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Rathbones partners Euroclear for automated fund settlement
by Robert St George on Jul 14, 2014 at 14:08
Rathbone Brothers has automated its fund settlement process in conjunction with Euroclear UK & Ireland.
Euroclear is now the sole processing provider for the settlement of fund units and related cash movements within the entire Rathbones group.
Andrew Butcher, chief operating officer at Rathbones, said that Euroclear’s system ‘makes perfect sense’ for the firm.
‘It is fully scalable as we can integrate the processes with our UK equity settlements,’ Butcher (pictured) explained.
‘We are custodian for £22 billion of client assets, so having the benefit of full registry reconciliation transparency which automated settlement affords, plus easier cash management through the Crest cash memorandum account, will prove highly beneficial to our operations teams.’
John Trundle, chief executive officer of Euroclear UK & Ireland, added that Rathbones ‘is smart to move to automated transactions settlement’ with his company.
‘Rathbones avoids the risks, costs and reconciliation complications of manual cash processing when payments are decoupled from the unit movements,’ Trundle said.
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