Tech Mahindra signs five year pact with UBS Fund Services for managed data services

NEW DELHI: Tech Mahindra has signed a five-year agreement with UBS Fund Services (Luxembourg) (UBS FSL) for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators.

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, according to a release.

“The process of managing securities data and pricing has evolved towards platform-based offerings”, says Pierre-Antoine Boulat, Chief Executive Officer, UBS FSL.

“Many of the functions that we will perform are 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.