Melania Trump Club

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Saturday, December 5, 2009

Pictet Luxembourg joins Calastone's network

Calastone, the independent cross-border transaction network for the mutual funds industry, said Pictet & Cie, the Luxembourg-domiciled fund provider, had signed an agreement to make its funds available via its network.

Through Calastone, providers are able to offer their open-architecture funds to a wide variety of investors irrespective of domicile or preferred messaging protocol.

Kevin Lee, managing director at Calastone, said: "Luxembourg is a key market for us. The mutual fund community has asked us to help them automate their trade, execution and settlement flow, and, by connecting to Calastone, remove the dependency on fax, now widely recognised as a legacy inefficiency."

Mr Lee said Calastone's full settlement service was "changing the mutual funds landscape", enabling all firms to benefit from straight-through processing (STP).

"It is our ultimate aim to offer the entire mutual funds industry complete front-to-back STP regardless of participants' incumbent technology or connectivity preference."

Laurent Moser, head of Pictet Funds transfer agent services at Pictet & Cie, added: "We have been impressed with Calastone’s progress in a relatively short period of time, and we are pleased to be connected."

Source: ftadviser.com/

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