Posted: 11/09/2024 | Read time: 2 minutes
AutoRek, a leading automated financial controls platform, has partnered with Calastone, the largest global funds network, to improve and simplify the consolidation and reconciliation of fund manager data, through the use of Calastone Reporting, helping investment firms to save time and costs.
The partnership aims to help firms reduce risk and operational inefficiency in their business by providing a seamless, end-to-end reporting and reconciliation solution. Monthly reconciliation processes can instead be completed on a daily basis due to the removal of resource-heavy data preparation steps, allowing for exception items to be identified and resolved much faster.
As a result, firm assets will no longer be tied up for a month, pending completion of the next reconciliation cycle, thus improving balance sheet liquidity.
The partnership will see the Calastone Reporting solution consume statements of holdings and transactions directly from fund managers and transfer agents. The multiple and varied sources are then consolidated by Calastone into a single structure which is provided as the reporting output.
The AutoRek platform has created a pre-configured data ingestion solution to automatically load the Calatsone Reporting output and pass records into corresponding reconciliations. Reconciliation data sources and formats are reduced from multiple disparate fund managers and transfer agents, into a single standardised source from Calastone’s Reporting solution. The ongoing maintenance and management of automated reconciliations is greatly simplified as a result.
Both Calastone and AutoRek have mutual clients already benefiting from this partnership.
AutoRek Head of Strategic Partnerships, Alastair MacKenzie, commented: “With a long track record as specialists in reconciliation automation, and having extensive experience of automating fund manager reconciliations for clients in the investment industry, we are excited about this partnership as a massive time and cost saving for our clients.”
Calastone’s Head of UK & Europe, Ross Fox, commented: “Digitalisation and automation are crucial tools that enable the asset management industry to reduce costs, innovate and operate more efficiently. By consolidating data from multiple sources into a single, standardised structure, Calastone’s technology streamlines the reporting process, enhances operational efficiency, and reduces risk. We are thrilled to partner with AutoRek to deliver these benefits to our clients.”