The Cofunds Institutional Service will provide specialist fund dealing, settlement and sub-custodian services to Charles Stanley in a move the firm hopes will cut down on costs and increase administrative efficiency.
All day-to-day administration and corporate announcements will now go out to unit trust clients from Cofunds on behalf of Charles Stanley.
The firm said it has had a deal with Cofunds on a smaller scale for the past four years and this larger scale agreement covering all its clients’ unit trust assets represents a huge vote of confidence in the way Cofunds is run.
Mac Anderson, head of operations at Charles Stanley, said: "Cofunds is the biggest player in this space. With size comes strength and experience, as is evidenced by its AAF accreditation. The fact that the Cofunds service offers guaranteed net settlement and complete daily holdings files for reconciliation across our client base was a key factor in making our decision."
Christopher James, director of institutional services at Cofunds, added: "We’ve long recognised the importance of the institutional market and have for many years been servicing client of the calibre of Charles Stanley. Our institutional offering provides and all-encompassing service meaning that we are able to reduce risk for Charles Stanley as well as increase processing efficiencies through our fully automated system."
