National Bank of Canada is upgrading the tech behind its fund accounting and exchange-traded fund administration business, selecting Multifonds to consolidate operations on a single platform.
The Montreal-based bank will use Multifonds Global Accounting to replace siloed systems and bring fund and ETF accounting into one environment. The move is intended to improve operational resilience, speed up product onboarding and give National Bank greater oversight as fund structures become more complex and ETF volumes grow.
Outside of the Big Five banks, National Bank is one of Canada’s most important banks and has a significant presence in wealth management and institutional services. Its administration business supports fund manufacturers across functions including fund accounting, transfer agency, basket creation, financial statements and tax support.
The selection followed an evaluation and proof-of-concept process focused on Multifonds’ ability to handle complex, multi-asset operations. The platform supports more than 40,000 funds across over 35 jurisdictions, according to the company.
Fund accounting sits largely out of sight for investors, but it is critical to the daily operation of investment products. Administrators must value holdings, calculate net asset values, process distributions and maintain accurate records—work that becomes more demanding as product lineups and trading volumes expand.
Multifonds says its platform offers real-time processing, exception-driven workflows and more than 350 configurable controls. Those features are designed to automate routine work while directing staff attention to transactions or valuations that require review.
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