UK wealth management platform Novia picks Calastone for transaction network
Novia, a UK wealth management platform, has selected Calastone to provide it with a transaction network for handling order routing and net settlements.
Calastone’s system can handle trade order messages in different formats, as well as offer net calculations of trades for mutual funds – including a net settlement service provided together with Barclays Corporate.
Richard Denning, Novia chief operating officer said: “We have been impressed how quickly Calastone has built market wide connectivity to the global funds market and joining the network gives our clients access to an ever growing range of fund managers both domestically and cross border.”
“In addition, the mutual fund market has been searching for an efficient way to standardise settlement whilst reducing risk. We therefore welcome the Calastone and Barclays net settlement service and are adopting this solution in order to increase our settlement efficiency whilst at the same time reducing our intraday liquidity exposure.”