#Singapore #Asset Management #DBS Bank #Multifonds

Multifonds Partners with DBS to Automate Fund Accounting

In a significant move for the asset management sector, Multifonds has officially announced the successful implementation of its Fund Accounting Platform for DBS, Southeast Asia's largest banking institution by assets. This strategic collaboration aims to boost operational efficiency and scalability across the region's dynamic financial markets, enhancing service quality for stakeholders involved.

The Implementation Journey

Multifonds' integration into DBS's operations was achieved in just fifteen months, thanks to the collaborative efforts of both teams. The platform was launched simultaneously across major financial hubs including Singapore, Hong Kong SAR, and Indonesia, marking a milestone in enhancing fund accounting capabilities.

The Multifonds solution serves both traditional and alternative funds, allowing DBS to manage these investments on a unified platform. By bringing together asset servicing, position keeping, valuation, and accounting functions, this platform promises to streamline DBS’s entire operational framework, enabling a higher rate of Straight-Through Processing (STP).

Advancements in Operational Efficiency

DBS stands out as the first bank in Asia to adopt the latest generation of the Multifonds platform, equipping them with robust tools such as the Workflow and Exception Manager (WEM). This integration simplifies the Net Asset Value (NAV) process through advanced hooks with their Fund Accounting and Transfer Agency systems. Such enhancements are critical in an industry where operational agility directly correlates with competitive edge and client satisfaction.

The rigorous selection process undertaken by DBS highlighted the platform's unique capacity to handle the distinct requirements of various markets. Multifonds' extensive multi-asset coverage, including complex derivatives across equity, foreign exchange (FX), interest rates (IR), and credit, also supports an extensive selection of fund structures and investment mandates. Features such as advanced Profit and Loss (P&L) allocation by share class or master segment structure with rebate management have proven instrumental in addressing the diverse needs of DBS.

Commitment to Regulatory Compliance

Moreover, the partnership extends beyond mere operational capabilities. Multifonds and DBS are jointly working on specific regulatory reports tailored for Indonesia, ensuring that all compliance obligations are met in real-time. This effort not only aids DBS in maintaining regulatory integrity but also serves the bank's clients by aligning financial reporting with the rapidly evolving legislative landscape.

Oded Weiss, CEO of Multifonds, expressed enthusiasm about their collaboration with DBS. He emphasized, "We are thrilled to have been selected as the fund accounting platform for such a prestigious, world-class bank. DBS has developed a strong global standing in fund servicing, and with Multifonds’ innovative technology, the bank can offer highly flexible and client-focused solutions that boast exceptional scalability and efficiency. We look forward to fortifying our partnership with DBS Securities Services while expanding functionalities to cater to the needs of other Asian markets."

The Multifonds Advantage

Multifonds positions itself as a global leader with a unique platform that encompasses fund accounting, investor servicing, and NAV oversight for various types of funds. Their commitment to technological advancement and customer service sets a high bar in the asset management landscape.

With DBS's adoption of Multifonds, the partnership symbolizes a forward-thinking approach to banking and asset management, paving the way for future growth in the region. As financial markets become increasingly interconnected and complex, innovations like the Multifonds platform are set to redefine how institutions can leverage technology for improved operational performance and client satisfaction. To learn more about Multifonds and their offerings, visit their official website.