The Total Economic Impact™ Of Calastone On The Global Mutual … · 2019. 10. 2. · global...

A Forrester Total Economic Impact™

Study Commissioned By Calastone

January 2018

The Total Economic Impact™ Of Calastone On The Global Mutual Funds Market

Table Of Contents Executive Summary 1

Key Findings 1

TEI Framework And Methodology 3

Market Overview: Automation In Mutual Funds Processing 4

Surveyed Organisations 4

Situation: Automation Reduces Cost And Delivers Efficiency Throughout The Transaction Life Cycle 4

Challenge: Roadblocks To Automated Mutual Funds Processing 6

Opportunity: Unlock Key Benefits Of Automated Mutual Funds Processing 7

Financial Analysis 8

1. Firm Level — Fund Managers 10

2. The Network Effect 11

3. Calastone’s Market Impact 12

Calastone: Overview 13

Appendix A: Total Economic Impact 14

Project Director:

Varun Sedov, Principal Market

Impact Consultant

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1 The Total Economic Impact™ Of Calastone On The Global Mutual Funds Market

Executive Summary

Calastone provides a network that enables the global mutual funds

industry to automate the flow of investment fund transactions from initial

order routing and settlement, through to post-trade services, including

transfers and reporting. Calastone commissioned Forrester Consulting to

conduct a Total Economic Impact™ (TEI) study and examine the potential

return on investment (ROI) businesses may realise by utilising Calastone’s

services for order routing.

The purpose of this study is to provide readers with a framework to

evaluate the potential financial impact of Calastone’s services on their

organisations, as well as determine the wider market impact of Calastone

on the mutual funds industry. To better understand the benefits, costs, and

risks associated with this investment, Forrester interviewed 13 customers

with experience of using Calastone’s services. Forrester also conducted a

global market survey of 234 mutual funds organisations to understand the

role and impact of automation on the transaction life cycle.

With the interview and survey data, Forrester has quantified the financial

impact of the Calastone network across the mutual funds industry and has

established how Calastone’s direct and indirect customers have benefited

from the automation of order routing for mutual funds in the markets where

Calastone operates.

Key Findings

Forrester identified five key areas of benefits when connecting to

Calastone. These were:

› 1) Improved process times.

› 2) Impact of reducing trading errors.

› 3) Improved flexibility in the trading window.

› 4) Improved response times.

› 5) Better audit traceability.

While there are no initial costs for connecting to Calastone, Forrester

categorised the ongoing costs as the cost per message and the ongoing

time for administration and engagement with Calastone. Forrester

modelled these benefits and costs and identified an impact on average of:

› £5.28 in cost efficiencies for each order when moving from manually

processing orders to connecting to Calastone to process orders.

This resulted in a firm-level, network-effect, and market impact as follows:

Firm-level analysis. The risk-adjusted quantified analysis of connecting to

Calastone across a range of representative fund managers results in a

return on investment of £327,000 to £441,00 over three years.

The network effect. Forrester also assessed the benefit of connecting to

Calastone’s network across the transaction life cycle, including a single

fund manufacturer (covering both the fund manager and transfer agent)

and the distributor/platform provider over the last three years. Looking at

the benefits, Forrester’s risk-adjusted analysis of connecting to Calastone

across the transaction life cycle resulted in a benefit of £907,799 over

three years across the entire mutual funds network.

Calastone’s market impact:

£5.28 in impact from moving an order from manual processing to processing through Calastone This resulted in a:

£458,624,974 impact on global mutual funds processing over six years

Benefit of £907,799 over three years across the Calastone network

£327,000 to £441,000 over three years (ROI 182% to 241%)

2 | The Total Economic Impact™ Of Calastone On The Global Mutual Funds Market

The market impact of Calastone. Analysing order volumes over the last

six years in Calastone’s core global markets, Forrester assessed that

Calastone has impacted the mutual funds market by £458,624,974

over those six years. To calculate, Forrester looked at the impact of

moving manual process of funds to connecting to Calastone’s network and

combined this analysis with the firm-level impact of reducing trading errors,

flexibility in the trading window, improved response times, and better audit

traceability. The analysis was conducted over a longer six-year window to

allow Forrester to understand the evolution of Calastone and how the

mutual funds market has changed as a result.

Overview Of Financial Analysis


TEI Framework And Methodology

From the information provided in the interviews and survey, Forrester has

constructed a Total Economic Impact™ (TEI) framework for those

organisations considering implementing Calastone’s services.

Forrester took a multistep approach to evaluate the impact that Calastone

can have on an organisation:

DUE DILIGENCE Interviewed key Calastone stakeholders to gather data relative to their transaction services.

MARKET OVERVIEW Collected data from 234 mutual fund organisations globally to understand the broader implications of automation of order processing.

CUSTOMER INTERVIEWS Interviewed 13 organisations using the Calastone network to obtain data with respect to costs, benefits, and risks.

COMPOSITE ORGANISATION Designed a composite organisation based on characteristics of interviewed fund managers to illustrate the financial benefits and costs to moving a percentage of orders over time to Calastone.

FINANCIAL MODEL FRAMEWORK Constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewed organisations. This model was then used to build a framework for understanding Calastone’s impact on the broader mutual funds market.

The TEI methodology

helps companies

demonstrate, justify,

and realise the

tangible value of

initiatives to both

senior management

and other key

business

stakeholders. Please

see Appendix A for

additional information

on the TEI

methodology.

DISCLOSURES

Readers should be aware of the following:

This study is commissioned by Calastone and delivered by Forrester

Consulting. It is not meant to be used as a competitive analysis.

Forrester makes no assumptions as to the potential ROI that other

organisations will receive. Forrester strongly advises that readers use their own

estimates within the framework provided in the report to determine the

appropriateness of an investment in Calastone.

Calastone reviewed and provided feedback to Forrester, but Forrester

maintains editorial control over the study and its findings and does not accept

changes to the study that contradict Forrester’s findings or obscure the

meaning of the study.

Calastone provided the customer names for the interviews but did not

participate in the interviews.


Market Overview: Automation In Mutual

Funds Processing

Surveyed Organisations

In November 2017, Calastone commissioned Forrester Consulting to

evaluate the mutual funds industry’s view on automation. Forrester

conducted a global market survey with 234 mutual fund organisations

spread across Asia, Australia/New Zealand, and the UK and other

European countries. Individuals at fund managers, distributors/platforms,

and transfer agents had to be knowledgeable about their firms’

transaction life cycle of mutual funds processing. The surveyed

organisations had the following profile:

Survey Demographics

Situation: Automation Reduces Cost And Delivers

Efficiency Throughout The Transaction Life Cycle

In today’s challenging economic climate, organisations struggle to run

efficient and effective operations. Technology plays an increasingly

important role in this struggle — it helps automate processes to

ensure that mutual funds organisations can meet their business

priorities and support growth. Consistent across all industries, 71% of

mutual funds organisations said their most critical priority over the

next 12 months is to ensure regulatory compliance, and 53% said

they want to improve the quality of the service they deliver.

How can automation of order routing help organisations meet priorities?

Without automation, the mutual funds market would still be heavily reliant

on cumbersome, error-prone, manual approaches (such as fax and

email) to process orders. Using an automated third party frees up

resources to enable them to focus on value-added activities, such as

improving client experiences and quality of services. Digitalisation

through automation allows easy traceability and order tracking that

provides an audit trail to ensure compliance requirements are being met.

Critical priorities in the next 12

months:

71% Regulatory compliance

53% Improve quality of service

53% Improve client experience

Market spotlight: While the key priorities remained consistent across different countries and regions, the biggest priority by far for UK organisations was ensuring compliance to regulatory requirements (80% said this was a critical priority).


Mutual fund organisations agree on the benefit of using a third-party

provider to automate order routing. The study revealed that using an

automated third party has:

› Improved efficiency for mutual funds processing. Over 80% of

all organisations agreed or strongly agreed that a connection to a

third-party provider has improved the efficiency of the mutual funds

market. Transfer agents had stronger agreement compared to fund

managers and distributors. Organisations that predominately use

an automated service over manual approaches see even higher

levels of agreement around the efficiency it brings: Over 40% of

respondents in the UK and Australia/New Zealand strongly agreed,

more than other regions, about the efficiencies that connecting to a

third-party provider for order processing has delivered.

› Reduced cost for processing orders. Seventy-one percent of

respondents also noted that using a third-party provider for mutual

funds processing has brought down the overall cost compared to

manual processing. On average, organisations identified a 32%

reduction in cost for using a third-party provider to process mutual

funds. Those who are using an automated service predominately

were more likely to agree (74% versus 61% who use manual mainly).

Respondents in Asia and Australasia were not as strongly in

agreement compared to European and UK mutual participants.

Forrester’s interviews with organisations in Asia and Australasia

revealed that the availability and cost of resources for manual

processing versus connecting to a third party were not as pronounced

as in European markets.

Automation Of Mutual Funds Processing Delivers Value

Areas of automation in the transaction life cycle Seventy-two percent of all organisations are using a third-party provider for order routing. In the UK, 80% of all organisations are currently using a third party for order routing. Over 20% of firms in the Asia market plan to use automation for order routing in the next 12 months. Firms are looking to explore automation in other areas of the processing life cycle. Thirty-five percent of distributors plan to use automation for dividend information. Twenty-eight percent of fund managers are exploring using automation for corporate action information in the next 12 months.


“Which is the primary way you process mutual funds transactions?”

Base: 234 fund managers, distributors, and transfer agents around the world Source: A commissioned study conducted by Forrester Consulting on behalf of Calastone, November 2017

Automated platform,

76%

Manual process,

24%

Challenge: Roadblocks To Automated Mutual

Funds Processing

Despite the clear reasons for using automation, nearly a quarter of all

firms continue to primarily use manual touchpoints such as phone, fax,

spreadsheet, and email to process orders. Regardless of the clear cost

and efficiency benefits, only 60% of surveyed firms across all sectors

agreed that they are fully utilising third-party providers in mutual funds

processing. This drops significantly in Asia (where 51% agreed and only

7% strongly agreed) and Australia/New Zealand (44% agreed).

So what is preventing firms from using automated mutual funds

processing? Firms are concerned by:

› The robustness of the service. With potentially high volume and

large value instructions being placed in a short trading window, it

comes as no surprise that the largest concern for a fund manager is

the robustness of the service. This was the top concern for firms in

Asia (61%).

› Additional infrastructure needs. Like any technology investment,

firms are rightly concerned by additional hardware/software needed to

connect to the automated service. This was a concern for firms in

Australia and New Zealand (58% versus 52% overall).

› Integration with existing processes. As with the technology,

interoperability with existing processes is also high on the list of

concerns. However, in the UK market, where automation in order

routing is most prevalent, this is not as high of a concern.

Roadblocks To Using Automation For Mutual Funds

Processing


“What are the primary reasons for using a third-party provider to process mutual fund transactions?”

Base: 234 fund managers, distributors, and transfer agents around the world Source: A commissioned study conducted by Forrester Consulting on behalf of Calastone, November 2017

39%

44%

63%

57%

Reduction in cost per

transaction/message

Reduce errors from capturing

unstructured/different

messages formats

Primarily manual

Primarily automated platform

Opportunity: Unlock Key Benefits Of Automated

Mutual Funds Processing

Further exploring the primary drivers for connecting to a third party to

process mutual funds transactions revealed potential benefits that should

far outstrip any concerns that organisations should have. Primary drivers

for investment included:

› Faster processing. The primary benefit from automating mutual funds

processing is faster transaction processing across all key markets and

industries (77% in total).

› Reduced error due to automation. A reduction in processing errors is

also a significant benefit for organisations, particularly for transfer

agents; 86% of transfer agents identified it as their main benefit. Fifty-

seven percent of firms that primarily use an automated platform said

the key driver was reducing errors from capturing unstructured and

different messaging formats, while only 44% of those that are primarily

using manual process highlighted this as a driver. As the data shows,

error reduction is often a hidden benefit that firms only fully grasp when

they move to higher levels of automation.

› Lower cost. As already noted, lower cost of processing

transactions/messages is a key benefit of using automation in the

transaction life cycle. However, firms only fully realise the impact of

cost when they primarily use a third party for processing mutual funds

(63%).

› Compliance. Automated systems can create a digital record for each

transaction, with no manual intervention. This makes it easier for fund

managers (38%) and distributors (31%) to ensure there is a clear audit

trail for each transaction. With a manual approach, the time required to

document each transaction prevents valuable staff from focusing on

more value-added activities.

Firms Using Automated Processing Uncover Hidden

Benefits

Market spotlight: Though the Australian and New Zealand market only recently began adopting automation for order processing, it is evident that they are seeing benefits from faster transaction processing, reduced errors, and lower cost.


Financial Analysis

In addition to the broader market survey, Forrester conducted 13

interviews with Calastone customers, including fund managers,

distributors/platform providers, and transfer agents from Asia, Australia

and New Zealand, and the UK and other European countries. The

interviews focused predominately on the impact of connecting to

Calastone for order routing. Based on the discussions, Forrester

quantified the following benefits and costs.

QUANTIFIED BENEFITS AND COSTS

The table below highlights the key areas of benefits for a typical fund

manager:

Key Benefits For A Fund Manager

› Benefit 1: Reduced processing costs. A key benefit highlighted by

all interviewed organisations was the impact on the time taken to

process orders in an automated environment versus a predominately

manual environment. Forrester calculated the average order time

saved for an automated process against the cost of manually

processing an order by considering the blended salary of onshore and

offshore staff used to process orders and the average time taken to

process an order manually.

› Benefit 2: Reducing trading errors. A key driver for connecting to a

third-party automated service to process orders was a reduction in

errors. Forrester quantified this as the efficiency gain through reduced

errors via automation. This was calculated by the time and cost

implications if there were ten errors in every 1,000 orders placed

manually. This was a key area of strength of Calastone. Over 70% of

mutual funds organisations that primarily use Calastone said their

main reason for using automation was for reducing errors from

capturing unstructured information and different messaging formats.

› Benefit 3: Flexibility in the trading window. Another key benefit for

fund managers was the ability to process higher volumes of order

because of the flexibility through automation in the trading window. For

example, firms were able to batch send orders very close to the

window closing, something that would not be possible in a manual

environment. Easy communication regardless of format and protocol

and removal of manual touches for distributors and transfer agents

allow them to maximise the trading window and limit potential profit

and loss implications due to missed orders.

› Benefit 4: Improved response times. A significant benefit for the

analysis included the improved response time from onboarding clients

Reduced

processing costs

The impact of the

reduction in time for

processing orders in an

automated environment

Reduced errors

The efficiency gained

through reduced errors in

orders through automation

Flexibility in the

trading window

The volume of additional

orders as a result of more

flexibility during the

trading window

Improved response

times

The gains in onboarding

clients to the network

Improved audit

traceability

The benefit of having

automated documented

systems of record

Unquantified benefits The financial analysis for Calastone focuses on order routing. Calastone also provides additional services, such as settlement and reporting. These would deliver additional benefits for clients, but have not been factored into the original analysis.

Calastone customers were

in strong agreement of the

benefits they have seen in

using Calastone.

Sixty-nine percent of mutual

funds organisations that

primarily use Calastone

strongly agreed that

connection to the network

has improved the efficiency

of funds processing versus

only 22% that use other

providers.


to the automated service. This was calculated by looking at the time

saved to set up new clients and managing counterparties in a manual

environment through a calendar year.

› Benefit 5: Improved audit traceability. As regulatory compliance was

the key business for mutual funds organisations, improved audit

traceability was also an important benefit area. This was calculated by

looking at the time saved through manual logging/tracking of orders

and auditing of these records.

Through the discussions with Calastone customers, Forrester could not

identify any initial costs to connect to Calastone. There were, however,

ongoing costs that Forrester categorised into two areas:

Key Costs For A Fund Manager

› Cost 1: Transaction cost. The main cost of using Calastone was

attributed to the charge that is applied to each transaction message

that is placed. Using Calastone’s rate card, Forrester was able to

determine the cost per message for an average volume of orders.

› Cost 2: Administration. This is the general cost of managing the

Calastone relationship and issue resolution. Forrester calculated this

as the cost of a resource to inform, engage, and discuss unique firm

requirements with Calastone’s customer service and operations team.

Other areas like training costs were also considered. For all the

organisations interviewed, these were negligible. In fact, only 5% of

mutual funds organisations that primarily use Calastone said that

training staff to comply with new procedure prevented them from using a

third-party provider for processing funds. Forrester modelled these

benefits and costs and identified an impact on average of £5.28 in cost

efficiencies for each order when moving from manually processing

orders to connecting to Calastone to process orders. This cost efficiency

assumes that some orders will still be processed manually. If an

organisation was to only use Calastone for processing mutual funds, the

cost efficiency would be larger. To understand the impact that this cost

efficiency has had on the mutual funds market, Forrester used its TEI

framework to understand the financial implications at three levels:

› 1. Firm level. Exploring the financial impact of using Calastone

versus manual approaches for order routing as a single fund

manager.

› 2. Network level. Forrester analysed the benefits of connecting to

Calastone to process orders throughout the transaction life cycle

versus manual processing for a single fund manufacturer (covering

both the fund manager and transfer agent) and the distributor/platform

provider.

› 3. Market level. A unified analysis of the global impact of connecting to

Calastone for order routing in the mutual funds industry.

There are no upfront

costs associated with

connecting to Calastone.

Calastone collects an

organisation’s

transaction data

(regardless of message

format) and transforms it

to meet the needs of

each trading party.

Based on the cost and

benefit analysis

Forrester’s model

resulted in a cost

efficiency of £5.28 per

order impact with

Calastone compared to

processing orders

manually.


1. Firm Level — Fund Managers

Based on the interviews, Forrester constructed a TEI framework, a

composite company, and an associated ROI analysis that illustrates the

financial benefits and costs for a single fund manager moving a

percentage of orders over time to Calastone. A fund manager incurs

costs per message of using Calastone. Forrester made the following

assumptions. Due to variability in orders for a fund manager, Forrester

used a range for the cost per message and number of orders.

Key Assumptions

Firm Level: Cash Flow Chart (Risk-Adjusted)

ROI

182% to

241%

NPV

£327,000 to

£441,000

Payback

0 to 1

month

Total benefits (PV) Total costs (PV) Net present value (NPV)

£506,857 to £624,171 -£179,748 to -£183,017 £327,109 to £441,154

£0

£100,000

£200,000

£300,000

£400,000

£500,000

Initial Year 1 Year 2 Year 3

Cumlative net benefit LOW Cumlative net benefit HIGH

The risk-adjusted ROI, net present value (NPV), and payback period values are determined by applying risk-adjustment factors to the unadjusted results in each Benefit and Cost section.


2. The Network Effect

In addition to the fund manager-level analysis, Forrester looked to

quantify the benefits of key constituents in the order routing life cycle

connecting to Calastone’s network. To simplify the Calastone network,

Forrester looked at the network for a single fund manufacturer (including

the fund manager and transfer agent) and the distributor.

Since the cost per order by using Calastone resides purely with the fund

manager, the network-effect analysis only focuses on the benefits that

Calastone had delivered across the transaction life cycle. For the

network level, Forrester used the same key assumptions that were used

for the firm-level analysis but also made the following adjustments:

› Average processing time for an order. Based on our interviews with

both fund manufacturers and distributors, the average time to process

a manual order varies. Forrester assumed a 10-minute process time

for a fund manufacturer and a 15-minute process time for a distributor.

› Average daily orders. As distributors send orders to multiple fund

managers the average daily orders initiated by a distributor is typically

higher than any one fund manufacturer receives. Forrester assumed

an average daily order of 82 for a fund manufacturer and 105 for a

distributor.

Network Effect: Cash Flow Chart (Risk-Adjusted)


Forrester calculated the market impact that Calastone has delivered for global mutual funds processing:

£458,624,974

impact over 6 years

3. Calastone’s Market Impact

To determine the market impact that Calastone has had over the past six

years, Forrester explored Calastone’s trading volumes in key global

mutual funds markets. This includes the UK, Australia, Ireland,

Luxembourg, Singapore, Hong Kong, and Taiwan.

To build the analysis, Forrester leveraged real trading volume data from

Calastone. The analysis was built over six years so that Forrester could

evaluate the evolution and trend of Calastone on mutual funds

processing. Calastone shared with Forrester its year-on-year growth in

orders across these markets, which was also factored in the model.

With this data, Forrester looked at the impact of moving manual process

of funds to Calastone in these markets, as well as additional firm-level

impact of reduced trading errors, flexibility in the trading window,

improved response times, and improved audit traceability. Forrester

found that orders moving from manual processing to using Calastone’s

network has resulted in net value benefit of over a £458 million impact

on mutual funds processing over the last six years.

Market Impact Of Calastone On Global Mutual Funds

Processing


Calastone: Overview

The following information is provided by Calastone. Forrester has not validated any claims and does not endorse

Calastone or its offerings.

TRANSFORMING THE GLOBAL FUNDS INDUSTRY AND ENABLING GLOBAL DISTRIBUTION

Calastone believes in making funds accessible to everyone. Its

mission is to reduce the frictional cost of trading using smart

technology solutions and industry collaboration, lowering

operational risk, and enhancing client profitability through

digitisation and automation. With a single connection to Calastone,

client organisations can seamlessly transact with any part of

Calastone’s global network without incurring any additional

technology costs or infrastructure changes.

Calastone’s transaction network supports 190+ messaging formats

and enables seamlessly automated trading across the full

transaction cycle, from order routing through to the reconciliation

and settlement of the order. Calastone’s solutions also incorporate

post trade services, including the automation of custodian trade

notifications and stock transfers.

By using Calastone’s Transaction Services, clients are enabling

automation of the whole transaction life cycle.

There are no upfront costs associated with connecting to Calastone: Calastone simply collects a firm’s

transaction data (regardless of message format) via its preferred connection type and transforms it to meet the

needs of each trading party.

As of January 2018, Calastone supports over 1,400 customers in 34 countries and territories, processing over 7

million messages and £85 billion of transactions each month.


Appendix A: Total Economic Impact

Total Economic Impact is a methodology developed by Forrester

Research that enhances a company’s technology decision-making

processes and assists vendors in communicating the value proposition

of their products and services to clients. The TEI methodology helps

companies demonstrate, justify, and realize the tangible value of IT

initiatives to both senior management and other key business

stakeholders.

Total Economic Impact Approach

Benefits represent the value delivered to the business by the

product. The TEI methodology places equal weight on the

measure of benefits and the measure of costs, allowing for a

full examination of the effect of the technology on the entire

organization.

Costs consider all expenses necessary to deliver the

proposed value, or benefits, of the product. The cost category

within TEI captures incremental costs over the existing

environment for ongoing costs associated with the solution.

Flexibility represents the strategic value that can be

obtained for some future additional investment building on

top of the initial investment already made. Having the ability

to capture that benefit has a PV that can be estimated.

Risks measure the uncertainty of benefit and cost estimates

given: 1) the likelihood that estimates will meet original

projections and 2) the likelihood that estimates will be

tracked over time. TEI risk factors are based on “triangular

distribution.”

The initial investment column contains costs incurred at “time 0” or at the

beginning of Year 1 that are not discounted. All other cash flows are discounted

using the discount rate at the end of the year. PV calculations are calculated for

each total cost and benefit estimate. NPV calculations in the summary tables are

the sum of the initial investment and the discounted cash flows in each year.

Sums and present value calculations of the Total Benefits, Total Costs, and

Cash Flow tables may not exactly add up, as some rounding may occur.

PRESENT VALUE (PV)

The present or current value of (discounted) cost and benefit estimates given at an interest rate (the discount rate). The PV of costs and benefits feed into the total NPV of cash flows.

NET PRESENT VALUE (NPV)

The present or current value of (discounted) future net cash flows given an interest rate (the discount rate). A positive project NPV normally indicates that the investment should be made, unless other projects have higher NPVs.

RETURN ON INVESTMENT (ROI)

A project’s expected return in percentage terms. ROI is calculated by dividing net benefits (benefits less costs) by costs.

DISCOUNT RATE

The interest rate used in cash flow analysis to take into account the time value of money. Organizations typically use discount rates between 8% and 16%.

PAYBACK PERIOD

The breakeven point for an investment. This is the point in time at which net benefits (benefits minus costs) equal initial investment or cost.

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