Using the system, OneVue will now send monthly reports of holdings and transactions to enable platforms on the Calastone network.

As a result, Calastone now automates more than 60 percent of the monthly reports issued by the fund managers in its network.

Ross Fox, managing director, head of Australia and New Zealand at Calastone, commented that the majority of connected fund managers are using the network’s reporting capabilities, which shows that industry players are embracing and taking advantage of new ways of managing of their fiduciary responsibilities.

“Calastone’s interoperable reporting solution converts reporting information into a single file that allows fund managers and platforms to send and receive monthly unit information respectively, eliminating the need for the plethora of emails, PDFs, faxes and manual portals that reduce efficiency,” Mr Fox said.

“With OneVue joining other leading registries in protecting electronic reporting, the question of why manual practices continue to grow stronger in the industry.”

Richard Harris-Smith, Group Deputy Head at OneVue, commented that manual reporting is a major source of risk and delay in the managed funds value chain and can only be eliminated once everyone involved embraces automation.

“Until this happens, there will be unwarranted errors, data security risks, delays and costs that unduly hinder innovation and best practice,” Mr Harris-Smith said.

“Platforms can now instantly digest and identify discrepancies in unit holdings with us, closing the time gap for transaction requests that would otherwise take months to resolve.”

Calastone also offers automation with its order routing solution, automating the majority of wholesale managed fund transactions between platforms and fund managers.

“The manual processing that continues to exist today needs to be re-examined against the increasing demands for accuracy, speed, security and transparency around processes and outcomes,” Mr Fox said.

“The faster and more accurately we can report within the system, the more time and focus we can put into delivering a better customer experience and results.”

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].