The new deal extends the banking software company’s existing investor servicing contract and supports Northern Trust’s continued focus on providing market-leading solutions and maximising operational efficiencies for its clients.

The Temenos Multifonds Global Investor platform will support a major migration of funds acquired through Northern Trust’s acquisition of UBS Asset Management’s fund servicing units in Luxembourg.

Following this purchase, Northern Trust was established as a top 10, asset-servicing provider in terms of assets under administration in Luxembourg.

“At Northern Trust, we are committed to evolving our services and solutions to best support our clients’ requirements,” said Toby Glaysher, head of global fund services, international at Northern Trust.

“Investing in innovative, flexible and modern technologies and working with key partners such as Temenos is part of this strategy.

“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. 

“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.”

Oded Weiss, managing director at Temenos Multifonds (pictured above), added: “Third-party administrators are increasingly recognising both the need and urgency to digitally transform their businesses, to become more efficient, more competitive and increase scale.

“We are proud to be an important part of Northern Trust’s strategic transfer agency programme.

“To support [it] in [its] move away from legacy platforms to Temenos Global Investor to help [it] achieve [its] growth ambitions.”