Banking software company, Temenos has announced a new partnership with Curo Fund Services, a South African firm that provides investment operations and fund accounting services to life companies, asset managers and multi-managers,
Curo is South Africa’s largest third-party administrator and has assets of more than $150 billion under administration.
Under the new agreement, Curo said it “will migrate more than 3,000 funds from its five legacy fund accounting platforms to a single instance of Temenos’s Multifonds Global Accounting platform.”
This means that the funds from Curo will be managed in a significantly more effective manner under Temenos’s system.
“The move will transform Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth,” the company said in a statement.
The decision to move to Temenos’ market leading fund administration platform is the result of a highly competitive bid process.
During a detailed evaluation of different systems, Temenos was not only able to successfully demonstrate that its platform could support a large multi-client book of business, but could also support requirements specific to the South African market, including: Complex life and pensions portfolios structures and reporting; Market specific requirements for asset classes such as bonds and swaps; as well as South Africa tax reporting and regulatory reporting.
“It was very clear to us that Temenos’ Multifonds Global Accounting platform was a best in class fund administration solution, well suited to the South African market, and would generate significant operational efficiencies,” commented Barri Maggott, CEO of Curo.
“What has really impressed us is the process and workshops that Temenos put in place to demonstrate that this project would not only be successfully delivered in the short term, but would continue to provide future opportunities to support the global growth of our business,” he said.
“We are delighted to form this new partnership with Curo to support its business,” added Oded Weiss, Managing Director of Temenos.
“Curo, like many fund administrators, are viewing their technology platform not just through the traditional lens of efficiency and cost, but the future opportunities it can create by helping them enter new markets, launch new and innovative services, and win new business,” Weiss said.