Standard Chartered Bank India on Monday 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.
This would be 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 $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.
“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,” said Navin Suri, Managing Director & CEO, ING Investment Management 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, an unique offering in India.
