Clearstream has been appointed as primary custodian for fund processing activities by AJ Bell, an investment platform in the UK.
As part of this partnership, Clearstream will be AJ Bell’s primary custodian for funds custody, settlement and order routing for its Youinvest, Investcentre and Custody Solutions products.
This in respect of open-ended investment companies (OEICs), unit trusts and hedge funds via its fully automated global fund processing platform Vestima.
AJ Bell is set to benefit from the ability to process its post-trading activities for funds alongside existing, more traditional products, such as equities, corporate and government bonds, with both a domestic and global reach.
Michael Summersgill, CFO at AJ Bell, said: “After thorough consideration, we have selected Clearstream as our primary custodian to manage our funds custody and dealing. This builds on our existing relationship in respect of equity and debt products that has developed over the last couple of years. This step will simplify our operation, helping us to better serve the advisers and customers that use our platform propositions.”
Philippe Seyll, head of investment fund services at Clearstream, added: “We are thrilled that AJ Bell has put their trust in our services. With our DvP settlement with a best-in-class straight-through processing rate of 98 per cent, we look forward to supporting stability and efficiency for our customers and the UK funds industry in general. We are extremely proud to be working with AJ Bell and look forward to doing so for many years to come.”
