You could argue that no other vendor made greater strides in utilising blockchain technology than Broadridge in 2018. Broadridge’s notable achievements for using distributed ledger technology (DLT) include executing the first blockchain-based proxy vote with Santander, in collaboration with JP Morgan and Northern Trust.
Broadridge also secured two US patents to develop a blockchain technology solution for proxy voting and repo trading.
Over the past 12 months, the technology vendor was active in the M&A space, acquiring fund data platform MackayWilliams and regulatory communications provider FundAssist. Broadridge then launched a new MiFID II ex-post reporting solution for investments off the back of the FundAssist deal.
In addition, Broadridge launched a new automated asset servicing solution in October using cloud-based technology, with the aim to streamline corporate actions, dividend and coupon processing across lines.
FIS has emerged as a standout technology provider for fund administrators, particularly in the alternatives asset servicing space. This was clear when Northern Trust decided to team up with FIS on a range of new tools for private equity managers.
These included enhanced reporting and analytical tools to provide private equity firms with greater transparency into fund operations. In addition to Northern Trust, other notable users of FIS fund administration technology include MaplesFS and Centaur Fund Services.
Both Investran – FIS’ flagship solution for fund accounting – and Data Exchange, its investor portal for analytics and reporting, supports the entire investment lifecycle and automates data flow from the front-to-back office for private equity and alternative investment firms.
More recently, private equity fund administrator CSC agreed to rollout both Solutions for its Asia-Pacific business, with plans to expand the use of the technology to other offices around the globe.
Furthermore in 2018, Link Fund Solutions had also incorporated FIS’ investment operations technology to replace its core fund administration system.
SimCorp’s Dimension allows the management of fund administration and custody activities to be carried out on the same platform. The platform has been used by a number of custodians including Mizuho Trust and Banking and Nomura for their custody operations in Luxembourg.
In 2018, SimCorp expanded the Dimension platform to Dutch custodian KAS Bank, enabling it to automate back-office processes and gain access to SimCorp’s front- and middle-office functionalities.
One of its crowning achievements last year was its partnership with Societe Generale, whereby the French bank would use Dimension to power its new front-to-back office service, CrossWise.
SimCorp also introduced a number of enhancements to Dimension, most notably new alternative investments services enabling buy-side firms to handle illiquid, alternative investment types, such as private equity and real estate, alongside their traditional assets.
Most recently, SimCorp open a new business in Luxembourg in order to target global custodians and fund administrators.
Following the acquisition of Multifonds in 2015, Swiss-based vendor Temenos has expanded its fund administration capabilities, becoming the technology provider of choice for a number of high profile banks.
At the time of the acquisition, Multifonds technology was used by nine of the top 15 fund administrators, including JP Morgan, Citi, BNP Paribas and Credit Suisse. In 2018, Temenos signed a number of high-profile deals to expand its fund admin reach.
This included a multi-year agreement with Northern Trust where the bank would replace its legacy transfer agency platform with the Temenos Multifonds Global Investor platform, in order to support the migration of funds Northern Trust acquired from UBS Asset Management’s fund servicing units in Luxembourg.
In addition, in August UMB Fund Services agreed a deal with Temenos to modernise its exchange traded fund (ETF) services technology platform, and in November, Temenos partnered with South African third-party administrator, Curo Fund Services, to migrate 3,000 funds on to the Multifonds Global Accounting platform.
Most recently, Temenos collaborated with Bloomberg to make available the Multifonds Global Accounting platform to buy-side institutions, allowing asset managers to generate their own net asset value (NAV) estimates independent of, and in parallel, to their fund administrator.