The major Canadian cooperative financial group is moving to a hosted investment fund accounting platform.
Desjardins Group, a major Canadian cooperative financial group, has decided to move to a new investment fund accounting platform hosted on private cloud that will help the firm with new instrument types and workflows all in a bid to improve the efficiency of Desjardins’ fund accounting department.
The platform and cloud support will be from Eagle Investment Systems, a BNY Mellon company, officials say. The Eagle ACCESS service offers a variable cost model that is intended to help clients achieve a lower total cost of ownership (TCO) via savings in software, hardware and staffing. The ACCESS service contract covers the costs of purchasing, housing and running IT hardware and software systems.
The Canadian firm Desjardins Group, founded in 1900 by Alphonse and Dorimène Desjardins, is a cooperative financial group, comprised of a network of caisses and Desjardins Business centers in Quebec and Ontario, officials say. The group includes 20 subsidiary companies in life and general insurance, securities brokerage, venture capital and asset management, many of which are active across Canada. Desjardins Group has assets of more than $260 billion.
“Desjardins decided to replace its legacy mutual fund accounting platform with a modern system to support several new initiatives and facilitate both top- and bottom-line growth,” a spokesman for Desjardins tells FTF News. “The new system is an ideal solution for Desjardins to reach the objectives of efficiently increase its volumes and asset growth while remaining up to date with the evolution of the market using new products and new regulations.”
The spokesman adds that Desjardins officials say that “the relationship with Eagle will play a central role in the growth of the business as the system will help improve profitability and efficiency. As an example, Desjardins was impressed by the Control Center, Eagle’s exception-based workflow management dashboard, which monitors daily portfolio-related activity and systematizes operational processes.”
Mal Cullen, CEO, Eagle Investment Systems
In addition, the increasing number of asset types and assets under management “was making it more challenging and time-consuming to produce net asset values (NAVs),” says Pauline Toulouse, vice president and chief operating officer (COO) for the Investment Product Operations Division at Desjardins Group.
“Investment managers are increasingly struggling to manage their workflows, which has led many to introduce manual processes and workarounds as their legacy systems strain to keep up with the volume and breadth of demands being placed on them,” says Mal Cullen, CEO at Eagle, which offers data management, investment accounting and performance measurement solutions.
A custodian bank, BNY Mellon also offers a variety of related services. It provides investment management, investment services and wealth management support for institutions and individuals. Overall, the firm has $29.5 trillion in assets under custody and/or administration and $1.7 trillion in assets under management, officials say.
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