UK-based Calastone describes itself as an “enabler” to help platforms and fund managers run their systems more efficiently.
Calastone automates the exchange of transaction information between investment managers, platforms, administrators and custodians, operating as an agnostic processing hub, translating order information to and from respective parties in their preferred formats.
It operates in 29 jurisdictions around the world and is now expanding from Australia to New Zealand.
Across the ditch it provides services to 80-85% of platform transactions and 60% of fund managers.
In New Zealand it already provides back-office services to MMC and Public Trust.
“Our expansion has been primarily driven by our Australian clients wanting access to cross-border opportunities and New Zealand clients embracing automation,” Calastone managing director Australia, Sarah Hayward, said.
The firm’s extended cross border coverage enables transactions between Australian and New Zealand platforms, fund managers and respective counterparts.
Using Calastone’s services should help FNZ reduce its costs which benefits investors.
MMC co-founder Tom Reiher said with the growth in the number of New Zealanders investing, manual and archaic practices will be unsustainable.
“Using Calastone, we’ll be able to scale up to efficiently process much higher volumes of transactions at a reasonable marginal cost,” Reiher said.
“Calastone brings a scalable, manageable and controllable solution that relieves us from the intense information flow associated with the large volume of transactions we manage every year.”
Calastone business development director Tony Nejasmic said Calastone’s services provide clients with efficiencies by automating manual processes; helps de-risk business and gives its clients better visibility of process.
FNZ said: “Working in partnership with Calastone in New Zealand further supports FNZ’s capability to automate both underlying and aggregated managed fund transactions, as we do in the UK.
This automation increases efficiency and significantly reduces risk associated with manual instructions; thereby ensuring FNZ and our customers deliver better service outcomes to their clients.
FNZ remains focused on helping people achieve their financial goals through lower costs, better engagement and service excellence.”
FNZ counts ANZ, BNZ, AMP and Fisher Funds amongst its client list.
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