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IT services and solutions firm Tech Mahindra, 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). The financial details of the deal were not disclosed but 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.
"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. 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," said Pierre-Antoine Boulat, Chief Executive Officer, UBS FSL.
