ADIG-Investment is a brand within COMINVEST Asset Management Group, Frankfurt, which manages capital for more than one million clients with total assets over EUR 24 billion. Germany's oldest investment management brand with over 54 years experience has selected Clearstream's Vestima+ service to deliver straight-through processing (STP) capabilities to its investment fund order-routing environment.
Clearstream's Vestima+ service, targeted for launch in October, will improve order processing within the industry utilizing a centralized architecture provided by Clearstream. The new service will provide a single solution for multiple fund markets and enable customers to select their preferred lowest cost settlement routes and custody providers thus targeting the differing needs of the international market in Luxembourg and of each of Europe's main domestic markets beginning with France and Germany. The key evolution is an open order-routing platform that enables customers, for the first time, to select where they wish to settle and whether to use or not Clearstream's centralized settlement and custody services.
Heinrich Echter, Managing Director COMINVEST S.A. stated, "We see clear benefits from using Vestima+ across our widening distribution network and various channels. It will enable us to cut costs by providing an easy-to-implement, cost efficient order processing facility for all our funds. We expect STP rates to climb as a direct result and our customers can benefit from the open settlement route policy that Clearstream has adopted."
Volker Potthoff, Managing Director Banking and Custody Services at Clearstream added, "The German market players has been quick to realize the benefits that Vestima+ offers and COMINVEST joins a growing list of significant industry players who can see cost efficiencies resulting from Vestima+. Across the entire investment funds sector, there is a clear need for this innovative open market infrastructure that brings direct cost benefits to the industry."
Clearstream has recently announced that Vestima+ will be launched in October 2004 and that many customers have already begun preparations for implementation and will proceed through testing phases across the summer.
