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Euroclear UK & Ireland slashes fund transaction reconciliation fees
Ever since the EMX Message System was linked to the transactionprocessing system of Euroclear UK & Ireland, greater efficiencies in fund unit balance reconciliation have been made available to fund distributors.
Yannic Weber, Chief Executive Officer of Euroclear UK & Ireland, commented: "The rationale for Euroclear UK & Ireland lowering its tariff is directly linked to the increasing critical mass of fund-related transactions we process. By electronically reconciling through the EMX Message System, fund distributors are actively reducing their processing costs and risks."
Weber continued: "Reinforcing our competitive edge at the forefront of investment fund processing in the UK, our fee cut means that all of our top-bracket fund managers will save at least 50% in reconciliation costs compared to previously."
Gary O'Brien, Head of Client Services at Old Mutual, said: "We are delighted that Euroclear UK & Ireland are able to return the benefits of higher volumes to fund managers by a reduction in tariff of this size."
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