The judges picked Multifonds in this category, building on its success in the same category in last year’s Custody Risk European Awards.
Recognising that its clients are facing growing pressures, including increased regulatory and investor scrutiny in order to help them reduce operational costs and risk and make their businesses more efficient and scalable, Multifonds introduced a new Workflow and Exception Manager (WEM). A direct response to the need for increased efficiency and control, WEM is an integral part of the accounting engine, managing and identifying exceptions in ‘real time’ at every stage of the accounting process, set apart from interfaced business activity monitoring tools or spreadsheet-based monitoring mechanisms that identify exceptions post net asset value (NAV) production.
One of Multifonds’ largest global clients implemented WEM during 2013 in North America, shortening the overall duration of its daily NAV workflow by more than 20%, and costs have been reduced through decommissioning third-party tools and in-house spreadsheets.
Multifonds also believes asset managers and administrators require more transparency into investment and operational processes, and this means moving away from end-of-period reporting to a more dynamic relationship where the asset manager has a view of all intraday activities throughout the investment life cycle internally or through its third-party administrator.
In response, Multifonds has made reporting and data access significantly easier by developing a flexible data layer (data mart) for user-driven reporting and flexible data delivery to clients, removing the need for numerous layers of data warehouses and portals. The net result is that operational teams, administrators, business users and executives all have direct access to the same data, key performance indicators, queries and reports, removing the need for unnecessary reconciliation and inaccuracies between user and client queries.
In addition, Multifonds has made significant enhancements to ensure compliance with multiple tax and regulatory requirements, including International Financial Reporting Standards, and to assist its clients in meeting the challenges presented by these.
Multifonds opened a new office in Canada during 2013 to service the business’s growing North American client base, taking the company’s regional presence to three offices in total. After Luxembourg and the UK and Ireland, North America is the largest region for Multifonds in terms of assets under management on the platform, with more than $460 billion in assets under management (as at December 2013).
Oded Weiss, chief executive officer of Multifonds, says: "This award recognises our achievements in North America and is a great start to 2014. As a business centred around the needs of our clients, we are also delighted to see so many of their achievements recognised by Custody Risk.
"Our investment in the Multifondsplatform focuses on supporting our clients, who increasingly need to make their businesses more efficient and scalable against a backdrop of heightened regulatory pressure. Additionally, we see a growing convergence between traditional and alternative asset classes, and so our clients need to deliver a consistent view of data across asset classes in real time to their clients – something Multifonds makes possible through a single platform."