MUSCAT -- The National Investment Funds Company (Nifco) has selected MFund™ suite from global financial technology solutions and services provider 3i Infotech to streamline its various investment management operations. Nifco is the largest asset management company in Oman with investments primarily in the GCC and expanding to global markets, promoting mutual funds, private equity funds and real estate funds. The major shareholders of Nifco are the State General Reserve Fund, Public Authority for Social Insurance and other pension funds.
Nifco has an enviable track record with $ 550 million of assets under management as on March 31, a growth of over 55 per cent when compared to $ 360 million as on March 31, 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, Shaikh 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 realised 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."
Akshay Kothari, Assistant General Manager, Nifco, said: "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."
By Staff Reporter
© Oman Daily Observer 2008
