Investors Mutual Limited (IML) has commenced trading via Calastone, the independent transaction network.
Calastone launched in Australia in January, and IML joins other platform users including RBC Dexia, Aberdeen Asset Management and Schroder Investment Management. Calastone enables fund providers, distributors, platforms, administrators, custodians and hedge funds to connect electronically, replacing faxed orders and redemptions.
IML signed up to Calastone to offer a better service to its clients, says IML General Manager Graham Hook.
Calastones technology will allow IML funds to be traded much more efficiently, Hook says. Were enthusiastic about the benefits automation offers the funds industry.
The Australian managed fund industry had been receptive to Calastone and the benefits it offers fund participants, says Kevin Lee, joint founder of Calastone.
Calastone is about reducing cost and reducing risk, Lee says. The technology allows the funds industry to transact with one another quickly, easily and transparently and brings Australia in line with world standards.
Calastone offers full funds service from account opening through to settlement, paid via a fee-for-service model.
(RA)