Temenos and Bloomberg on same side for buy-side action
Temenos is partnering with Bloomberg to deliver contingency net asset value (NAV) calculations to buy-side institutions.
News, news!
The company will make its Temenos Multifonds Global Accounting product accessible via the Bloomberg Terminal, so it operates with data, analytics, and other investment workflow services Bloomberg offers.
According to the firms, this offering allows asset managers to generate NAV estimates independent of and in parallel to their fund administrators, enabling “accurate daily oversight”, and ensuring continuity of operations in the event of outages.
“By combining Temenos’ distinctive accounting capabilities with Bloomberg’s data and services, we will provide asset managers with a more comprehensive investment lifecycle workflow, support their relationships with fund administrators, and pave the way to deliver additional innovative solutions to buy-side institutions in the future,” says Jean-Paul Zammitt, global head of financial products, Bloomberg.
“We will offer an easy, plug and play solution with a low TCO, starting with NAV oversight and contingency through Bloomberg’s Terminal customers, with a view to unlocking further opportunities into the front and middle office over time,” adds Max Chuard, chief financial officer and chief operating officer, Temenos.
Initially focused in the US and Europe, Bloomberg hopes to build relationships within the buy-side industry to provide sales, marketing, and services support. Temenos hopes this opens up new business opportunities.
NAV calculations can be impacted by errors and outages with detrimental results for a firm’s fund operations, performance and reputation. Delivered via Bloomberg, this solution delivers shadow NAV oversight, with no need for onsite infrastructure or associated overhead.
The firms say this gives asset managers and other buy-side institutions a way to validate calculations provided by third-party fund administrators, combining Bloomberg’s buy-side reach and Temenos’ fund accounting software.
