A new automated messaging system has been introduced which should benefit the alternative investment fund industry.
It was developed by the Global Alternative Investment Automation Group (GAIA) and has been built with a business-focused approach to be carried across a variety of messaging infrastructures.
It will allow firms to use the same messaging formats that are used for mutual fund messaging. GAIA is finalising the testing and promoting its use throughout the industry as well as looking into additional flows that would benefit from automation.
Until now, these processes relied on faxes or other manual methods, which are inefficient and do not take advantage of modern technology.
GAIA consists of numerous firms within the funds industry. One member, Bil Gourley, chief executive officer of Idea Group, says one success is bringing together traditional and alternative funds into the same messaging structure.
Another member, Bernard Tancré, executive director investment fund services at Clearstream, says: “The GAIA initiative provides market participants with a single set of message usage definitions for all types of fund transactions and will boost the industry-wide shift from fax to SWIFT messaging.”
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