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Euroclear’s EMX gains significant new business

Euroclear UK & Ireland’s EMX Message System has attracted over 25 new clients from both the fund product provider and fund distributor communities in the first quarter of 2012. Leading fund management companies, including the likes of AXA Funds Management (Luxembourg), Deutsche Bank, GLG Partners, Hermes Investment Management and Janus Capital have all signed up to route orders involving their suite of investment funds through the automated EMX Message System.

Euroclear remains committed to streamlining fund transaction processing and is being rewarded with a rapidly expanding client base. Investment fund practitioners signing up to the EMX Message System and complementary fund services at Euroclear are making better use of proven technology that automates processes, reduces operational risks and costs benefits through greater economies of scale.

Andrew Malkin, Head of Fund Operations at GLG, stated: "It is imperative for us to further automate our distribution channels to reach the widest possible investor base. By offering automation through Euroclear, we are increasing the attractiveness of our products while further supporting the industry drive towards joined up order routing and unit settlement."

Jeff Plowman, Chairman at Hubwise, commented: "As a relatively new investment fund platform, service scalability is extremely important to us. By selecting the EMX Message System, we are sure that we have the best possible infrastructure in place to connect to the investment fund markets. We fully expect this relationship to give us the operational efficiencies that will enable us to grow into a high-volume business."

Tony Wood, Head of Fund Product Sales at Euroclear, stated: "These new significant business wins come on the back of reaching a record day for orders routed in April 2012. By welcoming new product providers as clients, we have extended our overall fund coverage by 5% in just three months, swelling the number of funds available in which clients may route orders to over 21,000."

A growing number of intermediaries, transfer agents and distributors complement the picture; that of an industry understanding and wanting to benefit from automation. In fact, EMX Message System growth is in line with the results of a recent survey by SWIFT and EFAMA showing a growing trend towards automated order processing. Almost 20 million of the 25 million orders routed in 2011 were done without human intervention.

Euroclear offers a comprehensive range of fund-related services through the EMX Message System and its FundSettle platform, including order routing, asset servicing and settlement for transfer agents, fund promoters and distributors in the UK and abroad. Domestic fund transaction services are also available through various Euroclear central securities depositories.