Euroclear U.K. & Ireland has decreased the fees it charges fund promoters for processing reconciliation messages from the fund distributor community, Fundamentals reports. The reduction will help Euroclear’s top-bracket fund managers save at least 50% in reconciliation costs.
Fund promoters, who get fund distributor data requests concerning fund unit balances for reconciliation purposes, will have to pay £1 for the first 250 messages per month and then £0.10 per message after. The tariff cuts are directly related to the rising mass of fund-related transactions that Euroclear processes, said Yannic Weber, CEO of Euroclear U.K. & Ireland.
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