AutoRek, an automated financial controls platform, has announced a partnership with Calastone, a global funds network, to streamline the consolidation and reconciliation of fund manager data.
The collaboration leverages Calastone Reporting to assist investment firms in saving both time and costs associated with their reporting processes.
The primary objective of this partnership is to mitigate risk and operational inefficiencies by offering a comprehensive reporting and reconciliation solution. Previously, firms had to complete monthly reconciliation processes, but with the new system, these tasks can be performed daily. This shift eliminates the need for resource-intensive data preparation steps, allowing exception items to be identified and addressed more rapidly.
The updated process means that assets will no longer be held up for an entire month waiting for the next reconciliation cycle, which will enhance balance sheet liquidity.
Under this partnership, Calastone Reporting will directly ingest statements of holdings and transactions from fund managers and transfer agents. These diverse data sources are then consolidated into a single structured format by Calastone, which is used for reporting purposes.
AutoRek has developed a pre-configured data ingestion solution that automatically integrates the Calastone Reporting output into its reconciliation processes. This approach standardises the reconciliation data sources and formats, reducing them from multiple fund managers and transfer agents to a single source. This standardisation simplifies the ongoing management of automated reconciliations.
Clients of both Calastone and AutoRek are already experiencing the benefits of this collaboration.
AutoRek strategic partnerships head Alastair MacKenzie said: “With a long track record as specialists in reconciliation automation and having extensive experience of automating fund manager reconciliations for clients in the investment industry, we are excited about this partnership as a massive time and cost saving for our clients.”
Calastone UK and Europe head Ross Fox said: “Digitalisation and automation are crucial tools that enable the asset management industry to reduce costs, innovate and operate more efficiently.
“By consolidating data from multiple sources into a single, standardised structure, Calastone’s technology streamlines the reporting process, enhances operational efficiency, and reduces risk. We are thrilled to partner with AutoRek to deliver these benefits to our clients.”
