Banking software company Temenos announced a new partnership with Curo Fund Services, South Africa’s third-party administrator, on 14 November 2018
Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers, and has assets under administration of more than US$150bn.
Under this new agreement, Curo will migrate more than 3,000 funds from its five legacy fund accounting platforms 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.
Curo's 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 Africa tax reporting and regulatory reporting
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,” he added.
Oded Weiss, managing director of Temenos, commented, “We are delighted to form this new partnership with Curo to support its business. Curo, like many fund administrators, is 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.”
