Multifonds a leader in single-platform multi-jurisdictional investment fund software, today announced that International Financial Services Limited (IFS) has successfully implemented Multifonds' Fund Accounting (MFFA) platform and has begun migrating client funds.
IFS is a leading management company incorporated in Mauritius and licensed by that country's Financial Services Commission (FSC) to provide advisory and management services for international businesses. IFS services major global institutions and administers funds for global asset managers such as BlackRock, Invesco PowerShares, New York Life, TATA and Birla Sunlife.
IFS chose Multifonds after a competitive external selection process that included a rigorous proof of concept in Mauritius. The project took just six months to implement from start to finish, and was supported by a small on-site team from Multifonds.
To date, IFS has migrated most of its daily funds onto the new Multifonds platform, and expects to complete the migration of all its weekly and monthly funds by the end of Q1 2012.
Yash Beeharee, Senior Manager at IFS commented, "Thanks to the scalability and functionality of the Multifonds platform, we now have the capacity to increase the number of funds and clients that we are able to take on and service. The Multifonds platform has enabled us to significantly improve our levels of efficiency and rationalise our processes."
Oded Weiss, CEO at Multifonds added, "We are delighted that IFS chose the Multifonds platform. We have been working very closely with them to ensure that the fund accounting process is as streamlined and efficient as possible. With so many different types of funds available today, being able to use one secure fund accounting platform saves time and associated costs."
Multifonds' back-office solution is now being used around the world by institutions handling assets totalling over US$3 trillion.
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