Michael Droege

JP Morgan Asset Management to Automate Settlements With Calastone

CalastoneJ.P. Morgan Asset Management, the global leader in investment management – with assets under management of $1.9 trillion – has partnered with Calastone to introduce new levels of automation to money market funds via its “Morgan Money” trading platform.

Morgan Money will initially use Calastone to enhance its entire settlement process, becoming the first in the market to offer automated settlements. Calastone’s service enables the highest levels of automation, comprising of trade placement, settlement, reporting, and cash balance sweeps as it digitalizes the investment and reporting process for money market portals, fund providers, and investors.

Dan Kramer, Calastone’s Vice Chair, Americas, said: “We are delighted to welcome JP Morgan onto our new suite of Money Markets Services – and as the first to make automated settlements available to their users. Now more than ever, it is essential for fund providers to stay competitive, attractive, and meet the future needs of investors. We are thrilled that, through our technology, we can help JP Morgan provide its users with a market-leading customer experience across Europe, USA, Asia, and other global markets.”

Ed Lopez, Calastone’s Chief Revenue Officer, added: “Traditional models remain under immense pressure and have very quickly been seen to come up short. The key to managing this new post-COVID world, and to stay attractive in it sits in embracing new, smart technologies – and making the switch from manual to automated. To see JP Morgan share in our vision and champion innovation is fantastic – and it gives us even greater confidence in the real potential for how far our Money Markets Services can go long term.”

Paul Przybylski, Head of Product Strategy and Development at J.P. Morgan Asset Management, commented: “Morgan Money has been designed to deliver the best in class customer experience, centered on seamless integration and operational efficiency. With that in mind, we are excited to partner with Calastone to bring automated settlements to the platform, allowing our users to settle trades in real-time, with automated trade workflow, initiated from one Morgan Money platform.”

Over 2,100 clients in 42 countries and territories benefit from Calastone’s services, processing £190 billion of investment value each month, according to the firm. The team estimates that over £3.4bn of cost is lost each year during the investment process, which could be saved through its common, shared market infrastructure. Calastone is headquartered in London and has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, Milan, and Sydney.