International Financial Data Services (IFDS) and Euroclear announced today that IFDS is the first UK-based, third-party transfer agency to go live with the Euroclear FundSettle platform, doing so as a service for Gartmore Fund Managers.
IFDS provide Gartmore with a full range of transfer agency services for the Gartmore UK-domiciled funds; both Gartmore and IFDS have been working closely with Euroclear to establish the Gartmore funds on the FundSettle platform.
FundSettle is an internet-based platform that automates straight-through fund order processing and custody operations, with standardised order-input formats. FundSettle now covers UK and German domestic funds, following its successful penetration of the offshore fund market.
IFDS’s Managing Director, Paul O’Neil, commented:
“As the leading provider of systems and services to the UK market place, we are pleased to be associated with Euroclear and their FundSettle platform. We recognise the importance of working with our clients such as Gartmore to offer streamlined solutions in fund settlement.”
Euroclear Director and Head of FundSettle Product Management, Barbara Vuylsteke, commented:
“We are delighted with the eager commitment of IFDS and Gartmore to take immediate advantage of the benefits that FundSettle brings to the trading and processing of UK funds.
As FundSettle grows to become the new, automated standard in UK fund processing, we look forward to serving as the single entry point linking transfer agents, fund distributors and fund management companies in both domestic and offshore fund markets.”
IFDS will access FundSettle via SWIFT, using the new ISO 15022 compliant messages.
This is one of three means of communication that ensures FundSettle’s interoperability between transfer agents, fund distributors and fund managers.