Clearstream has been appointed by UK online broker AJ Bell as the primary custodian for its fund processing activities.
With the mandate, Clearstream will act as AJ Bell’s primary custodian for funds, settlement and order routing for its Youinvest, Investcentre and custody solutions products.
Clearstream will deliver these services through its fully automated global fund processing platform Vestima.
AJ Bell would also benefit from the ability to process its post-trading activities for funds alongside existing, more traditional products, such as equities, corporate and government bonds, with both a domestic and global reach.
“With our DvP settlement with a best-in-class straight-through processing rate of 98%, we look forward to supporting stability and efficiency for our customers and the UK funds industry in general. We are extremely proud to be working with AJ Bell and look forward to doing so for many years to come,” said Philippe Seyll, head of investment fund services, Clearstream.
As of May 2020, Clearstream held €2.5 trillion in investment funds under custody on behalf of its clients, an increase of 39% over the past five years.