Private bank and wealth manager Arbuthnot Latham & Co has contracted Euroclear UK & Ireland (EUI) to automate fund settlement processes.
The bank has migrated the settlement of its UK investment funds to EUI’s Crest Investment Fund Service to gain automation for the settlement of fund units and related cash movements.
Arbuthnot Latham, which has in excess of £1 billion of assets under management and provides services to wealthy individuals and UK small and medium sized businesses, said the move would reduce risks.
Martin Williams, head of investment management operations at Arbuthnot Latham, said: “The move to Euroclear UK & Ireland’s investment fund service is another milestone in our drive to reduce operational risk, increase controls and move to automate processes…”
The Crest system applies to the fund processing chain, from the placing of fund orders, to settlement, transfer, reconciliation and corporate action processing. EUI said the service makes a fund held in the UK as easy to administer as any other EUI-eligible instrument.
Stephan Pouyat, global head of capital markets and funds at Euroclear, said having “full line of sight” of settlement obligations would also improve liquidity.
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