GLG adopts Calastone settlement service
GLG Partners has signed up to use Calastone’s automated settlement services for its UK range of funds, resulting in improved straight through processing for investment clients.
Calastone supplies technology that enables fund buyers and fund managers to exchange orders regardless of format, and provides automated net settlement through trade order matching. The automation reduces the risk of error introduced through manual processing, as well as speeding up the process.
Ian Taylor, chief executive of Calastone, said that GLG was the latest in a number of big UK asset management houses to sign up for the service. He said demand was strong because companies believed it helped improve transparency while also reducing liquidity requirements.
Andrew Malkin, head of Mutual Fund Services at GLG, said that the automated order messaging through Calaston’e solution would increase efficiencies.