Euroclear UK & Irelands EMX Message System signed over 25 new clients from both the fund product provider and the fund distributor communities in the first quarter of 2012.
Fund management companies including AXA Funds Management (Luxembourg), Deutsche Bank, GLG Partners, Hermes Investment Management and Janus Capital have all signed up to route orders involving their investment funds through the automated EMX Message System.
The tool, which aims to streamline fund transaction processing, is geared towards reducing operational risks and driving costs benefits through greater economies of scale.
Andrew Malkin, head of Fund Operations at GLG, stated: “It is imperative for us to further automate our distribution channels to reach the widest possible investor base. By offering automation through Euroclear, we are increasing the attractiveness of our products while further supporting the industry drive towards joined up order routing and unit settlement.”
EMX Message System growth is in line with the results of a recent survey by SWIFT and EFAMA showing a growing trend towards automated order processing. Almost 20 million of the 25 million orders routed in 2011 were done without human intervention.
In April, the EMX Message System reached a new record of transmitting 30,000 fund order messages in a single day. A record 39 million messages were routed by the system in 2011.
(JDC)