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First State increases UK fund automation with Euroclear

Contract_handshakeAsset manager First State Investments has selected Euroclear UK & Ireland (EUI) for settlement operations for its UK funds.

EUI runs the Crest Investment Fund Service, which increases fund automation from the order placement stage, to settlement and asset servicing.

First State Investments has about $151.2 billion (€135.4 billion) assets under management in total. The firm said clients would get a better experience and reduced operational risk.

Terry Yodaiken, the asset manager’s head of distribution business support and governance, said: “This system will not only ensure that clients enjoy a better customer experience through a fully, automated, end-to-end settlement service but also reduce settlement risk for both subscribing and redeeming investors and fund investors.”

Stephan Pouyat, global head of capital markets and funds at Euroclear, said the Crest system has experienced “significant momentum due to a market need for automation efficiencies”.

Last month, EUI said Legal & General Investment Management has also joined its Crest Investment Fund Service to automate settlement for its UK investment funds.

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