SIX and Euroclear in Swiss funds deal

SIX Securities Services and Euroclear are joining forces to offer more cost- and risk-efficient fund services to Swiss investors.

The agreement will provide clients with enhanced service quality and processing efficiencies for mutual and hedge funds, the two organisations says, by bringing together order routing and unit settlement on a single platform.

SIX Securities Services, the Swiss international post-trade services provider, and Euroclear Bank, the Brussels-based international depositary, will integrate reporting for all asset classes to provide a ‘one-stop-shop’ approach.

SIX will bring market proximity to the partnership, from its primarily Swiss market securities and clients, while Euroclear will offer a global network of over 500 transfer agents.

The alliance aims to deliver cost savings through processing standardisation and the reduction of risk through streamlined processing of transactions. The option to open segregated accounts will also be available.

Tim Howell, chief executive officer at Euroclear, says: “We welcome this alliance with SIX Securities Services which integrates the expertise, scale and services of our two organisations for the benefit of Swiss wealth managers.

“This open-architecture cooperation between two infrastructure powerhouses comes at a time when regulatory changes like MiFID II, AIFMD and UCITS V, are pushing our industry towards greater processing certainty, asset protection and related portfolio transparency.”

Thomas Zeeb, chief executive officer at SIX Securities Services, says: “This is a demonstration of our long-term commitment to this market and capitalises on our deep understanding of client needs as well as our specialist hedge fund expertise.”

©2014 funds europe

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