Global financial technology solutions and services provider, 3i Infotech, today said that it is continuing its expansion in the high growth Mutual Funds sector within the GCC region, with the announcement of National Investment Funds Company (NIFCO), Oman selecting the MFund™ suite to streamline its various investment management operations.
NIFCO is the largest asset management company in the Sultanate of Oman, with investments primarily in the GCC & expanding to the global markets, promoting mutual funds, private equity funds and real estate funds. The major shareholders of NIFCO are State General Reserve Fund of Oman, Public Authority for Social Insurance of Oman and other Omani Pension Funds.
NIFCO has an enviable track record with US$ 550 million of Assets under Management (AUM) as on 31st of March 2008, a growth of over 55% when compared to US$ 360 million as on 31st of March 2007.
NIFCO will deploy 3i Infotech's MFund™ suite of end-to-end investment accounting solution. Additionally, 3i Infotech will also provide NIFCO with a standard financial accounting solution Orion™ that will integrate into the core investment solution.
Commenting on the tie-up, Sheikh Rashid Al Sadi, General Manager, NIFCO said, “NIFCO is undergoing rapid expansion in the region, which has in turn led to operational challenges. In the last five years, we have witnessed a manifold increase in our transaction volumes and assets under management, coupled with the rise of compliances and regulations. We realized that we need technology to overcome these challenges and that technology alone can bring us at par with global players. We are happy to partner with 3i Infotech and are convinced that the MFund™ solution will help us grow our business efficiently and exponentially.”
According to Akshay Kothari, Assistant General Manager, NIFCO: “We appointed Ernst & Young as our technology consultants who helped us select 3i Infotech from among 12 international IT solutions providers because of their end-to-end service provider capability in the Investment Management Solutions globally. We require a scalable IT solution to manage our growth and we found 3i Infotech’s MFund™ suite best equipped to deliver our requirements.”
Hari Padmanabhan, Deputy Managing Director, 3i Infotech said: “At 3i Infotech we understand the challenges posed by the dynamic nature of mutual fund business and our products are designed to address them head-on. The mutual fund industry in the region is growing at a break-neck speed and this kind of growth can only be managed through a robust IT solution.”
Ashish D Dass, Vice President & Business Head - ERP & Investment Management Group, 3i Infotech commented “We are pleased to partner with Oman’s leading investment house NIFCO. The fact that 3i Infotech’s MFund™ was chosen over 10 international competitors itself is testimony of our offering. MFund™ will take care of the entire chain of operations at NIFCO, encompassing fund accounting, valuation, investment management, investor services, dealing, pre-dealing, intent generation and order management.”
About 3i Infotech Limited
3i Infotech (www.3i-infotech.com) provides a range of information technology solutions for insurance, banking & finance, Capital Markets, Mutual Funds, e-Governance, manufacturing, and retail & distribution. The company is SEI CMMI Level 5-compliant for its software business and ISO 9001:2000-certified for its Infrastructure Services and Business Process Outsourcing Operations.
Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutions. 3i Infotech has a presence across 5 continents and serves customers in 50 countries.
For almost two decades, 3i Infotech has been serving the Middle East and Africa region. 3i Infotech's list of more than 500 customers includes those in the GCC countries, Africa, Mauritius, the Central Asian Republics and the Mediterranean countries.
