IOOF signs on to Calastone network
Global transaction network specialist company, Calastone, has announced that IOOF has joined its Global Funds Transaction Network.
The company announced the arrangement today, stating that it now had seven of Australia's top 10 platform administrators using its network, representing around 60 per cent of the Australian market.
Commenting on the move, Calastone Australia managing director, Shannon Sweeney said the signing of IOOF represented an important milestone in the automation of the Australian fund industry.
"IOOF represents another important plank of the automation process in Australia," she said. "In other markets Calastone is the key utility for the industry, connecting funds and platforms so they can communicate efficiently without the need for paper-based processes.
"In Australia we've now passed the tipping point and we see the industry accelerating towards full automation."
The company will celebrate its two year anniversary in Australia next month.
Recommended for you
ASIC’s court case with Interprac is causing advisers to explore the possibility of self-licensing, according to My Dealer Services, as they observe the reputational damage it can bring to a practice.
AZ NGA has entered a strategic partnership with a Sydney advice firm with $600 million in assets under advice to support its succession plans and future growth.
With complaints on the rise and an expanded jurisdiction, the Australian Financial Complaints Authority is on the hunt for four C-suite roles, three of which are newly-created positions.
Ahead of the 1 January 2026 education deadline for advisers, ASIC has issued its ‘final warning’ to the industry, reporting that more than 2,300 relevant providers could be on their way out.
