Temenos has partnered with Curo Fund Services, a South African third-party administrator.
Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers, and has assets under administration.
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.
According to Temenos, the move will simplify Curo’s architecture and enable more automated processing to increase efficiencies, reduce costs and open up new opportunities for growth.
Temenos supports requirements specific to the South African market, including life and pensions portfolios structures and reporting; market specific requirements for asset classes such as bonds and swaps and South Africa tax reporting and regulatory reporting.
Temenos has also hired a new head of sales, Alex Menage, to expand its business in Africa.
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.”
He added: “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, commented: “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.”
