AG2R LA MONDIALE’s decision confirms the leading position of Linedata’s fund accounting and administration solution on the Luxembourg market.
Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, will help La Mondiale Europartner (LMEP), AG2R LA MONDIALE’s Luxembourg-based life insurance company, optimize the valuation process of its Luxembourg Fonds Internes Dedies (FID) using Linedata Chorus solution. Designed specifically for the fund accounting and administration of institutional collective portfolios, Linedata Chorus will enable La Mondiale Europartner to increase its automation capability, maximizing its ability to handle large volumes, and therefore innovate by providing daily valuations, giving it an edge in a highly competitive market.
A groundbreaking life insurance company established more than 30 years ago in Luxembourg, LMEP develops robust and innovative life insurance solutions for high net worth individuals. LMEP is recognized for its expertise with FID, the administration of which can be complex, allocating investments to dedicated internal funds, including related controls, reconciliations and Net Asset Value calculation for each portfolio, which are then used to revalue the investor’s insurance contract.
By partnering with Linedata, LMEP has been able to take advantage of a particularly buoyant Luxembourg market and exceptional inflows, utilizing Linedata Chorus to provide full automation of its daily FID valuation process. It is this end-to-end automation, to execute the valuation process for internal funds, that has provided LMEP with drastically increased scalability and reduced operational risk.
“With Linedata Chorus, the end user just has to oversee the process, using the visual dashboards that are updated in real time, and address any exceptions,” said Christophe Darreau, Head of Operations at La Mondiale Europartner. A series of automated workflows: process events and transactions; conduct reconciliations; apply pre- and post-NAV calculation controls; verify investment constraints and regulatory ratios; and update the valuations and cash balances on insurance contracts. Instead of interrupting the process, the detection of any anomalies triggers an exception workflow cycle, which is the only time oversight teams need to intervene.
“Linedata is a long term strategic partner with whom we have developed a real partnership. As a preferred partner, for this project we took a collaborative approach with our teams. Linedata’s geographical proximity, being located in Luxembourg, and the experience of its teams ensured the various phases of the project ran smoothly,” explained Laurent Gérard, project lead at LMEP. “Using SaaS, Linedata Chorus proved extremely flexible in responding to our requirements in terms of automation, security and performance. The implementation of this solution, in combination with our continuous improvement plan based on targeted developments, has allowed us to maximize our ability to handle large volumes and our ability to predict volume increases,” added Laurent Gérard.
“We are delighted to be able to continue our close and collaborative relationship with La Mondiale Europartner, a leader within Luxembourg and Europe. The success of this project demonstrates our ability to constantly adapt and innovate in the fund administration and accounting arena to enable our clients meet their challenges both now and in the future,” said Franck Thomas, Head of Fund Services, Europe, at Linedata.
Linedata is a global solutions provider dedicated to the investment management and credit community, with close to 1250 employees in 20 offices across the globe. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and flexible mission-critical software and services that help its clients grow in over 50 countries. As a pioneer for over 15 years with the set-up of SaaS infrastructure for the financial industry, Linedata remains committed to this model throughout the global financial community and for its full range of products. Headquartered in France, Linedata achieved revenues of EUR 166.8 million in 2016. This company is listed on Euronext Paris compartment B FR0004156297-LIN – Reuters LDSV.LN – Bloomberg LIN:FP.
AG2R LA MONDIALE, a leading life and asset insurance group in France, offers a full range of products and services for retirement, savings, personal protection and health. As a key player operating in the personal insurance market in all regions, the Group insures individuals, companies and branches to protect health, safeguard assets and income, provide for accidents and prepare for retirement. AG2R LA MONDIALE is a company that combines two forms of governance (co-determination and mutualism), and boasts a unique insurance model that closely links profits, solidarity, performance and social commitment. Each year, the Group dedicates more than €100 million to help vulnerable populations and support individual and collective initiatives.
Established over 30 years ago in Luxembourg and in Milan since 1997, La Mondiale Europartner specialises in developing robust and innovative life insurance solutions for high net worth individuals. Its experience in developing wealth management solutions at the European level makes the company the ideal solution for private clients in many European Economic Area countries: Belgium, Spain, France, Italy, Luxembourg, United Kingdom and Portugal.