Neptune, a UK-based boutique fund management group, 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 its 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.
Dawn Kenna, investor services manager at Neptune, said: “We are delighted to benefit from Calastone’s unique settlement service which allows distributors and fund providers to automate their settlement processes more efficiently.”
Alexander Hofmann, sales director of Calastone, said: “We are delighted to see yet another fund manager sign up to Calastone’s settlement service. Our settlement service allows participants to automate their settlement processes without the need for a change in market infrastructure. Our aim is to help participants achieve genuine STP regardless of their size, location or their current payment mechanisms.”