Platform Securities appoints Clearstream for its offshore custody business

Platform Securities, a leading provider of outsourced clearing and settlement services for UK wealth managers, has chosen to use Clearstream for the safekeeping of its offshore custody business. The decision was primarily motivated by efficiency gains and asset safety provided by Clearstream’s real-time settlement solutions across all asset classes including investment funds.

Clearstream is recognised by the UK’s FCA as a ‘Commercial Settlement System (CSS)’. It delivers full automation across order placement, DVP settlement and asset servicing and is supported from the same platform as the servicing of customers’ investment funds, fixed income, equities and warrants, thereby ensuring a streamlined process for all asset classes.

A series of UK based wealth managers, such as Brewin Dolphin, have recently chosen Clearstream to handle their third-party fund processing activities. In view of the Retail Distribution Review (RDR) in the UK and financial regulators increasingly monitoring fund processing and asset protection, wealth managers are searching for best-in-class fund custody providers to manage their clients’ fund assets.

Marilyn Logan, Managing Director at Platform Securities International, said: "We have chosen Clearstream as our offshore custodian as it provides a fully automated service across all asset classes allowing our service offering to be future proofed for scalable growth. The global market coverage will allow our clients to have a truly whole of market offshore solution.”

Philip Brown, Co-Chief Executive Officer of Clearstream Banking, said: “We are delighted that Platform Securities, a member of the Fidelity National Information Services Group and a prominent player in outsourcing for the UK wealth management industry, has chosen Clearstream for its offshore custodian for all asset classes. We welcome Platform Securities to our ever-growing community of UK-based clients which validates our best in class services for the processing of UK and international services."