One of the Netherlands’ largest fund distribution platforms, Fundix, has joined the Calastone electronic transaction network to automate flows into cross-border funds.
Fundix distributes both Dutch domestic and cross-border funds from major global investment management companies.
The firm is the first Dutch client for Calastone, which is based in London and Luxembourg.
Calastone says that belonging to its network can save fund managers an average of 36% on fund processing costs. These savings are harnessed through automation of orders, straight-through processing (STP) and the reduced need to invest in technology.
Evert Oosterhuis, managing director at Fundix, said: “Such advancement in operational efficiency is important to Fundix, because it means that we can bolster the level of service we are able to offer to our private and institutional clients.”
Sebastien Chaker, managing director of Calastone’s Luxembourg office, said: “With our continued expansion, Fundix will also benefit from the ability to send orders electronically to its growing number of fund partners, and can take advantage of end-to-end STP.”
He said Calastone’s ultimate aim is to offer clients access to all cross-border fund companies. The firm has over 200 clients around the world including Schroders, Fidelity and State Street.
©2011 funds europe
