Euroclear UK & Ireland has signed up three additional fund managers in the UK to its investment fund service.
F&C Investments, Liontrust Fund Partners and Old Mutual Global Investors have chosen to automate the full processing cycle of transactions in their funds with the UK’s central securities depository, having already worked with Euroclear UK & Ireland to automate order routing.
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John Trundle, CEO of Euroclear UK & Ireland, said: "We are seeing growing momentum in the UK fund community to reduce the risks and costs associated with fund transaction processing. The combination of automated order routing services fully integrated with delivery-versus-payment settlement, offers Euroclear UK & Ireland’s clients a unique and effective means to achieve these objectives.
"F&C Investments, Liontrust Fund Partners and Old Mutual Global Investors are now among a growing number of fund managers, transfer agents and fund distributors benefitting from end-to-end automation in the UK fund industry," Trundle added.
Gary O’Brien, head of client services at Old Mutual Global Investors, said: "We expect to see real improvement in our transaction settlement, cash and fund unit balance reconciliations, re-registrations and portfolio transfers as a result of the electronic and automated features of Euroclear UK & Ireland’s investment fund service. While having an automated service for order routing is important, moving to full automation across the entire transaction life cycle makes good business sense."
Andy Olding, head of group fund services at F&C Investments, said: "Reducing risk and increasing cost efficiency for our clients is crucial for F&C. We look forward to the benefits that a fully automated, end-to-end transaction flow will bring to F&C by using Euroclear UK & Ireland’s investment fund service."
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By GlobalDataJeff Digweed, head of transfer agency at Liontrust Fund Partners, said: "Migrating to the Euroclear UK & Ireland (EUI) settlement service has been achieved quickly and efficiently. The teams involved, including IFDS, RBS and Euroclear all worked well together and we were ready to test and process our first transactions in record time.
"The system changes we have made will be invisible to our clients who choose to settle with us via EUI. They will see the benefits quickly as they will experience a more efficient settlement process for their fund subscriptions and redemptions," Digweed added.
