SWIFT has revealed that four more large institutions have joined a trial attempting to automate the transaction of managed funds in Australia, making a total of 13 participants.

Following a seminar on the SWIFTNet Funds messaging standards in Sydney on May 3, there were four new signatories to an industry trial which will test the viability of the messages from July. Custodians State Street Investor Services and RBC Dexia Trust Services agreed to participate, as did the Macquarie Wrap and investment administrator Mainstream BPO. SWIFT had previously confirmed nine organisations for the SWIFTNet Funds industry test – managers Vanguard Investments, ABN Amro Asset Management and Barclays Global Investors, administrators National Custodian Services (NCS), ANZ Custodian Services, HSBC Securities Services and hedge fund specialists Kingsway Taitz, platform BT Wrap, and fellow hub hopeful Ausmaq. Speaking at the seminar, BT Wrap backoffice head Dayne Smithett predicted that 70 per cent of all managed fund transactions would be standardised using the SWIFT messages within three to five years, and participation in the test was a good way to “;get a head start”; on competitors.