Tech mahindra
Tech mahindra

UBS Fund Services, Luxembourg Signs for Tech Mahindra’s New Managed Data Services Platform

London - July 23, 2013 –Tech Mahindra Ltd. a specialist provider of connected solutions enabling future digital enterprises, today announced, that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term.

 

Under the agreement Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data. Tech Mahindra MDS supports the complete data lifecycle of sourcing, cleansing, enrichment and distribution to multiple locations. It also provides ‘golden copy’ creation to underpin a centralized global operating model. The platform supports multiple pricing points across all time zones, markets and asset types.

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”, says Pierre-Antoine Boulat, Chief Executive Officer, UBS FSL. “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.”

Many of the functions that we will perform are continuously repeated not only within organizations 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 commoditized function” says Navin Kumar, Operations Head for Managed Data Services, Tech Mahindra.

Standard industry wisdom is that the total cost of ownership of market data is between three and five times the licence fees. From our own experience, we know that ratio can be much higher and is in some cases as much as ten times the license fee. The challenge for investment firms is pinpointing these costs, as the information is usually lost across processes, jurisdictions and entities” says Jonathan Clark, Head of Financial Services, Tech Mahindra.

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.

About UBS Fund Services

UBS Fund Services is part of UBS Global Asset Management. UBS Fund Services is a global fund administrator delivering an extensive range of professional services. Our administration centers are located in Canada, Cayman Islands, Ireland, Jersey, Luxembourg, Singapore, Switzerland and the US with additional business development offices in Hong Kong and the UK.

We provide all aspects of administration for a significant number of external funds as well as for the UBS fund range.

For Futher Details

Oliver Gadney, Media Relations, USB, T: +442075689982

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Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. We are a USD 4.4 billion company with 117,600+ professionals across 90 countries, helping over 840 global customers including Fortune 500 companies. Our convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is amongst the Fab 50 companies in Asia as per Forbes 2016 list.

The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.

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For further information please write to connect@techmahindra.com

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