Hargreaves Lansdown joins forces with Calastone

Bristol-based financial services provider Hargreaves Lansdown has announced that it is now outsourcing its fund settlement process to funds transaction network Calastone Settlements.

Calastone Settlements is a settlement system specifically designed for the funds industry, it aims to automate the reconciliation and settlement process of investment funds.

Danny Cox, head of Communications at Hargreaves Lansdown said, “Automatic matching of trades and the netting of settlement positions early in the day will improve the efficiency of our operational and treasury teams. Given the number of transactions that Hargreaves Lansdown processes this is of huge benefit.”

Analysing 2015 Calastone Investment Management Trading data between fund managers and distributors, Calastone claims that benefits from an automated settlement process could result in an up to 52% reduction of settlement payments. The group also estimates that in 2015, £158bn of settlement payments took place needlessly.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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