Gartmore Investment Management, a UK-based alternative asset management firm, has signed an agreement to use Calastone’s settlement and matching service.
Calastone offers electronic order routing between fund buyers and fund managers in their preferred format and provides automated net settlement services through trade order matching.
Calastone said that its settlement service will enable Gartmore’s clients to benefit from Calastone’s straight-through-processing approach. This approach removes any need for manual processing and reduces risk by automating business flow processing, from orders through to settlement.
James Thompson, head of transfer agency operations at Gartmore, said: “In February 2009, we made our funds available via Calastone’s order routing and transaction network. Calastone’s straightforward settlement solution has enabled us to take immediate advantage of the efficiencies on offer.”
Alexander Hofmann, sales director at Calastone, said: “Calastone enables distributors and fund providers to automate their settlement processes without the need for a change in market infrastructure. Mutual fund trade matching and calculation of net settlement positions allows clients in the UK and in other domiciles to benefit from a more efficient, standardized settlement process.”