Temenos, a Geneva-based software provider, is to extend its net asset value (NAV) tool to potentially 40,000 asset managers through a deal with Bloomberg.
Bloomberg will support the Temenos Multifonds Global Accounting service on its terminals, which gives fund managers another option for obtaining NAV calculations that are independent of the calculations they receive from fund administrators.
Temenos will use the alliance as an opportunity to gain further asset manager clients that use Bloomberg’s terminals. Of the 40,000 that the deal could link the firm with, two thirds are in North America.
Both firms indicate future collaboration and innovation between them are likely.
Max Chuard, chief financial and operating officer at Temenos, said: “We will offer a plug-and-play solution with low total cost of ownership, starting with NAV oversight and contingency with a view to unlocking further opportunities in the front and middle office over time”.
Firms use independent NAV valuation sources for verification purposes and for contingency provision in case of outages or errors at existing providers.
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