Multifonds announced that National Bank of Canada, one of Canada’s six systemically important banks, selected them to modernize its fund accounting operations and support the continuous growth of its ETF business. As one of Canada’s six systemically important banks, National Bank holds a significant presence in the Canadian wealth management and institutional services market. Its fund and ETF administration business supports fund managers in key operational functions, spanning fund accounting, transfer agency and record keeping, basket creation, financial statements, and tax support.
Driving Growth in the Canadian Market
Following an exhaustive evaluation process and proof-of-concept, the key factor was Multifonds’ fund accounting capabilities and its experience in supporting complex multi-asset fund operations. Supporting more than 40,000 funds across over 35 jurisdictions, the firm aims to deliver the scale, flexibility, and global expertise needed to address National Bank’s needs in the Canadian market and support its future product development ambitions. This measure allows National Bank to replace siloed systems with a centralized platform, creating a stronger foundation to reinforce operational resilience, accelerate the onboarding of new products, and deliver a more consistent service, they noted in the press release.
Thus, they highlighted, by managing fund and ETF accounting on a single platform, National Bank can reduce operational fragmentation, streamline processing, and maintain stronger oversight throughout the entire fund administration lifecycle.
Multifonds Global Accounting provides real-time processing, exception-driven workflows, and over 350 user-configurable controls, helping teams perform exception-based oversight across net asset value (NAV) calculation, valuation, and distribution processes.
Developing ETF NAV Operation Capabilities
As demand for ETFs continues to grow, National Bank is better positioned to expand its ETF net asset value (NAV) operations with greater control and responsiveness, Multifonds added. Over time, the platform reduces manual intervention in key valuation processes, improves exception monitoring, and increases the consistency of accounting records. Likewise, it enables more flexible and automated data exchange with external providers, improving the timeliness and quality of required downstream data, while seamlessly integrating capital influx activities from external portals. This helps accelerate processing cycles and optimize operational capacity as volumes increase.
This is what Nancy Paquet, Executive Vice President of Wealth Management at National Bank of Canada, comments: “This collaboration with Multifonds represents an important milestone in modernizing our technological capabilities. By adopting a platform designed to respond to the growing demands of the Canadian market, we are strengthening our operational efficiency and our ability to offer innovative solutions to our clients. This initiative will support the growth of our fund and ETF administration activities while optimizing our internal processes.”
“We are very proud to collaborate with National Bank of Canada in the implementation of a next-generation fund accounting platform. The Canadian market is distinguished by the sophistication of its fund structures, especially in the ETF space. Thanks to our flexible and scalable architecture, NBC will benefit from a solution capable of managing current complexity and, at the same time, adapting to future needs. This agreement demonstrates National Bank’s commitment to investing in top-tier technology to support its expansion and that of its clients,” concluded Oded Weiss, CEO of Multifonds.
