UCITS to use connectivity route for mutual funds.
Cullen Funds has joined Calastone's order routing network for its range of mutual funds.
The Irish UCITS firm joined, reportedly, at the request of its clients. Calastone's network automatically translates transaction messages to the ISO 20022 format, allowing for standardization and automation between funds.
"We are delighted to welcome Cullen to our electronic order routing service," says Peter Germans, director of European sales and business development at Calastone. "Cullen will now be able to offer their client base an easy and flexible solution, to automate their transactions into their Irish fund range, at zero cost. Not only does straight-through processing reduce the cost of processing orders, but greatly reduces any risks to both the distributors and the fund provider and provides much greater transparency of trading to all parties connected to the network."
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