JP Morgan Asset Management automates money market funds in partnership with Calastone

JP Morgan Asset Management has partnered with Calastone, a global funds network, to introduce new levels of automation to money market funds via its Morgan Money trading platform.

The investment management firm, which has assets under management of USD1.9 trillion, will initially use Calastone to enhance its entire settlements process, bringing automated settlements to their platform. Morgan Money will be the first in the market to offer automated settlements to its users via Calastone’s innovative technology.

Calastone digitalises the investment and reporting process for money market portals, fund providers and investors. The service enables the highest levels of automation, comprising of trade placement, settlement, reporting and cash balance sweeps. 

The partnership strengthens the relationship between the two the firms. While Calastone currently enables trade automation for JP Morgan funds globally, this new partnership enables Morgan Money to leverage new features, including automated settlements, which enhance the service available to its users.

The current pandemic has heightened the need to adopt greater levels of automation amongst fund providers and their investors. Calastone’s solution provides a fully digitalised market ecosystem offering firms greater immediacy, accuracy and certainty of execution through automated workflows. Through this partnership, Morgan Money is able to provide customers with industry leading experience, optimised for current and future market needs.

Dan Kramer, Calastone’s vice chair, Americas, says: “We are delighted to welcome JP Morgan onto our new suite of Money Markets Services – and as the first to make automated settlements available to their users. Now more than ever, it is essential for fund providers to stay competitive, attractive and meet the future needs of investors. We are thrilled that, through our technology, we can help JP Morgan provide its users with a market-leading customer experience across Europe, USA, Asia and other global markets.”

Ed Lopez, Calastone’s chief revenue officer, comments: “Traditional models remain under immense pressure and have very quickly been seen to come up short. The key to managing this new post-Covid world, and to staying attractive in it, sits in embracing new, smart technologies – and making the switch from manual to automated. To see JP Morgan share in our vision and champion innovation is fantastic – and it gives us even greater confidence of the real potential for how far our Money Markets Services can go long term.”

Paul Przybylski, head of Product Strategy and Development at JP Morgan Asset Management, adds: “Morgan Money has been designed to deliver a best in class customer experience, centred on seamless integration and operational efficiency.

“With that in mind, we are excited to partner with Calastone to bring automated settlements to the platform, allowing our users to settle trades in real time, with automated trade workflow, initiated from one Morgan Money platform.”