Tech boost on the agenda for Aussie funds market
Platform operators, Macquarie, Vanguard, and BT are among those connecting to a new automated funds transfer solution from global funds transaction network, Calastone, for safe and efficient movement of managed funds.
The solution would automate in-specie transfers to reduce the two-week transfer process to under an hour. Calastone managing director Australia and New Zealand, Sarah Hayward, said the adviser-initiated transferal of clients between platforms continued to be manual and complex, where a technology solution would reduce the time spent and eliminate the need for investors to exit and re-enter the market.
"Broader industry adoption of the solution can further accelerate the process to just minutes, bringing massive relief to back offices that support Australia's competitive investment sector," she said.
"Working in collaboration with our clients we have adapted the solution from our proven UK Transfers solution to suit Australian requirements and provide a unified and automated way of managing the transfer process, with more certainty and less risk."
The Calastone product would follow the firm's order routing solution delivered in 2011 and its reporting solution released last year.
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