Cullen Funds, an Irish UCITS fund, has signed its mutual funds up to the order routing service of the Calastone transaction network.
The network, which is formatted in ISO 20022, fully automates the trading lifecycle. Cullen Funds says it chose the order routing service at the request of existing and potential clients, and that it believes it will increase efficiency.
“We are pleased to be connecting to Calastones transaction network and supporting initiatives which enhance automation within the funds industry, particularly if such initiatives help reduce risk, improve efficiency and reduce costs for our clients, says Jeff Battaglia, CFO of Cullen.
“We are delighted to welcome Cullen to our electronic order routing service, says Peter Hermans, director of European Sales and Business Development at Calastone. Cullen will now be able to offer their client base an easy and flexible solution, to automate their transactions into their Irish fund range, at zero cost. Not only does STP reduce the cost of processing orders, but greatly reduces any risks to both the distributors and the fund provider and provides much greater transparency of trading to all parties connected to [our] network.”
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