, global head of investor services at Aberdeen.
©2013 funds europe