Euroclear Sweden, the Swedish Central Securities Depository (CSD), has launched a link to Euroclear Bank’s automated processing platform for cross-border and domestic funds called FundSettle.
The new fund service will enable Swedish investment to access over 80,000 foreign funds from over 25 markets through Euroclear Sweden.
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In addition, the new service will serve as a fully automated pan-European investment fund solution offering Euroclear clients easy access to domestic and international funds, as well as a variety of services and connectivity options.
By using FundSettle, Swedish fund companies that currently manage roughly 1,400 funds worth SEK 2.4 trillion will be made available to non-Swedish investors for automated, electronic transaction processing in 2015.
Paul Brady, director at Franklin Templeton Investments, said: "We welcome this initiative as we strongly believe that we will continue to be able to deliver our funds to this important Nordic market, via a proven, safe and efficient distribution network."
Anders Löfgren, head of product management at Euroclear Sweden, said: "Greater fund processing efficiency is an area where our infrastructure role is adding value by slashing back-office processing costs and risks through automation and standardisation.
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By GlobalData"The Swedish fund market enjoyed a phenomenal 2013 in terms of net inflows, up SEK 430 billion (EUR 484 million) on the previous year, according to Fondbolagens Föreningen (Swedish Investment Fund Association)," he added.
