Canada Life UK rolls out Temenos Multifonds platform

Deal will see Canada Life consolidate its UK and Canadian books of business, totalling $160 billion in assets.

By Chris Lemmon

Canada Life UK has rolled out the Temenos Multifonds platform to support its UK investment accounting operations.

Temenos worked with Canada Life UK to support specific functionality for the UK market, including support for UK SORP, UK tax, Solvency II and unique company reporting requirements. Since implementation, the firm has migrated over 800 funds in a single weekend and will administer more than £40 billion of assets on the Temenos platform.

The roll-out will also consolidate Canada Life’s UK and Canadian books of business, totalling $160 billion in assets onto a single global fund accounting platform.

Daniel Shaughnessy, operations and process improvement director of Canada Life UK, said: “The move to Temenos Multifonds frees us from legacy constraints to accelerate our digital transformation and increase operational efficiency.”

Oded Weiss, managing director of Temenos Multifonds, added: “Canada Life UK is a major player in the UK pensions and life market, and we congratulate them on this successful go-live with Temenos Multifonds. Our close collaboration delivered a smooth implementation and a fund administration platform specifically designed for the UK life market.”

Earlier this month, Slovakia’s Tatra banka announced that it had also chosen Temenos Multifonds to administer its fund accounting and investor servicing capability. Through the implementation, the bank will replace its back-end systems for Tatra Asset Management and its pension funds company DDS TB.