Standard Chartered has won the mandate for 15 schemes which have total assets under administration of $230m, with around 60 net assets under valuation (NAVs) to be generated daily.
The new partnership is an extension of an existing custody relationship held by Standard Chartered Bank India, and arose from ING Mutual Fund’s decision to outsource its FA operations.
ING Investment Management (India) managing director & CEO Navin Suri said outsourcing their fund accounting services to Standard Chartered Bank has significant commercial benefits for ING IM, including improvements to their services and a greater synergy between custody and FA.
"We are pleased to partner with Standard Chartered Bank in this project and look forward to further developing our relationship from here," Suri said.
