Macquarie Wrap has offered discounts to fund managers prepared to transact with it via SWIFT’s new managed fund messaging standards.
In a recent letter to all the funds managers on its menus, Macquarie Wrap outlined plans to trial and move quickly ahead with the implementation of SWIFT messages to standardise transactions such as applications, redemptions and distributions. The platform also announced that it would offer fee discounts to any manager which also adopted the SWIFT messaging standards. The SWIFT messages improve the efficiency and cost of managed fund transactions, using a suite of standardised electronic messages (in the widely adaptable XML language) to reduce the industry’s current heavy reliance on faxes. The value-add of adopting the SWIFT messages for Macquarie Wrap will be enhanced with each additional fund manager it can convince to use the messages.
22/01/2008
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The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.
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