Page 7 - FundTech Spring 2019
P. 7


                       DIGITAL ADVISER

                       DIGITAL FINANCIAL ADVISER    providers. In March 2018, Betterment
                       Betterment is to add the first mutual   launched its Flexible Portfolio service,
                       funds to its platform. The firm,   which allows advisers to adjust the
                       widely acknowledged as the largest   asset weights of the funds offered in its
                       independent digital adviser, has hitherto   Core Portfolio.
                       restricted its service to ETFs.   It has also added a number of
                        The deal to include mutual funds   model portfolios from fund managers
                       from US-based smart beta specialist   including BlackRock Target Income,
                       Dimensional Fund Advisors (DFA) is   Goldman Sachs Smart Beta and   AXIOMA ACQUIRED
                       expected to be completed sometime in   Vanguard.            DEUTSCHE BORSE PAYS $850M
                       the third quarter. The funds will only be   Analysts have welcomed the move as
                       available to advisers approved by DFA.  positive for both Betterment and DFA in   Deutsche Börse has acquired
                        According to Betterment chief   terms of exposure to a greater number   cloud-based risk and portfolio
                       executive Jon Stein, the partnership is   of advisers, although it may involve   management software firm
                       part of an ongoing effort to enhance its   significant development work to add   Axioma in a deal worth $850
                       offering by reaching out to various fund   mutual funds to Betterment’s platform.   million (€755 million).
                                                                                    The German execution venue
                       ACCOUNTING TECHNOLOGY                                       is intending to combine the
                       CANADA LIFE SELECTS MULTIFONDS PLATFORM                     software with its STOXX and DAX
                                                                                   index businesses.
                                                                                    The new business will be led by
                                                                                   current Axioma chief executive
                       INSURER CANADA LIFE has chosen   “THIS WILL ALLOW           Sebastian Ceria.
                       the Multifonds Global Accounting   US TO MOVE FROM           Deutsche Börse and Axioma
                       platform on which to consolidate all of                     have had a working relationship
                       the investment assets for its UK and   OUR CURRENT          since 2011 and have jointly
                       Canadian businesses.         LEGACY SYSTEM                  developed products in the past
                        In doing so, Canada Life will migrate   ON TO A SINGLE,    such as factor indices and ETF
                       more than 700 funds in more than                            products. The new entity will
                       2,000 share classes from its current   SCALABLE PLATFORM    provide buy-side intelligence
                       legacy ICON system to the new   WITH INTEGRATED             and analytics through an end-
                       Multifonds platform, which is operated   WORKFLOW           to-end platform, according to
                       by Temenos.                                                 the companies.
                        “This new partnership with Temenos   AND EXCEPTION          “This transaction is a step
                       will allow us to move from our current   MANAGEMENT.”       change for our pre-trading
                       legacy system and surrounding                               business and fully in line with
                       technologies on to a single, scalable   West Life, adopted the Multifonds   our Roadmap 2020 strategy,
                       Multifonds platform, with integrated   platform in 2017.    which besides organic growth,
                       workflow and exception management,”   A further extension of this relationship   builds on programmatic M&A
                       said Daniel Shaughnessy, head of   is a welcome boost for Temenos, which    and new technologies,” said
                             qui alit autatamet aut prestias
                       investment financial services at   acquired the Multifonds business   Deutsche Borse chief executive
                       Canada Life                  in 2015. It also announced a new   Theodor Weimer.
                            ius. Et ese sequi ne re voloribus
                        “This helps us to deliver positive   partnership with Bloomberg earlier this   Ceria, who founded Axioma,
                            venimus velest, to cus. Ucienim.
                       outcomes for our customers in terms of   year  to offer its fund administration   predicted “near-term revenue
                       levels of service and product costs.”  and accounting platform to buy-side   synergies” and future growth.
                        Canada Life’s parent company, Great   users, including asset managers.

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