First State Investments selects Euroclear’s fund service

London, 30 October 2019 – First State Investments, a leading global asset management firm, has chosen Euroclear UK & Ireland’s CREST Investment Fund Service to automate settlement for its UK investment funds.

First State Investments will now benefit from full automation of settlement for its UK investment funds. The CREST Investment Fund Service delivers end-to-end automation from order placement to settlement and asset servicing. Clients benefit from clear visibility of their settlement obligations and are able to manage cash flows effectively and efficiently.

The funds industry has seen increased inflows into mutual, alternative and money market funds, resulting in a need to remove operational burden from the settlement process. The CREST Investment Fund Service offers efficiencies, resiliance, asset protection, stability and true automation to the UK funds market.

First State Investments focuses on providing high quality, long-term investment capabilities to its clients. The firm is responsible for approximately $151.2 billion assets under management on behalf of clients that include institutional investors, pension funds, wholesale distributors and platforms, financial advisers and their clients.

Terry Yodaiken, Head of Distribution Business Support and Governance, First State Investments said: “As well as improving operational efficiencies, Euroclear’s CREST automated settlement service will provide clients with an additional channel to access straight through processing. This system will not only ensure that clients enjoy a better customer experience through a fully, automated, end-to-end settlement service but also reduce settlement risk for both subscribing and redeeming investors and fund investors.”

Stephan Pouyat, Global Head of Capital Markets and Funds, Euroclear added: “We are extremely pleased to welcome First State Investments to our service. The CREST Investment Fund Service has experienced significant momentum due a market need for automation efficiencies. Our service offering reduces operational and counterparty risks, improves liquidity management and ensures certainty of settlement.”

Euroclear UK & Ireland is part of the Euroclear group which also includes Euroclear Bank - which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s - as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland and Euroclear Sweden. The Euroclear group settled the equivalent of EUR 791 trillion in securities transactions in 2018, representing 230 million domestic and cross-border transactions and held EUR 28.8 trillion in assets for clients.