Deutsche Bank Private Wealth Management UK has connected to Calastone, the cross-border transaction network for the mutual funds industry, in a move to improve the efficiency and risk management of its mutual funds transaction.

Deutsche Bank PWM is the latest in a long line of firms to sign up to Calastone’s network to enable them to send transactions and orders electronically. Other recent sign-ups include Aviva, JO Hambro Capital Management and F&C Asset Management.

Users of Calastone are able to employ straight-through-processing rather than manual order entry, and so benefit from increased efficiency and a reduction of risk through automated business flow processing, the firm said in a statement. The system also provides real time visibility of order acceptances and/or rejections and provides real time pricing information.  

Exponents of the network hold that one of the main benefits of using Calastone is that it translates messages into a standard format, Calastone ISO 20022, irrespective of firms' preferred messaging protocol.

“We strive to offer investment services that deliver proprietary and open architecture solutions of outstanding quality and believe our clients will benefit from improved service delivery by adopting initiatives such as the Calastone order transmission engine. By providing greater execution certainty, increasing automation and control we are able to reduce our risk throughout the mutual fund order management lifecycle,” said Martin Waters, head of product and transaction services at Deutsche Bank Private Wealth Management UK.