Advent Software has teamed with global cross-border transaction network provider Calastone to offer additional global connectivity for its trading products.

Calastone operates an independent cross-border transaction network which provides connectivity for Advent’s international client base. Clients will be able to benefit from mutual and hedge fund transaction automation.

Calastone allows the global hedge and mutual fund industry to meet to transact orders, irrespective of their size, geographic location, preferred messaging protocol, standard or technology. The technology acts as an interpreter between systems and software without either side having to install costly upgrades or add to existing hardware.

Advent’s Moxy, a trade order management system, and Tradex, a fund order management platform, will benefit from the collaboration.

“The investment management community is constantly looking for ways to process collective investments more efficiently,” said Kevin Lee, chief executive of Calastone.

“Where great headway has been made in the equities transaction space, firms are now realising the benefits that automation and full straight-through processing of mutual fund transaction flow can bring on a global scale.”

Lee said by working with Advent, hedge and mutual funds will benefit from improved efficiency and automation of manual processes. This is important in a climate where minimising operational risk is a priority for fund managers and their investors.

Until now it has been difficult and expensive to automate processes and integrate varying systems. The Calastone technology acts as a translator so systems and processes can communicate quickly and efficiently. According to Lee anything that is electronically captured can be sent through the Calastone system.

Some major hedge funds and fund administrators are already using the Calastone system to automate processes that previously were manual, labour-intensive and prone to error.

“Our clients need to be able to communicate and manage their order flow across many asset classes and jurisdictions as efficiently as possible,” noted Jan Dinger, EMEA regional sales manager at Advent Software.

“Using Calastone’s connectivity provides global reach for our customers without requiring additional technology or significant changes to their business processes,” he concluded.