Canadian Life has selected the Multifonds Global Accounting platform, operated by Temenos, to support its UK investment accounting operations.
The agreement will see Canada Life upgrade from its legacy ICON platform, migrating over 700 funds in over 2,000 share classes and consolidate the investment assets for its UK and Canadian businesses onto a single fund accounting platform.
“This new partnership with Temenos will allow us to move from our current legacy system and surrounding technologies onto a single, scalable Multifonds platform, with integrated workflow and exception management,” said Daniel Shaughnessy, head of investment financial services, Canada Life
“This helps us to deliver positive outcomes for our customers in terms of levels of service and product costs.”
The partnership comes two years after Great West life, Canada Life’s parent company, adopted the Multifonds Global Accounting platform, making it one of the first insurance companies in North America to consolidate segregated funds and general account assets onto a single accounting platform.
“Administration of life and pensions funds pose particular challenges around building a scalable solution that meets the competing needs of a diverse group of stakeholders, requiring distinct accounting views,” added Oded Weiss, managing director, Temenos Multifonds.
“The work we have done with Canada Life in developing the Multifonds Global Accounting platform has overcome these challenges and opens up new opportunities for other life companies in the UK to join our platform.”
Earlier this year, Temenos confirmed a new collaboration with Bloomberg to offer its fund administration and accounting product to its buy-side users, allowing asset managers and institutional investors to generate their own net asset value (NAV) estimates independent of, and in parallel, to their fund administrators.