Sanlam and FNZ complete major digital migration

19 days ago

Sanlam Collective Investments (SCI) and FNZ, a global wealth-management platform, have announced the successful completion of a major digital migration.

Sanlam - Figure 1
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Source: Supplied. Ray Moodley, managing director of Africa at FNZ.

Approximately 66,000 investors, 118 funds and 498 Linked Investment Service Providers (LISPs) have migrated onto FNZ’s market-leading end-to-end wealth management platform.

This marks one of the largest migrations of its kind in South Africa, representing a significant milestone in the Sanlam Group’s ongoing digital transformation programme in partnership with FNZ, and is a major step forward in its Transfer Agency (TA) offering. It follows Sanlam Collective Investments’ acquisition of Absa Investments in March 2024.

Through this migration, SCI has now streamlined its operations, consolidating the investment management businesses of Sanlam Collective Investments and Absa Investments onto a single technology platform. This latest milestone involved transferring multiple legacy systems to FNZ, vastly improving adviser efficiency and reducing operational risk.

Enhanced services and benefits

The new Transfer Agency (TA) service provided through FNZ’s global wealth management platform offers numerous benefits, including a significant reduction in onboarding times for funds, LISP, and non-LISP structures.

The enhanced automation allows for a 99.37% improvement in fund onboarding time and a 96.92% improvement in investor onboarding processes.

Sanlam - Figure 2
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Additionally, the platform has introduced a new corporate cash product for SCI, facilitating large transactions seamlessly, and is now able to provide enhanced data quality through a new data quality health engine.

Sylvester Kgatla, chief executive officer at Sanlam Collective Investments, said: “The expansion of the SCI business cements our purpose of being a leading investment business and ensuring that we deliver superb returns to all our customers. The migration was a monumental task which required meticulous execution."

"The completion of this migration is testament to our ongoing commitment to enhancing our service offering, leveraging digital transformation. By partnering with FNZ, we are able to use cutting-edge technology to better serve our investors and financial advisers, ensuring a more efficient and secure investment-management process."

Ray Moodley, managing director of Africa at FNZ, commented: "We are proud to have achieved this milestone with SCI as we continue to support our partners’ long-term growth and set new standards for the wealth industry.”

“The success of this migration aligns with our purpose to open up wealth, and to help more people invest in their future on their own terms. We look forward to continuing our partnership with SCI to migrate the remaining legacy architecture to FNZ’s end-to-end wealth platform.”

The partnership serves as further evidence of FNZ's strong ongoing commitment to the African market, which is a key growth region as demand for its market-leading end-to-end wealth management platform increases. In Africa, FNZ works with more than 20 major African financial institutions across six different African countries and employs around 650 people.

Globally, FNZ now partners with more than 650 large financial institutions and over 12,000 wealth-management firms in more than 30 countries. They administer funds for over 24 million end investors and has over R27tn in assets under administration.

Sanlam and FNZ have enjoyed a successful partnership since 2015, enhancing technological capabilities and flexibility to meet customer needs.

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