Autif has named the chief executive for Emxco the planned unit trust common trading platform for I...
Autif has named the chief executive for Emxco the planned unit trust common trading platform for IFAs and product providers
Caroline Lee, currently head of business development for collective investments at Crest, will head up the project
In her role with Crest, Lee has been responsible for the unit trust project developing a way to electronically settle unit trusts, which would automate many of the settlement investment processes
Crest's unit trust project is well advanced and the settlement group hopes to publish a consultation paper on the settlement of Oeics in September. The paper will cover what product providers will need to do to make their back-office systems compliant with the Crest system as well as set out what legislative changes need to be undertaken before the settlement of unit trusts can go ahead. The group has a working model on Oeic settlement in place and is in the testing phase with the regulators
Paul Symons, head of corporate affairs at Crestco said, "We are happy the Emx project is continuing and we have signed a memorandum of understanding with Emx for the exchange of information so that the unit trust settlement project and the trading platform are developed consistently
The Emx project is still in negotiations with Mutual Fund Technologies, a subsidiary of Fidelity, to design and build the trading and messaging platform. Originally Emxco had been in negotiations with BT but contract talks broke off several months ago
The Emxco board now comprises of Alan Ainsworth as chairman, and directors Paul Loach, Mike Webb of INVESCO, Martin Lewis of M&G, Stuart Dyer of Flemings, Alan Burton of Standard Life and Philip Warland of Autif
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