IT firm Tech Mahindra today said it has signed a five-year deal with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its managed data services (MDS) new platform.
No financial details were disclosed. 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 said in a statement.
MDS will support the complete data life cycle of sourcing, cleansing, enrichment and distribution to multiple locations, it added.
It will also support multiple pricing points across all time zones, markets and asset types. MDS is designed to support asset managers, wealth managers, investment banks, custodians and administrators.
"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," UBS FSL CEO Pierre-Antoine Boulat said.
By leveraging the Tech Mahindra MDS platform, UBS FSL can achieve substantial cost savings and process efficiencies while maintaining focus on delivering high quality services to its fund administration clients, he added.