Calastone will now provide its global fund transaction network to Equity Trustees to help the firm streamline its unit registry administration capabilities.
Calastone’s network will allow the firm to automate its fund transactions, reduce costs and improve efficiency for the business, said Equity Trustees general manager of fund operations Travis Goudie.
“We estimate that the new system will reduce the use of these manual transaction processes by as much as 60 percent of our unit registry traffic,” Mr Goudie said.
“This will make the process significantly simpler and more efficient for platform operators, who will no longer need to manually prepare and fax their trades on a daily basis.”
Calastone’s network service was adopted to assist Equity Trustees achieve ongoing efficiencies and scale, a statement issued by the firm said.
Equity Trustees chief operations officer Ryan Bessemer said: “This is another step in our continued investment in people, process and systems, and we now consider our unit registry offering to be at the top of the market in maturity, capability and competitiveness.”
“It uses the latest technology, from CXi Software Pty Ltd, to deliver real-time, seamless integration to the Calastone network and guarantees immediate straight-through processing of all accepted instructions to Equity Trustees’ unit registry platform.
“Our aim is to scale our registry and custody capability in Australia to become a service provider who can offer tailored and holistic services to both the boutique and top-end financial services,” he concluded.