Calastone reaches milestone
Transaction network provider to the managed fund industry, Calastone, has passed a milestone announcing this week that the firm had reached flows of 1,000 orders per day.
Confirming the milestone, Calastone’s Australian managing director, Ms Shannon Bernasconi, said it was very significant, both for Calastone and for the managed fund industry in Australia.
“When I started with Calastone 18 months ago we had flows of about 100 orders per day,” she said. “The growth has been steady, and we have another 20 participants in either testing or advanced discussions to come online this year.”
“Since inception, over $10 billion of Australian investors’ assets have been automated through the network.This is a significant reduction in risk of error in the handling of investor funds,” Ms Bernasconi said. “A volume of 1,000 orders per day will, over a year, remove around one million faxes sent and printed or scanned, so there’s a side benefit for the environment as well!”
Calastone launched in Australia in November 2011 with Macquarie Wrap as the first platform and Blackrock, Aberdeen Asset Management and Schroders as the first fund managers
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