Tech Mahindra has signed a 5-year managed services deal with UBS Fund Services.
Tech Mahindra Managed Data Services (MDS), a new platform, is designed to support asset managers, wealth managers, investment banks, custodians and administrators.
Tech Mahindra will provide managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
Tech Mahindra MDS supports 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.
“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,” said Navin Kumar, Operations Head for Managed Data Services, Tech Mahindra.