With Aviva and Navigator joining the automated service, financial institutions signed up on Calastone’s electronic order routing service account for over 50% of all fund orders originating from Singapore fund distributors, the statement said.
Calastone, which boasts of more than 500 clients on its fund transaction network, now has 25 fund distributors and more than 70 domestic and cross-border fund managers signed up to its transaction network in the Asia-Pacific region.
Navigator Investment Services is an Aviva-owned integrated investment portfolio administration service and second largest fund distribution platform in Singapore.
Peter Gibson, chief operating officer, Navigator said: "Moving from manual fund dealing and reconciliation processing to a fully automated environment will benefit all parties in the fund distribution chain. For end-investors, our ability to automate the process means we'll have the capacity to bring on board more funds, which ultimately means that investors get more choice."
Sebastien Chaker, head of Asia at Calastone said: "In less than eighteen months, we have automated fund orders in Singapore from bank distributors, insurance companies, specialised fund platforms and securities houses through to the largest Singapore domestic and cross-border fund managers and their respective transfer agents. This creates a unique opportunity for all fund managers distributing funds in Singapore to leverage our existing live automated messaging network to automate the bulk of their fund orders and thereby significantly reduce costs and risks associated with this process."
