Standard Chartered Bank India today announced the win of the fund accounting (FA) mandate for the single manager schemes of ING Mutual Fund, a vehicle of the ING Investment Management India (ING IM India), from August 2011.
ING IM India has completed over a decade in the asset management space in India and is today regarded as a unique and well established player with its single and multi-manager products across a range of asset classes. This is Standard Chartered’s first FA mandate for a mutual fund in India.
Standard Chartered has won the mandate for 15 schemes which have total assets under administration of US$230 million, with around 60 net assets under valuation (NAVs) to be generated daily. The outsourcing of fund accounting will provide ING Mutual Funds with cost reductions and a high quality service supported by cutting edge systems and the commercial benefits of a specialised service provider.
The new partnership is an extension of an existing custody relationship held by Standard Chartered Bank India, and arose from ING Mutual Fund’s decision to outsource its FA operations.
Navin Suri, Managing Director & CEO, ING Investment Management (India) Pvt Ltd, said, “Outsourcing our fund accounting services to Standard Chartered Bank has significant commercial benefits for ING IM, including improvements to our services and a greater synergy between custody and FA. We are pleased to partner with Standard Chartered Bank in this project and look forward to further developing our relationship from here.”
Dinesh Khanna, Head, Transaction Banking India & South Asia, Standard Chartered Bank, said, “Winning the ING Mutual Fund FA mandate highlights Standard Chartered’s position as a ‘one stop solution’ for the Indian Mutual Fund industry, and demonstrates that there is an appetite for providers who can offer a complete suite of products. This win will allow us to develop our offering of FA services to the real money fund industry in India, as a leading provider of Securities Services in India and Asia.”
Standard Chartered began offering custody services in India in 1995. Standard Chartered Bank India is a premium custody service provider and is able to offer a ‘one stop solution’ to provide an excellent quality of Securities Services across both custodian and fund services to Mutual Fund clients in India.
Standard Chartered offers FA services through the flagship operating model Multifonds, which is a highly established and reputed FA platform in India and globally. The Multifonds platform allows flexibility in terms of channel interface integration, ability to add new products and flexibility in report offerings and has been customised to meet local Indian requirements. Standard Chartered’s FA team has also developed a Parallel Control Framework which acts as an additional control point for FA processing, a unique offering in India.
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years.
With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for around 85,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank’s heritage and values are expressed in its brand promise, ‘Here for good’.
About ING
ING Investment Management is a top global active asset manager providing a comprehensive range of investment solutions and services to clients and partners. ING IM currently manages approximately € 387 billion assets under management (as of 31st Dec 2010). Worldwide, ING IM has over 3.300 professionals across regional lines with centres of expertise in Europe, Americas and Asia-Pacific.
ING IM is the principal asset manager of ING Group. Against the background of ING Group realising its global ambitions, ING IM has also expanded across borders and is active in over 34 countries, including some of the world’s fastest growing economies, such as China, India, Brazil and many Eastern European countries.
Source: http://www.business-standard.com/india/news/standard-chartered-bank-wins-fa-mandate-for-ing-mutual-fund/436509/
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