Aviva and Navigator choose Calastone for order routing
Aviva and Navigator Investment Services in Singapore have selected Calastone, the global fund transaction network for order routing services.
With Aviva and Navigator joining the service, financial institutions signed up on Calastone electronic order routing service account for over 50 per cent of all fund orders originating from Singapore fund distributors.
Calastone has experienced considerable growth in the Asia-Pacific region in terms of new clients and transaction volume. Twenty five fund distributors and over 70 domestic and cross-border fund managers are now signed up to the Calastone transaction network in this region alone. This makes the region a high priority for Calastone, which at present globally has in excess of 500 clients on its funds transaction network.
Peter Gibson, chief operating officer, Navigator, says: “We have been analysing all the available options for fund processing automation in Singapore and we selected Calastone because they were able to meet our selection criteria. 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 says: “In less than 18 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.”
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