Fund re-registration firm Calastone has launched what it claims is the first platform to platform re-registration mechanism in the UK.
Calastone completed its recent testing programme with the transfer between Nucleus and Transact, transferring ownership of a BNY Mellon fund.
The service allows same-day transfer of Isas and other portfolios.
The solution enables the transfer of wrapped and unwrapped unit holdings via the ISO20022 standard.
Calastone sales director Alex Hofmann says: “Calastone has now achieved the first movement of legal title in units, via an electronic medium built specifically for re-registration, for its clients.”
Nucleus wrap operations director Jeff Spence says: “While providing Nucleus with operational benefits, this solution will ultimately allow the end client to move assets quickly and cleanly between ceding and acquiring parties.”
In June, Fidelity FundsNetwork and Ascentric completed the first platform-to-platform re-registration using the Swift messaging network as part of the Tax Incentivised Savings Association’s platform-to-platform re-reg initiative.