Hyperion Joins Calastone Funds Transaction Network

Hyperion Asset Management has joined Calastone’s global funds transaction network, making them Calastone’s 81st Australian client.

“Hyperion welcomes the automation of this manual process with the reduced risks and the increased levels of accuracy and timeliness it brings,” says Tim Samway, Hyperion Asset Management managing director.

Calastone launched in Australia in November 2011 with automation of fund application and redemption transactions. Since then, more than 40% of the superannuation and managed funds industry joined the independent global transaction network.

“The industry has long recognised the risks involved in manual processing,” says Shannon Sweeney, Calastone managing director, Australia. “These processes – which are still in use – can result in typing errors in the registry system of the fund or platform, and faxes do go missing or are incomplete or sent in duplicate. It’s also a timing issue – slow processing, lack of transparency and a delay in identifying an issue or error.”

Hyperion clients will have an immediate benefit in that the firm’s portfolio managers will now have intraday cash flow reporting, Samway says.

“The sooner we are apprised of large cash flows the sooner we can transact on behalf of our clients,” he says.