The transaction network, which enables messaging across the global funds industry, said the UK's four leading TPAs were now using its service, with The TA Forum – the organisation set up to represent and support the major players in the UK transfer agency space – commending the network’s “breadth of connectivity”.
Bank of New York Mellon and Northern Trust are now live with the service, IFDS will go live with its fully automated re-registration service this month and Capita's live date is slated for December.
Legal & General Investments has been operating this service since the summer, as a provider which administers its own funds.
The service, which will complement the TeX initiative brought to the industry by the Tax Incentivised Savings Association, is now fully interoperable with 82% of the fund manager market and 91% of platforms covered.
Calastone’s re-registration service first launched in 2011, designed to drive forward the industry’s requirement for automated re-registration between platforms. The system has since been updated to enable re-registration regardless of the message system of either the ceding or acquiring party.
Calastone said this negated the argument over re-registration being held up by either platform or fund manager delays, with L&G Investments adding it could now complete a transfer within 48 hours.
Legal & General Investments' head of investor dealing Paul Wilkinson said: “Since we agreed to use the Calastone service for automated re-registration it has allowed us to facilitate asset transfers instantly rather than our clients suffering time out of the market. In administering our own fund traffic, it is vital that we have tighter control and are using the most efficient, cost-effective system possible.”
Dan Llewellyn, managing director, UK sales at Calastone, said: “We are confident that as more platforms and fund providers recognise there are several solutions available in the market, widespread STP automated re-registration will continue to accelerate its rate of uptake. We are satisfied that as the four leading TAs come on board with Calastone, we can now connect the overwhelming majority of the funds market for automated asset transfer.”
