Investec launches automated dealing via wrap platforms

Investec Structured Products has teamed up with Novia Financial and Calastone's global transaction network to offer automated dealing of structured products.

The UK structured products provider said that the move will allow wraps and platforms to deal electronically in structured products for the first time.

"We have strong links with all the major wraps and platforms and are therefore very pleased to be able to improve our service offering to them by providing automated dealing," said Mike Newman, head of business infrastructure and development at Investec Structured Products. "As we already transact our mutual funds business over Calastone's transaction network, Calastone were perfectly placed to provide this service."

According to Newman, offering a suite of continuously available structured deposits and structured investments will help the bank's distribution clients to increase efficiency while also ensuring availability of the bank's structured products offering to a wider market audience.

"We are confident that now we are able to transact our structured product orders over the transaction network, this will help us reduce our processing costs and remove much of the manual processing risk," said Nick Raine, head of operations at Novia Financial.

Julien Hammerson, chief executive at Calastone, also said that launching a structured products solution will complement the firm's existing product suite, which comprises order routing, net settlements, reconciliation and re-registration, among other things.

Novia Financial launched to market in October 2008 to provide a comprehensive wealth management service or "full wrap platform" for investment advisers. The wrap platform offers structured products from a number of UK providers, including Investec, Walker Crips, Mariana Capital, Meteor Asset Management and Morgan Stanley.

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Investec launches automated dealing via wrap platforms