Investment firm, Rugger, has teamed up with its administrator on the financial markets, Capita Financial Group, to sign up to use the Calastone automated trade notification service. The launch clients for the new service expect the messaging platform to help efficiency and compliance with new post-crash rules that are demanding more transparency and client reporting.
Capita chaired a working group that oversaw the design of the Calastone solution, which enables automatic trade notifications to be generated from each executed trade and routed to the relevant global custodian. Ruffer is now live with the service and automatically sending settlement instructions over to their first target custodian.
Aimed at improving the post-trade transaction lifecycle reporting functions of the funds management industry, the new trade notification service is based around an automated service notification capability that Calastone has written using its logical messaging technology, which is controlled by a set of business rules. The automated workflow is intended to improve processes for fund managers and their custodians.
Ruffer, together with their administrator Capita and a global custodian, has been closely involved in the development and launch of the new Calastone service, which the firm adds should reduce the risks associated with notoriously manual methods of communication typically seen between fund managers and their custodians.
“We are delighted to be partnering with Calastone to introduce the new trade notification service to the funds industry and look forward to realising the savings we expect – through increased automation,” said Russell Vickers, operations processing manager at Ruffer.
According to Phil Goffin, executive director of UK sales at Calastone: “The addition of the trade notification service to the Calastone portfolio brings us closer to our goal of becoming a ‘whole of market solution’ for the funds industry and we are pleased to assist such valued partners as Ruffer and Capita in their goals of reducing risk, cost and increasing efficiencies.”