Tech Mahindra Signs UBS Fund Services As First Client For New Platform

Tech Mahindra, a data services provider for the financial services industry, has signed a five-year agreement with UBS Fund Services Luxembourg as the first client for its new platform, Tech Mahindra Managed Data Services.

Tech Mahindra will provide fully managed service across four major areas of data management: 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.

“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,” says Jonathan Clark, head of Financial Services, Tech Mahindra.