For automating fund orders through transfer agents, the gap between Ireland and Luxembourg has closed, with Luxembourg making a gain on Ireland.

Luxembourg’s automation rate increased in the second quarter to 74.9%, rising 1.2% since the end of 2012. Ireland’s automation rate however dropped from 85.3% to 83.9% in the same period. The rise in manual processes is held responsible for this fall.

Luxembourg and Ireland are the two main domiciles for European cross-border funds. The transfer agent providers are largely the same firms in each location, and fund automation and standardisation are crucial to fund processing efficiencies in both.

The automation figures come from Swift, a banking network, and the European Fund and Asset Management Association (Efama), a trade body, who are campaigning to increase the rate of automation in the funds industry, and bring down costs.

SOURCE: funds europe 24/10/13


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