In other FinTech news, Foreside acquires NCS, BNY Mellon has a new global head of corporate security, and a crypto broker will be working with OTCXN.
Temenos Collaborates with Bloomberg
Banking software vendor Temenos is collaborating with Bloomberg to deliver contingency Net Asset Value (NAV) calculations to buy-side institutions via the Bloomberg terminal.
Temenos is making its Multifonds Global Accounting product accessible via the Bloomberg Terminal, so that it will operates with data, analytics, and other investment workflow services from Bloomberg, officials say.
The combined offerings will allow 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,” officials say.
“As part of this global collaboration — initially focused in the U.S. and Europe —Bloomberg will build on its strong and trusted relationships within the buy-side industry to provide sales, marketing, and services support,” officials say. The collaboration will open up a new business opportunity for Temenos of 40,000 buy-side firms, of which the-thirds are in North America.
NAV calculations can be impacted by errors and outages with detrimental results for a firm’s fund operations, performance and reputation, officials say.
“Delivered via Bloomberg, this innovative solution delivers shadow NAV oversight, with no need for onsite infrastructure or associated overhead. This gives asset managers and other buy-side institutions a scalable and efficient way to validate calculations provided by third-party fund administrators, making the most of Bloomberg’s buy-side reach and Temenos’ fund accounting software and expertise,” officials add. This offering is complementary to the Temenos Fund Administration product being made available to a new set of addressable customers, including buy-side institutions that have already outsourced their back-office operations to fund administrators.
Temenos AG is headquartered in Geneva
Foreside Acquires NCS Regulatory Compliance
Foreside Financial Group, LLC, a provider of distribution and compliance services to clients in the global asset management industry, reports its acquisition of NCS Regulatory Compliance, a provider of outsourced compliance and regulatory solutions for registered investment advisers and broker-dealers.
The combination of the two companies provides a “full-suite of best-in-class outsourcing solutions to companies across the financial services industry, as clients increasingly demand a one-stop shop for their business processes, including broker-dealer solutions, consulting services and adviser compliance,” Foreside says in a statement. “Further, the acquisition will expand Foreside’s scope through increased market share, proprietary technology, enhanced regulatory and SEC compliance services, senior-level leadership, and a larger geographic footprint, which includes offices in New York City.”
NCS provides more 1,800 clients in the U.S. with “FINRA/SEC and state registrations, ongoing compliance support, annual reviews and mock audits, risk assessments, compliance manuals, FINOP services and financial accounting support and cybersecurity compliance, in addition to regulatory services,” according to the statement.
Foreside’s services include “distribution, registered representative licensing, fund chief compliance officer and treasurer services, and regulatory and compliance consulting,” per the statement.
Financial terms of the acquisition were not disclosed.
BNY Mellon Names New Global Head of Corporate Security
BNY Mellon reports that Juanita Holmes is the company’s new global head of corporate security. She will be based at 240 Greenwich St. in New York, the BNY Mellon corporate headquarters.
She will be responsible for ensuring the safety and security of BNY Mellon’s employees, assets and property globally, the custodial bank says.
“Juanita’s 30+ years of experience with the New York City Police Department will provide valuable security expertise to BNY Mellon and our employees,” Kevin McCarthy, the company’s general counsel, says in a statement.
She joins from the New York City Police Department, where she was one of its highest ranking African-American women, and most recently served as the assistant chief, commanding officer of patrol, borough Queens north, according to a BNY Mellon statement.
At the NYPD, she was “responsible for managing crime prevention and reduction, community concerns, quality-of-life issues and possible terrorist threats for a 51-square mile area of Queens with 1.4 million residents,” per the statement, which notes that her area of command included LaGuardia Airport, CitiField Sports Stadium, and Flushing Meadow Park, site of the annual U.S. Open tennis tournament.
As of September 30, 2018, BNY Mellon tallied $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management.
OTCXN Signs International Crypto Broker OSL
OTCXN, a blockchain-enabled capital markets infrastructure company, reports that OSL, an Asia-Pacific digital asset brokerage company, has joined the OTCXN network.
OSL is now a core liquidity provider in cryptocurrencies for its institutional client base, OTCXN says.
“We look forward to working closely with OSL to serve our mutual clients,” Rosario M. Ingargiola, OTCXN’s CEO and founder, says in a statement.
OSL tallies clients in more than 50 countries worldwide, including financial institutions, family offices and high-net-worth individuals.
OTCXN spotlights its use of asset digitization, proprietary blockchain technology, real-time collateral management and “an array of institutional trading platforms to organize global liquidity and make it tradable via a single account at a custodian on the network.”