Agility and scalability of Temenos platform supports Curo’s large multi-client fund base and rapid pace of product evolution in the investment industry
Temenos Multifonds Global Accounting platform enables Curo Fund Services to deliver seamless back office service; Curo is a third-party administrator for 3,000 funds with assets under management in excess of $150 billion; Agility and scalability of Temenos (www.Temenos.com) platform supports Curo’s large multi-client fund base and rapid pace of product evolution in the investment industry.
Temenos, the banking software company, today announced that Curo Fund Services (www.CuroFund.com), South Africa’s largest third-party administrator, 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 has proved it can easily scale to meet the needs of Curo’s large multi-client fund base. It has also demonstrated it supports requirements specific to the South African market, including complex life and pension portfolio structures and reporting; market specific requirements for asset classes such as bonds and swaps; and South Africa tax reporting and regulatory reporting.
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.