Euroclear and Northern Trust Extend Fund Processing Service

Northern Trust and Euroclear U.K. & Ireland (EUI) have enhanced its processing capabilities for investment fund transactions in the U.K.

Using the EUI investment fund service, Northern Trust will now offer automated unit settlement capabilities across the funds market, in addition to its existing capabilities for equity and bond transactions.

“As the settlement landscape continues to evolve, Northern Trust is focused on ensuring we can offer the most efficient and accurate processing available. Whilst greater automation is a continuing issue across the funds industry, utilizing Euroclear’s fund processing solution, Northern Trust is well positioned at the forefront of this change,” says Justin Chapman, global head of Industry Management, Northern Trust.

Developed in partnership with approximately 40 fund organisations, Euroclear UK & Ireland’s automated fund processing solution delivers end-to-end automation from the placing of a funds order, to the settlement, transfer, reconciliation and includes the processing of any applicable corporate events.

“Northern Trust joins a select band of leading custodians in moving away from the prohibitively high rates of cost and risk associated with manual fund administration,” adds Katrina Sartorius, head of Product Management at Euroclear UK & Ireland.