London - Calastone, the transaction network for the funds industry, has announced that RARE, the Australian Infrastructure Investment Manager, has chosen Calastone to automate their global funds transactions.
Calastone's single-to-many cross border fund service automates the flow from participating platforms and custodians into RARE's global fund range registered across Australia, U.S., Canada as well as in the UK, Ireland, Netherlands, Cyprus and Switzerland.
Peter Hermans, European Sales and Business Development Director, said: "We are delighted that RARE has signed up to use Calastone's global network to transact their funds. We help clients connect to their distributors via the Calastone community utilising our automated messaging service, which provides further efficiency to fund transactions, reducing costs and risk. This is evidence of Calastone working with clients, initially to enable automation in a domestic market before moving on to a full global service."
Kate Hudson, Head of Institutional Business at RARE UK and Europe, said: "We are already using Calastone for our domestic Australian fund transactions, and are seeing the immediate benefits automation can bring. In the first month of our engagement, almost 300 trades were processed through STP rather than via manual processing. As soon as we could, we extended our relationship with Calastone to automate fund transactions at a global level and reach a wider global distribution base. We are confident this will help our existing and future customers reduce risk and improve efficiency."