Temenos has announced that it is acquiring Multifonds. Multifonds, out of Luxembourg, is known for its IBOR portfolio and fund accounting system and its transfer agency application. Temenos, its original name back in the 1990’s was CTW (Conquer the World), is maybe doing exactly that, now adding significant Asset Management/ Fund Accounting functionality along with T24, its core banking platform and its current Portfolio Management offering, Triple A Plus. Now Temenos not only covers most of the banking world but also now can cover core asset management servicing. The sleepy asset management business is no more. With over $100 trillion of investable assets around the globe, investing is under siege, from “baby boomers” retiring and transferring wealth, defined contribution plans moving across the globe and millennium middle class wealth seeking investment. All this money needs asset managers and all the AMs need technology to manage assets (see The Continuing Quest for $100 Trillion AuM). The old adage, that the folks who supplied the picks and the shovels during the Gold Rush, did just fine and with a lot less risk and steady cash flows. Multiple vendors are expanding their offerings cross product, cross functions and combining services to serve ever larger audiences – universal banking, wealth management and asset management. Some supplying full BPO – fund administrators (SS&C acquiring DST, Advent), SEI spinning off its technology with Arcesium to serve asset managers. Sure many AMs are thinking, well if I outsource my technology why not my full operations? There are more and more administrators, custodians and vendors who can offer any investment service you might need. Just have clients and a good investment strategy and you are off to the gold fields.