IMA creates FPP centre

The IMA has created a centralised repository for Fund Processing Passports (FPP) which will allow distributors and institutional investors to access the information they need to buy and sell fund units without having to contact the fund manager.

Established in partnership with data infrastructure provider FundConnect, the database will allow fund providers to publish operational information such as dealing contact details, subscription and redemption rules, dealing cut-off times and settlement details. The IMA says it set up the repository in support of the initiative led by the European Fund and Asset Management Association. Julie Patterson, director, authorised funds and tax at the IMA says automation is becoming an increasingly important aspect of transacting fund units. "Fund distributors and institutional investors w...