Tech Mahindra in 5-year deal with UBS Fund Services
23 Jul 2013
Tech Mahindra Ltd has signed an agreement with Luxembourg-based UBS Fund Services Ltd for providing managed data services for asset, wealth and investment banking.
Under the agreement, announced today, Tech Mahindra, a specialist provider of connected solutions enabling future digital enterprises, will provide UBS FSL with a fully managed service across four major areas of data management.
As the first client for its new platform, Managed Data Services (MDS), Tech Mahindra will be the custodian and administrator of UBS's data management for an initial five-year term, the company said in a release.
Tech Mahindra said its MDS supports the complete data lifecycle of sourcing, cleansing, enrichment and distribution to multiple locations. It also provides 'golden copy' creation to underpin a centralised global operating model.
The platform supports multiple pricing points across all time zones, markets and asset types, it added.
''The process of managing securities data and pricing has evolved towards platform-based offerings. Forward-thinking financial institutions are increasingly looking to acquire those services from best-in-class service providers,'' Pierre-Antoine Boulat, chief executive of UBS FSL, said
''By leveraging the Tech Mahindra MDS platform, we can achieve substantial cost savings and process efficiencies while maintaining our focus on delivering high quality services to our fund administration clients,'' Boulat added.
"Many of the functions that we will perform are repeated not only within organisations but also across the financial markets in general. This repetition is an unnecessary cost and the industry is significantly overpaying for what should be a commoditised function," added Navin Kumar, operations head for Tech Mahindra's managed data services.
Tech Mahindra MDS offers a proven offshore facility, established connections to all the major data vendors, fully operational capability and, with UBS FSL on board, a leading global client already committed, according to the company.
