Funds transaction network provider Calastone is set to push its recently launched stock transfer service to the Continental European wealth management market, having announced the adoption of Transfer Service by Investec Wealth & Investment for the UK market.
Rathbone Investment Management is another predominantly UK client that has already adopted the service, which comes in the wake of the UK’s Retail Distribution Review mandated changes to speed up transfer processes.
Jon Willis, chief commercial officer at Calastone said: “We are delighted to see large UK wealth management firms such as Investec Wealth & Investment and Rathbone Investment Management use our Transfer Service. As a global transaction network we look forward to extending the use of this service into Europe so that our European clients can also benefit from automated and more efficient stock transfers.”
Calastone’s Transfer Service is intended to provide users with the ability to process stock transfers within days. Ann Mosey, head of Settlements, Investec Wealth & Investment said the user of Transfer Service was driven by the objective of completing the majority of transfers within a day.