Swiss technology vendor Temenos has extended its contract with Northern Trust where it will help modernise the bank’s transfer agency technology.
Northern Trust will use the Temenos Multifonds Global Investor platform to support the migration of funds it acquired after the purchase of UBS Asset Management’s fund servicing units in Luxembourg last year.
The migration to the platform will replace the legacy platform Northern Trust’s transfer agency business had previously operated on.
“Temenos’ capacity to deliver a modern and open platform through Application Programme Interfaces (APIs) reduces our time to market for new services enhancing client service,” said Toby Glaysher, head of global fund services, international, Northern Trust.
“The Temenos Multifonds Global Investor platform will scale to support a significant increase in volumes and we look forward to our continued collaboration with Temenos Multifonds.”
The deal will allow Northern Trust to bring its satellite transfer agency functions into one core engine, where it will benefit in areas such as retrocessions procession, market integration with the National Securities Clearing Corporation (NSCC), and regulatory reporting.
Multifonds Global Investor was launched in 2012 to help traditional long-only and hedge fund administrators keep track of changing regulations and adapt their technological capabilities accordingly.
Other fund administrators signed up to the Multifonds platform include Brown Brothers Harriman, Pictet, BNP Paribas and Societe Generale.