A group of sixteen European fund managers has called on transfer agents and fund distributors to process their fund transactions using a single transactional platform. It follows a roadshow organised by Euroclear, owner and operator of the FundSettle processing platform. All sixteen are users of FundSettle.
“The purpose was to create an opportunity for them to gather the fund distributors and TAs handling their funds in order to encourage them to use FundSettle as their platform of choice,” says a Euroclear spokesman. “Naturally, our Product Managers were present at these events to talk about the FundSettle platform itself, but it was the fund management companies themselves who did most of the encouraging. The spirit was one of a ‘call for action and change’ rather than of pointing fingers of blame.”
The participates were ABN AMRO Asset Management, ACM Funds, Deka Bank, Fidelity Investments, Fortis Bank, Franklin Templeton Investments, Goldman Sachs Asset Management, INVESCO, Janus International, JP MorganFleming, M&G Investments, MFS Investment Management, Morgan Stanley, Putnam Investments, Schroders and State Street Global Advisors.
Euroclear says that FundSettle users have been able to reduce their costs by up to 65 per cent by centralising and automating paper-based, manual processes.