J.P. Morgan Asset Management has turned to funds network Calastone to automate settlement for its money market funds (MMF).
The asset manager’s Morgan Money trading platform will leverage Calastone’s technology to provide automated settlement, in what is being touted as an industry first.
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The partnership with Calastone will enable Morgan Money users to settle trades in real time.
The latest partnership builds on the existing relationship between the two parties, with Calastone already supporting trade automation for JP Morgan funds worldwide.
The need for higher levels of automation among fund providers and investors is said to have been exacerbated by the Covid-19 crisis.
Calastone’s technology is said to facilitate the “highest levels of automation” including trade placement, settlement, reporting as well as cash balance sweeps.
Calastone chief revenue officer Ed Lopez said: “Traditional models remain under immense pressure and have very quickly been seen to come up short. The key to managing this new post-COVID world, and to staying attractive in it, sits in embracing new, smart technologies – and making the switch from manual to automated.”
J.P. Morgan Asset Management provides global investment management in equities, fixed income, real estate, hedge funds, private equity as well as liquidity.
The business managed $1.9trn in assets at the end of March 2020.
