JP Morgan Asset Management and Henderson Global Investors have added their funds to the international Calastone fund distribution network.

Calastone, the independent cross-border transaction network for mutual funds, is building a fully scaleable transaction platform.

Whatever their preferred messaging protocol, participants send transactions and orders - messages - electronically via Calastone’s universal format translation service. In August the network transacted its one millionth revenue generating message.

The transaction lifecycle is fully automated including settlement and business flow processes. There are no membership fees and with access to the management system, users can manage their own risk and control order flow.

“Calastone normalises all transaction instructions to become ISO 2022 compliant and delivers them to the recipient in the way they want to receive them. This enables firms to transact not only domestically but also to take advantage of the global investment opportunities on offer through our growing list of sizeable distributors,” said Kevin Lee, managing director of Calastone.

The network launched May 2008 and was approved by the UK regulator in August 2009. It distributes for organisations such as Invesco, Old Mutual Asset Management, M&G and Sarasin & Partners. It also provides electronic straight through processing to wrap platforms, including Transact and Nucleus.

With the addition of Henderson, funds from New Star Asset Management will also transact via the service.

“If the pace of sign-up is any indicator, we are witnessing an industry on the cusp of change. The days of excessive transaction charges and unnecessary membership fees are numbered,” added Mr Lee.