Banking software company Temenos has today (Tuesday May 11) announced that South Africa’s largest third-party administrator, Curo Fund Services, has gone live with Temenos Multifonds Global Accounting platform, completing the first phase migration of funds from its five legacy systems to a single instance of Temenos’ award-winning funds administration platform.
The move to Temenos’ platform has transformed 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.
Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers. It employs 300 people and services 3,000 funds with assets under administration of more than $150 billion. Its clients include Sanlam and Old Mutual, South Africa’s largest asset managers.
With Temenos’ platform, Curo is able to deliver a seamless back-office service with a higher degree of automation and straight through processing. This reduces risk and cost by reducing human processing and enables Curo to deliver a best-in class service to clients with automated information flows between the administrator and asset managers.
Having successfully completed a first phase migration of funds, Curo expects to transition all 3,000 funds to the Temenos platform during 2021.
Temenos’ platform is said to have the capacity to meet the needs of Curo’s large multi-client fund base. It has also the capacity to support requirements specific to the South African market, including complex life and pension portfolio structures and reporting.
It is also tailored for market specific requirements for asset classes such as bonds and swaps; and South Africa tax reporting and regulatory reporting, the firm said in a statement.
Curo is now looking ahead at international opportunities. Operating its business on Temenos Multifonds Global Accounting gives Curo the agility to expand geographically and support its local clients that operate in international markets.
Chief Executive Officer of Curo Fund Services Barri Maggott said during the launch, “We are delighted to complete the first migration of funds to the Temenos platform. Temenos’ single, scalable platform delivers cost-efficiency benefits and provides the agility and flexibility we need to deliver a best-in-class service to our clients. With Temenos technology, we can more efficiently support our clients’ key asset servicing, position keeping, valuation and accounting functions.’
“We can also support their rapid pace of product evolution to bring timely, creative investment offerings to their markets. In the fast-paced investment industry this gives Curo and our clients a competitive edge,” Maggott added.
“We are delighted the largest fund administrator in South Africa is now live on the Temenos platform. Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base. Curo is building a world-class fund administration service and we are proud to support them as they continue to innovate and expand their offering on our platform,” Managing Director of Temenos Oded Weiss said.
Temenos was awarded the highest ‘best in class’ status in Aite’s Matrix Evaluation of Investment and Fund Accounting Systems report. Temenos Multifonds Global Accounting also gained the highest status in five portfolio management and accounting solution categories by Adox Research.
- A Tell report