Ascentric and FundsNetwork in re-reg 'milestone'

Ascentric and FundsNetwork have completed the first in specie platform re-registration under the Tisa initiative.

The pilot re-registration, carried out using the Altus Transfer Gateway (ATG), is the first where messages have been successfully exchanged between different counterparties over the SWIFT network.

It involved the re-registration of a directly held Schroders fund from Ascentric to FundsNetwork, followed by the re-registration of two ISA wrapped Schroders funds from FundsNetwork to Ascentric.

The transfer used Tisa-endorsed open re-registration standards. 

"This is something of a milestone for the platform industry and a very significant first step in working towards full platform to platform re-registration," said Fidelity head of fund partners Ed Dymott. (pictured).

"It demonstrates the commitment of Fidelity to delivering a workable platform-to-platform re-registration solution."

He added the initiative is a complex task and not something to be achieved overnight.

"While this is an extremely important achievement for all involved, there is still much work to be done to fully roll this out. Along with ensuring successful integration with all platforms and the hundreds of fund managers, we also need to evaluate the many solutions on offer - and ensure that the one we choose ultimately is the right one for the job."

Ascentric managing director Hugo Thorman hailed the collaborative efforts of the industry.

"This is a great example of the industry working together to improve the service we give to advisers and their clients," he said.