Cross-border mutual funds network Calastone is to provide the funds of UK-based Sarasin & Partners, the firms said in a joint statement.

By connecting to Calastone’s transaction network, the Sarasin team will have electronic STP throughout the transaction lifecycle, and will have electronic connectivity to fund distributors and aggregators through a single connection. Orders will be sent electronically via Calastone, which provides a universal message communication and ‘translation’ service.

“Our offering is proving increasingly attractive to the industry in these harsher economic times.  As Calastone continues to expand, Sarasin will benefit by receiving orders electronically from a growing number of distributors and aggregators globally, many of whom are using SWIFT messaging via Calastone. It is our ultimate aim to offer the mutual funds industry complete front to back STP regardless of the incumbent technology or connectivity chosen by each participant,”said Kevin Lee, managing director of Calastone. 

“We expect Calastone’s network to continue to attract an increasing number of fund distributors and transfer agent,”said Guy Matthews, chief finance officer at Sarasin.

Calastone was established in March 2007 and offers the Calastone Transaction Network, which allows mutual fund participants to send/receive instructions in any way they prefer and to track their trades and manage exceptions on a real-time electronic basis throughout the transaction lifecycle.

Sarasin Investment Management was established in London in 1983. From 1 January 2008, Sarasin converted to limited liability partnership and under the new structure Sarasin & Partners is 60 per cent owned by Bank Sarasin and 40 per cent owned by its local management in London.

The company manages just under £7 billion for private clients, charities, pension funds and institutions both in the UK and internationally which include a range of offshore and onshore unit trusts and investment funds.

The company invests on a global basis and its London-based services are complemented by a range of offshore services, provided in conjunction with other parts of the Sarasin Group. Sarasin & Partners employs over 120 staff.