Calastone, the global fund transaction network, has signed up PhillipCapital, the international financial services conglomerate, and Schroders, the UK-listed investment firm and private bank, to its automated funds order routing service.

Calastone’s electronic network enables clients to send and receive fund order messages, irrespective of their size, geographic location, preferred messaging protocol or technology, in various formats.

Also going live with its Singapore domestic funds on the network is Schroders.

“Schroders has been promoting fund automation in the region for many years as we strongly believe that electronic fund order routing is the future for the fund industry,” Esther Ki, head of fund services for Asia at Schroders.

“Since making our Singapore funds available on Calastone in September, we have been able to improve our automation rate in Singapore,” Ki said.

Sebastien Chaker, Managing Director, Head of Asia at Calastone said: " addition of PhillipCapital and Schroders to our fast growing network is a significant step forward in our objective to bring automation to the Singapore fund market, which is renowned to be highly reliant on manual processing.”