Monday, May 07, 2007

Fiserv unveiled its plans to expand its Indian operations by increasing the company's headcount to 5,000 by 2009. Fiserv's Indian subsidiary Fiserv India, has recruited about 1,000 employees since its establishment in 2005. Fiserv India has been offering information management systems and services for the financial and insurance service industries. It specializes in offering various services, such as transaction processing, outsourcing, BPO, software, and systems solutions, to its parent company. Recently, the company has opened a Center of Excellence in India.

Fidelity International has expanded its offshore operations in China by setting up a back-office center in the North-Eastern port of Dalian. The facility is expected to cater to the company's mutual funds and pension business operations in Japan. The center is likely to prove competitive to the company's Indian operations (employing about 9,000 professionals).

The Securities and Exchange Board of India (SEBI), a regulator of securities markets in India, has intervened in the plans of Unit Trust of India (UTI) to acquire a BPO firm. The acquisition aimed at supporting UTI's mutual fund (UTI MF) operations. According to SEBI, an AMC is only allowed to cater fund management, portfolio management services (PMS), offshore fund management, and venture equities companies; however, AMCs are restricted to enter into any other business domains such as BPO.

Oracle is planning to establish a business services division headquartered in New York, which will cater to the financial services industry. The new division will be headed by Rajesh Hukku, the current Chairman and Managing Director of i-flex Solutions. The new division will integrate i-flex's products, such as Flexcube, Reveleus, Mantas, DayBreak, and Insure3, with Oralce's product portfolio. It will also consolidate and manage the financial services software while serving as a vehicle for future acquisitions. Other executives of i-flex who will join the management of Oracle's new division include R Ravisankar and Deepak Ghaisas who will join the team as Vice Chairmen.

1 comment:

Anonymous said...

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