Chennai, Nov 19 (IANS) Commencing its share registrar and transfer agency operations with 1.4 million customers, Sundaram BNP Paribas Fund Services said Friday it would invest Rs.60 crore in technology over the next three years.
The company, a 51:49 joint venture between city based Sundaram Finance Ltd and BNP Paribas of France, would target a market share of around eight percent in five years.
‘The company will have around Rs.20,000 crore of assets under servicing in the first year of operations and take it to Rs.80,000 crore in three years time,’ CEO Shridhar Iyer told reporters here Friday.
Presently, the segment is majorly serviced by Karvy Computer Share and Computer Age Management Services (CAMS) servicing nearly the 95 percent of the mutual fund industry.
Sundaram BNP Paribas commences business with 1.4 million customer base of Sundaram Mutual.
‘We felt it is right time to enter the segment as there is growing interest in the mutual fund industry,’ remarked T.T. Srinivasaraghavan, managing director of Sundaram Finance.
The company would also double its workforce at its two centres located here and in Madurai from over 150 employees now within 12 months.