Parmenion has become the first direct fund management platform to offer Altus’ electronic transfer facility for client investments, after going live with the ‘transfer gateway’ service today (12 November).
The service will speed up and simplify the process of clients moving investments across to the platform, the firm said, supporting electronic transfers to any of Parmenion’s DFMs within 5-6 working days.
Electronic cash transfers are now live and development work to enable electronic in specie transfers is currently in progress.
Ben Cocks, head of Altus Business Systems, stated that the speed and efficiency of the electronic transfer process will not only minimise the out of market risks to clients, but will also save costs.
David Tanner, head of operations at Parmenion, called the move an important development with significant benefits to clients, adding that the industry can become far more efficient than it is.
“We have already signed service level agreements for re-registration with a number of platforms and look forward to adoption throughout the industry,” he noted.
ruth.gillbe@ft.com
