Canada Life has picked Temenos’ Multifonds Global Accounting platform to support its UK investment accounting operations.

Under this new agreement, Canada Life will upgrade from its legacy ICON platform migrating over 700 funds in over 2,000 unique share classes and consolidate the investment assets for the UK and Canadian business onto a single technology solution.

Multifonds Global Accounting offers specific features like multiple accounting views to simultaneously support UK SORP, UK Tax, Solvency II and Canadian LifeCo reporting requirements, as well as integrated accounting and tax ledger for calculating UK capital gains, corporation, loan relationship taxes for unit-linked Life Funds.

Temenos says its platform also allows for flexible dual pricing to support enterprise specific bids. Automated exception-based workflow to manage investment accounting operations and hierarchical dependencies within unit-linked product structures

Daniel Shaughnessy, head of investment financial services at Canada Life, saYS: “This new partnership with Temenos will allow us to move from our current legacy system and surrounding technologies onto a single, scalable platform, with integrated workflow and exception management.”

This latest partnership follows the migration two years ago of Great West Life, Canada Life’s parent company, onto Multifonds Global Accounting.

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