Australian fund manager Platinum Asset Management has installed Financial Models Company's FMCNet trade communications network for custodian messaging.
Philip Howard, chief operating officer at Platinum Asset Management, says the increase in transaction volumes over the past 18 months had rendered the firm's manual method of communicating with custodians impractical.
"We chose FMCNet because of its multiple messaging capabilities - not only to custodians but to other third parties performing functions such as fund accounting and support for all security types. FMC helped us fully automate the process of instructing our custodians, to the extent that now FX and equity trades flow straight through from our current back office system, to our custodian's custody system," he says.
FMCNet is an open network that supports industry standards for message formats and is linked with other international networks, including Swift, DTCC and GSTPA.