Mutual Fund Industry’s Shared Services Initiative

In an expansion mode, MF Utilities has opened its first regional office at Bengaluru.

BENGALURU, Fev 11 (The CONNECT) – In an expansion mode, MF Utilities has opened its first regional office at Bengaluru. This expansion has been carried out with the view to reach out and introduce MFU to MFDs and RIAs in the region and increase the overall partner numbers from South India.

MF Utilities India Pvt Ltd (MFUI) is the Mutual Fund Industry’s Shared Services initiative formed by the Asset Management Companies (AMCs) of SEBI-registered Mutual Funds, with the prime objective to aggregate Mutual Fund transactions from multiple sources and transmit them to the Transfer Agent, thereby bringing in operational efficiency by reducing multiplicity and duplication of activities.

MF Utilities expects to witness a 4% to 6% increase in its assets under service (AuS), 10-12% increase in turnover, and multifold increase in transaction numbers, owing to the start of the office in Bengaluru.

Ganesh Ram, MD & CEO, MF Utilities, said with Bengaluru being the IT hub, the populace comprises a large portion of millennials and Gen Z, who are well-versed with digitized financial products. Additionally, Karnataka is the fourth-largest state for the mutual fund industry in the country, with many players located there.

MF Utilities’ Bengaluru office will have staff overlooking business development and operations to help facilitate the platform.

The platform launched the MFU Box in November last year, a comprehensive state-of-the-art technology-driven platform made with a view of using digitization to ease processes that will enhance the overall performance of the industry players. MFU’s platform is designed to help a large number of MFDs and RIAs and provides ease of onboarding and transacting with a faster turnaround time with the use of state-of-the-art digital infrastructure.