SIX Securities Services and Euroclear join forces for global fund services
SIX Securities Services and Euroclear have joined forces to provide even more comprehensive, end-to-end fund services for their clients. Building on SIX’s strong Swiss market presence and client relations; and Euroclear’s powerful FundSettle processing capabilities, this approach is designed to provide enhanced mutual and hedge fund services.
Brussels and Zurich, 23 September 2014
SIX Securities Services – the Swiss international post-trade services provider– and Euroclear Bank – the Brussels-based international depository – today announced a cooperation initiative to provide more cost- and risk-efficient fund services to Swiss investors. Under the cooperation agreement, clients will benefit from enhanced service quality and processing efficiencies that SIX and Euroclear are delivering by bringing together order routing and unit settlement on a single platform for all types of fund transactions.
Furthermore, specialist hedge fund know-how and experience as well as integrated reporting for all asset classes are on offer in this one-stop-shop approach.
Mutual clients will benefit from market proximity, with SIX covering primarily Swiss market securities and clients, combined with Euroclear’s significant global network of over 500 Transfer Agents.
This partnership will also deliver significant cost savings through processing standardization and the reduction of risk through the straight-through processing of transactions. The option to open segregated accounts is also possible.
Tim Howell, Chief Executive Officer, Euroclear, stated: “We welcome this alliance with SIX Securities Services which integrates the expertise, scale and services of our two organizations for the benefit of Swiss wealth managers. This open-architecture cooperation between two infrastructure powerhouses comes at a time when regulatory changes like MiFID II, AIFMD and UCITS V, are pushing our industry towards greater processing certainty, asset protection and related portfolio transparency.“
According to Thomas Zeeb, CEO, SIX Securities Services, “This is a demonstration of our long-term commitment to this market and capitalizes on our deep understanding of client needs as well as our specialist hedge fund expertise. This is, effectively, two partners you can trust – delivering services out of one hand.”
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About SIX Securities Services
SIX Securities Services specialises in providing comprehensive post-trade services for the domestic Swiss market and for over 65 international markets. These services include CCP Clearing, Custody (domestic and international), Securities Finance, Collateral Management, Repo, Global Fund Services and domestic Share Registration services.
About Euroclear Bank
Euroclear Bank provides settlement and related securities services for cross-border transactions involving domestic and international bonds, equities, derivatives and investment funds. Serving major financial institutions located in more than 90 countries, Euroclear Bank, based in Brussels, is part of the Euroclear group.
Launched in 2000, Euroclear Bank-operated FundSettle automates and standardizes the straight-through processing of money market, mutual and hedge fund transactions. FundSettle provides a single access point for fund buyers to process subscriptions, redemptions, transfers and switches, covering more than 80,000 investment funds worldwide and over 500 transfer agents.