Nordea picks Temenos’ Multifonds for Luxembourg investor servicing activities
Nordea Investment Funds, the largest asset manager in the Nordics, has chosen Temenos’ Multifonds for its investor servicing activities in Luxembourg.
Multiple on-premise systems will be replaced with Multifonds on the cloud in a project designed to increase efficiencies, reduce risk, and digitalise operations and client interfacing.
In particular, the retrocessions engine within the Multifonds platform will be used to customise services to meet changing investor needs. It will bring flexible accrual calculation and payment functionality, as well as integrated SWIFT connectivity.
Nordea Investment Funds will use the Temenos migration tool to accelerate implementation time.
Markku Kotisalo, Head of Fund Administration, Nordea Investment Funds, says: “Temenos’ open technology, built on cloud-native components, will allow us to bring new services to market faster to enhance the client experience and scale efficiently to support increased volumes.”
In Luxembourg, Nordea Investment Funds provides in-house administration for more €100 billion in Assets Under Management (AUM).
According to the Association of the Luxembourg Fund Industry (ALFI), the Luxembourg market has continued to show strong AUM growth of over 20% in the last year. Temenos is well entrenched in the market, claiming nine of the top 15 transfer agents in Luxembourg as customers.
Nordea is a long-standing customer of Temenos, most notably since 2015 within a long-running project to implement the T24 core banking system for customer loans, deposits and transaction accounts across all the Nordic countries. In addition, Nordea Bank Luxembourg went live with Temenos’ front office Wealthsuite in early 2016 after a three-year project.