UK-listed wealth manager Brewin Dolphin has agreed to join Calastone’s transaction network in a move intended to improve choice in mutual funds straight through processing and bring lower pricing to market place without the need to impose particular messaging standards.

By connecting to Calastone, distributors are able to remove manual order entry processing, a capability which leads to reduced risk, and increased visibility and control of their order flow, the firm said. Calastone’s network also provides a universal communication and message translation service.

Distributors can connect to Calastone directly from their existing order management systems or use Calastone’s Execution Management System, providing a consolidated view of all their order flow. This, the firm says, enables distributors to react to exceptions quickly and efficiently and so deliver improved client service.

“Calastone’s ability to process transactions regardless of the messaging system used (i.e. SWIFT or FIX) combined with their easy-to-connect-to model is likely to attract more fund providers and transfer agents, which in turn will bring further efficiencies to the industry,” said Lee Allen, head of electronic trading services at Brewin Dolphin.

As at 28 December 2008, the Brewin Dolphin Group managed £10.2 billion ($14.4 billion) in discretionary funds, and a further £8.5 billion in advisory funds. The firm has 39 offices and is the advisor of 120 corporate and 100 institutional clients.