South Africa’s largest third party administrator to migrate 3,000 funds to Temenos FundSuite GENEVA, Switzerland – October [ ], 2018 – Temenos (SIX: TEMN), the banking software company, today announced a ...
South Africa’s largest third party administrator to migrate 3,000 funds to Temenos FundSuite
GENEVA, Switzerland – October [ ], 2018 – Temenos (SIX: TEMN), the banking software company, today announced a new partnership with Curo Fund Services, South Africa’s largest third party administrator. Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers, and has assets under administration of more than $150bn.
Under this new agreement, Curo will migrate more than 3,000 funds from its five legacy instances of HiPortolio to a single instance of Temenos’ Multifonds Global Accounting platform. 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 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
● South African unit trust pricing and distribution
● South Africa tax reporting and regulatory reporting
Commenting on the new agreement, Barri Maggott, CEO of Curo, said: “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. 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.”
Oded Weiss, Managing Director of Temenos FundSuite, comments: “We are delighted to form this new partnership with Curo to support its business. 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.”
Temenos has recently hired a new Head of Sales, Alex Menage, to expand its business in Africa. Temenos has more than 20 years of experience in providing universal, central, microfinance and Islamic banking solutions to banks in the African continent with over 80 customers across East and West Africa. Winners of the Best Digital Banking Solution at the 2018 East African Banking Awards, as well as Best Islamic Banking & Finance Software Solution at the World Finance Islamic Finance Awards 2018, Temenos plans to continue capitalizing on its strong growth in the region. The company remains dedicated to providing the world’s number one banking software to banks and financial institutions of all sizes throughout Africa.
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information, please visit www.temenos.com.
The Sanlam and Old Mutual groups jointly acquired the investment administration business in 2012 and Curo Fund Services was born. Curo currently employs over 300 experienced staff, and administers more than R2 trillion in assets under administration.
Key industry players in the investment management community entrust the administration of their assets to us. By partnering with our clients, we strive to be a world-class services organisation offering experienced people who provide core services.
Reyana Nacerodien – Marketing Communications Specialist
T +27 (21) 944 4689 | M +27 (0) 83 778 4727 | F +27 (0) 86 2066 827 E
Reyana.Nacerodien@curofund.com | www.curofund.com
Temenos Global Public Relations Manager
Tel: +1 610 232 2793
Email : email@example.com
Narrative on behalf of Temenos Multifonds
Tel: +44 7393 636 982