Powered by MOMENTUM MEDIA

Calastone creates in specie transfer service

By Reporter
 — 1 minute read

Financial technology company Calastone has announced a new automated service to improve in specie transfers.

The new service allows for “a faster, safer, more efficient transfer” of managed funds holdings, the company said, and can reduce the time frame for transfers from the typical two weeks to “possible completion in under an hour”.

“Transferring a client from one platform to another, initiated typically by an adviser, involves a complex and manual exchange of signed forms at the platform, custodian, registry and fund levels,” said Calastone Australia and New Zealand managing director Sarah Hayward.

Advertisement
Advertisement

“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.”

Ms Hayward said wider adoption of this kind of service would improve the speed of the transfer process further, and that it could bring “massive relief to back offices” in the investment industry.

Read more:

Bank platforms ‘squeezing’ fund managers

KPMG to scrutinise NAB super trustee

ABA backs ‘one-stop-shop’ EDR scheme

Pinnacle grows distribution team

Trump-fuelled gold rally to meet resistance

 

Calastone creates in specie transfer service

Financial technology company Calastone has announced a new automated service to improve in specie transfers.

investordaily image
investordaily image
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.