Multifonds, the fund administration software provider, and Ultumus, the SIX Group company specialising in ETF and index data technology infrastructure, have entered a strategic partnership aimed at removing the operational and technology constraints that continue to slow ETF adoption among fund administrators and asset managers.
The partnership combines Multifonds’ fund administration and transfer agency platform with Ultumus’ specialist ETF infrastructure, addressing a growing disconnect between strong ETF demand and the ability of existing operating models to support ETF primary-market workflows efficiently. As firms look to extend beyond traditional mutual fund structures into ETFs, weaknesses in legacy processes around order handling, data flow and operational coordination are increasingly exposed, according to the companies.From Multifonds’ perspective, the challenge has been enabling clients to support new ETF use cases without fragmenting their operating models or introducing parallel systems.
“ETF demand is accelerating beyond passive products into active strategies and ETF share classes of mutual funds,” Thomas Chevalier, Executive Director at Multifonds, explains to TradingTech Insight. “To support that shift, our clients need a single transfer agency platform for both mutual funds and ETFs. The connector to Ultumus’ COSMOS platform enables two-way API integration: ETF orders flow from authorised participants into Multifonds, where our clients process the order, calculate NAV and charges, and return confirmation back to COSMOS.”
The integration centres on a standardised connector between Ultumus’ COSMOS platform and the Multifonds environment, allowing ETF primary-market activity to be handled within established fund administration workflows. Rather than forcing firms to build ETF-specific infrastructure in-house, the model is intended to embed specialist ETF capabilities into platforms already widely deployed across the fund administration ecosystem.
For Ultumus, the partnership reflects a convergence of two previously distinct technology domains. “This partnership combines two complementary ecosystems: Multifonds’ transfer agency platform and client base, and our connectivity into the ETF primary market,” comments Bernie Thurston, CEO of Ultumus. “Clients can enter the ETF space quickly using existing operating models, while we provide PCF (Portfolio Composition File) calculation, distribution and access to authorised participants and market makers.”
Operationally, the two platforms maintain clear accountability across the ETF lifecycle, with responsibilities split according to trading-day and fund-processing timelines. Thurston explains how this division is structured in practice: “Responsibilities are clearly time-based. During the trading day, Ultumus handles PCF generation and connectivity with authorised participants and market makers. After cut-off, responsibility shifts to Multifonds for NAV calculation, fund validation and confirmation, which is then reflected in the ETF for the next trading day.”
Although the partnership is positioned as global, its immediate focus is on regions where ETF infrastructure remains less standardised. Structural differences between markets play a significant role in shaping where the combined solution is expected to have the greatest impact. Says Chevalier: “The US ETF market is mature and highly standardised around the DTCC, which can constrain innovation. Outside the US, markets are more fragmented. With existing clients across Canada, Europe and Asia, that’s where Multifonds and Ultumus see the greatest opportunity to add value.”While similar integrations have existed for some larger clients, the companies say the approach has now been fully productised as a repeatable, off-the-shelf offering. The partnership is positioned as a way for fund administrators to reduce time to market and operational risk as ETF conversion activity accelerates and settlement cycles continue to compress.
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