SBI Mutual Fund goes live with Intellect GUB

CHENNAI, INDIA: SBI Mutual Fund, India’s largest bank sponsored mutual fund, today announced that it has successfully implemented Intellect GUB. Implemented by Laser SoftInfosystems Ltd. (a wholly-owned subsidiary of Polaris Software Lab Limited), this deployment would run on a fully integrated front-mid-back office fund management solution available on the latest and superior technology platform.

SBI Funds Management (SBIFM) has migrated its portfolio of around USD 8.2 billion to Intellect GUB and will gain the double benefits of higher throughputs by reduced manual interventions and significantly better control in a dynamic regulatory environment, said a press release.

Intellect Mutual is an integrated application comprising front, middle and back office operations of a fund house and is designed for all types of Asset Management Companies.

Subhojit Roy, vice president (IT), SBI Funds Management said, “We are a large fund house with 6 million investors, managing large AUM under different asset classes. We chose Intellect Mutual on account of better technology platform and advantages of an integrated solution for the entire fund management.”

At SBIFM, Intellect Mutual is replacing four different applications viz. back office and fund accounting system, front office system, cash management system and risk analytics that were of different technology platforms and supported by different vendors.

It would also centralize the hardware infrastructure as part of this implementation. Being an integrated solution, Intellect Mutual eliminates the need to key in data between front and back office and also, offers greater flexibility through parametrization, added the release.