KFin Technologies Limited (KFintech), a global leader in Fund Administration solutions, on Thursday announced the signing of a high value multi-year Investment Management Solution (IMS) contract with LIC Pension Fund Limited (LICPFL), the company announced through an exchange filing.
LICPFL, operating under the aegis of the Pension Fund Regulatory and Development Authority (PFRDA) as one of India's leading pension fund managers, has chosen KFintech to design, create, and administer the investment management solution to provide enhanced customer service, security, compliance, and to be future-ready for the scale LICPFL anticipates achieving.
LICPFL initiated a Request for Proposal (RFP) process in 2023, seeking a comprehensive endto-end IMS solution. The RFP encompassed wide spectrum of requirements, spanning the architecture, deployment, and ongoing maintenance of the IMS solution.
The scope included the design and delivery of fit-for-purpose hardware, applications, supporting software, operating systems, databases, utilities, tools, managed services, and data center services, encompassing both primary and disaster recovery (DR) data center services. KFintech demonstrated its technological prowess, functional expertise, and business solutioning capabilities during the competitive bid process.
KFintech Secures Leading Role in LICPFL's End-to-End IMS Solution Proposal
KFintech's acquisition of Hexagram Fintech in February 2022 fortified its position as a global fund administrator, having demonstrated capabilities at scale and breadth in both Investor Servicing and in Investment Management & Fund Administration including Fund Accounting solutions for global asset managers. KFintech’s 'mPower' platform has become an integral component of India's pension fund landscape, serving nearly 70% of the Assets Under Management (AUM) across various pension funds. KFintech has a track record of serving over 48 clients globally, and its IMS solution is functionally mature, supporting complex processes across various investment management institutions.
mPower: Innovating with Low-Code Microservices for Exceptional Efficiency
mPower platform is built on a nimble low-code microservices architecture with a highly scalable database architecture housed in a Tier 4 data center. The platform delivers across multi-asset classes, multi-currencies, multi-geography fund structures, optimizing the business functions by adopting a 'management by exception' approach. mPower achieves straight-through automation for over 98% of the tasks, leaving human intervention only for minimal exceptions.
Raghupal Singh, MD & CEO of LIC Pension Fund, stated, “Migration to state of art cutting age technology platform, as provided by KFintech, will be a landmark in our journey with added advantage of providing better investment management efficiencies and investment yields while empowering fund managers to have dynamic control on all operations. The new system will be fully integrated to external market operators, stock exchange, rating agencies and regulator.
Sreekanth Nadella, MD & CEO of KFintech, stated, "We are honored to have been entrusted with the responsibility to transform the mission-critical investment management solutions function of LIC Pension Fund Limited. LICPFL’s choice to appoint KFintech as its transformation partner validates the outcomes we delivered in the industry, our dedication to business excellence, and our firm commitment to augment cutting-edge solutions with the quickest go-to-market turnaround times. '