Sundaram BNP Paribas Fund Services, a joint venture between Sundaram Finance and BNP Paribas Securities Services has gone live with its registrar and transfer agency operations.
In the first phase of the expansion of the joint venture between the Chennai-based firm and BNPP SS, the newly created company will invest R60cr (€9.6m), including significant investment in technology platform, over the next three years.
Sundaram BNP Paribas Fund Services has opened two processing facilities in Chennai and Madurai and began its operations by servicing Sundaram Mutual Fund, which has 1.4m customers. Sundaram Finance and BNP Paribas Securities Services have plans to offer the full range of fund services, starting with the mutual fund industry.
Patrick Colle, CEO, BNP Paribas Securities Services said: “India is one of the fastest growing markets globally in the financial services space and is an integral part of BNP Paribas’ global growth strategy. We are confident that our partnership with Sundaram Finance is well positioned to emerge as a credible and leading fund services player in India.”
Shridhar Iyer, CEO, Sundaram BNP Paribas Fund Services said: “Our flexible technology, solid understanding of the mutual fund industry, Sundaram’s brand image as a transparent, trust worthy financial provider and BNP Paribas’ Global experience in the fund services business are clear differentiators for us to enter the market place.”
©2010 funds europe
