The asset management arm of Canadian-based financial services group Manulife Financial, MFC Global Investment Management, has selected Thomson Reuters’ Portia for its investment recordkeeping requirements. The firm signed the multi-million dollar deal with a view to introducing a single book of record for the public asset component of its investment management business, says said Jacqui Allard, vice president and chief administrative officer at MFC Global Investment Management.
“We have a longstanding business relationship with Thomson Reuters. They understand our business and our people,” says Allard, explaining the reasoning behind its selection. The firm is therefore no stranger to Thomson Reuters: the Boston office of MFC Global has been using the vendor’s system for nearly 10 years.
However, this year will see the extension of the outsourced services solution across MFC Global’s operations in the US, Toronto, London and Asia via a multi-phased approach, says the vendor. Under the terms of the deal, Thomson Reuters will provide MFC Global with a range of investment operational hosted software services including data management, portfolio recordkeeping, management reporting and disaster recovery support.
Last year, the vendor integrated the investment accounting system, Portia, to DataScope Select, its global pricing and security reference data offering as part of its drive for synergies between its merged businesses. The interface allows Portia clients to use DataScope Select’s pricing and reference data for portfolio management and valuation, as well as investment accounting.