Brussels and London, 31 August 2010 – Euroclear and Brewin
Dolphin Limited, one of the UK’s largest independent
private-client investment management firms, announce today that
Brewin Dolphin has become the first UK firm to select both
Euroclear Bank’s FundSettle platform to settle cross-border
fund transactions and the Delivery-versus-Payment (DvP) settlement
service for UK fund transactions offered by Euroclear UK &
Ireland. Brewin Dolphin already uses Euroclear’s EMX Message
System to route UK fund orders.
Brewin Dolphin is a leading example of a Euroclear group client
that has decided to maximise use of the multi-market infrastructure
to process fund transactions. As a distributor of local and foreign
funds to its clients, Brewin Dolphin is now able to easily and more
efficiently reach fund promoters, transfer agents and other
relevant parties outside the UK to settle fund transactions on
behalf of its clients. This new development eases the often
complex, manual and costly challenges of processing international
fund transactions.
John Beeston, Director, Group Head of Business Support
at Brewin Dolphin, commented: “We are committed to
offering our clients a wide variety of investment opportunities
efficiently and at reasonable cost. We have selected FundSettle and
Euroclear UK & Ireland to settle fund transactions, as we
believe the reach, automated features and comprehensiveness of
their services will enable us to offer our clients more value at
lower risk. We recognise the benefits in trading and settling our
cross-border fund transactions through a single gateway, which
maximises the use of existing links to the Euroclear group for
settlement. In addition to STP efficiency gains, we will be able to
process a higher number of fund trades and promote a shorter
settlement cycle, due to automation.”
Ivan Nicora, Director and head of Investment Fund
Product Management at Euroclear, said: Having worked
closely with us in designing client-focused fund processing
solutions, Brewin Dolphin’s decision to migrate its fund
business to Euroclear is a much-appreciated vote of confidence,
particularly when there are many competing commercial solutions
available. Euroclear UK & Ireland and FundSettle will provide
Brewin Dolphin with greater scalability and lower levels of risk
through automation and DvP settlement. Their decision to use both
the CSD and ICSD platforms also reinforces the importance of
flexibility in our fund transaction-processing infrastructure in
meeting client needs for local market and cross-border
transactions.”
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For further information please contact the Brewin
Dolphin press office on 0845 213 3026 or for Euroclear - Stephanie
M.L. Heng on +32 (0)2 326 1151