The number of platforms and fund managers supporting live electronic transfers and fund re-registrations in the UK has reached a new high with over 50 per cent market coverage, according to new research from financial services consultancy Altus.

The study, carried out between April and June this year, found that seven platforms, representing 53 per cent of assets under administration, and 24 fund managers, representing 61 per cent of UK funds under management, were operating electronic transfers and fund re-registrations.

Altus claimed that by the end of summer over 80 per cent of platforms by assets under administration and 85 per cent of UK fund managers will be operating live electronic transfers.

The firm also said that automated electronic processing took an average of between two to six working days. 

“It is encouraging to see that the number of platforms and providers utilising electronic re-registration is increasing and the time it takes to process re-registrations is reducing. However, there is still room for improvement here and we would invite the remaining platforms and fund providers to become fully automated so that all parties can deliver re-registration in a timely manner,” said Pat Shea, head of FundsNetwork.