Aegon to benefit from switching from manual to automated cross-border transactions
Aegon Poland, part of the multinational life insurance, pensions and asset management Aegon financial group, has selected Calastone, the global funds transaction network, for the electronic automation of their order routing Polish fund transactions. Now on the Calastone transaction network, all previously manual orders will be transacted on a fully automated basis, creating greater operational efficiencies and reducing costs for their business.
Calastone has been working with European fund providers, transfer agents and distributors for more than three years, and this expansion into the Polish market is another signpost for the increasing demand for electronic automation STP across Eastern Europe.
Aegon Poland is the fifth largest insurance company in Poland, with approximately EUR 1.2 billion of Assets Under Management (AUM). By joining Calastone’s network, Aegon will enable asset managers in Luxembourg, Dublin and the UK to gain access to Aegon’s Polish distribution on a fully-automated STP basis across Calastone’s transaction network.
Yvonne Hurst, Managing Director of Europe at Calastone said, “Calastone’s primary objective is to work with our clients globally, expand our network and deliver exceptional service to lower risk, increase efficiency and ensure that the fax as a medium for transactions becomes extinct in the not too distant future. We believe that working with Aegon in Poland, as we do with other customers, will only help promote business transactions in the funds industry and this can only be good for business growth in the region. We’re delighted to work with Aegon to open up transaction STP in Poland on our network. Calastone will continue to keep investing in new countries to aid transparent distribution for all our clients.”
Isabell de Wit, Manager of European Sales at Calastone said, “We are pleased Aegon Poland have decided to choose Calastone as their transaction network. Poland and Eastern Europe as a whole is an important market for us. We are witnessing an increasing demand for access into these markets. Today, only approximately 14 per cent of all cross-border flow is automated. We believe there is considerable opportunity to help the industry reap the benefits that automation can offer in terms of both cost and risk reduction, and also to widen the opportunities for international distribution for Polish firms.”