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NIIT Technologies - Wealth and Asset Management BPS

Vendor Analysis

by Andy Efstathiou

published on Feb 19, 2016

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Report Overview:

This NelsonHall assessment analyzes NIIT Technologies’ offerings and capabilities in wealth and asset management services. NIIT Tech is one of a number of wealth and asset management services companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s Wealth and Asset Management BPS Vendor Assessment for NIIT Technologies is a comprehensive assessment of NIIT Tech’s wealth and asset management BPS offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Wealth and Asset Management BPS RFPs
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the support services sector.

Scope of this Report:

The report provides a comprehensive and objective analysis of NIIT Tech’s wealth and asset management BPS offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphases and new developments
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

NIIT Technologies started its wealth management BPS business in 2008 by beginning an account set-up and maintenance services relationship with a U.S. based leading asset and wealth management company (client), a customer since 1995 and a provider of investment processing services to ~200 banks and investment managers. In 2013, NIIT Tech extended into asset management BPS with the client on asset servicing and transactional processing. The client relationship includes a range of industry-specific processes, of which wealth and asset management has represented 20% to 25% of the overall contract over the years.

NIIT Technologies’ wealth and asset management BPS unit delivers services from three delivery centers:

  • Gurgaon
  • Bangalore
  • Philadelphia.

The Bangalore center provides operational backup to the Gurgaon center. NIIT Tech runs two shifts from India, which overlap and start four hours prior to opening in the U.S., ending four hours after the U.S. closes. Over time, NIIT Tech expects to expand delivery to 24 hour coverage.

NIIT Tech’s wealth and asset management BPS supports client operations in the U.S. In the near future it expects to add support for U.K. clients. 

NIIT Technologies is targeting tier 2 U.S. financial institutions with asset bases of between $10bn and $50bn, in assets under management, which are:

  • Wealth managers/family offices
  • Asset managers
  • Financial advisors
  • Retirement account administrators.

NIIT Tech’s current clients are organizations headquartered in the U.S.; its key targets are its existing IT services clients which are wealth/asset managers and broker/dealers.

NIIT Tech is looking to grow its wealth and asset management BPS business by:

  • Scaling support for existing clients, primarily customers of  asset management firm
  • Supporting the compliance efforts of clients by applying best practices across multiple tier 2 clients
  • Enhancing corporate actions services to include voluntary actions (currently only mandatory)
  • Adding settlement services for stock loan/borrow and OTC/listed derivatives
  • Creating a BPaaS from the existing client onboarding platform. Adding in functionality for latest security requirements (KYC/AML) and broker to broker account transfer
  • Cross-selling to CM clients which currently buy IT services (20 CM clients versus three existing wealth and asset management BPS clients).

Table of contents:

Table of contents:

  • Background
  • Revenue Summary
  • Key Offerings
  • Delivery Capability and Partnerships
  • Pricing and Contracts
  • Platforms and Intellectual Property
  • Target Markets
  • Strategy
  • Strengths and Challenges
  • Strengths
  • Challenges
  • Outlook

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