Hyperion Asset Management, an Australian equities fund manager, has joined Calastone, an independent global transaction network for the superannuation and managed fund industries.
The fund manager’s membership to Calastone aims to automate the flows from participating platforms and custodians into Hyperion funds.
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Hyperion’s managing director, Tim Samway, said: "Hyperion welcomes the automation of this manual process with the reduced risks and the increased levels of accuracy and timeliness it brings."
More than 40% of the market has joined the Calastone network since the network went live in Australia in November 2011 with the automation of fund application and redemption transactions.
Samway, said: "The immediate benefit to Hyperion clients is the provision of intraday cash flow reporting to the firm’s portfolio managers.
"The industry had been wholeheartedly supportive of the move to automation and has long recognised the risks involved in manual processing."
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By GlobalDataHe added, "These processes, which are still in use, can result in typing errors in the registry system of the fund or platform, and faxes do go missing or are incomplete or sent in duplicate. It’s also a timing issue – slow processing, lack of transparency and a delay in identifying an issue or error.
"Calastone is also working with wealth management, broker execution, and SMSF software providers to close this gap in the future."
