Global financial technology solutions and services provider 3i Infotech will continuing its expansion in the high growth Mutual Funds sector within the GCC region.

The company has received a firm boost in this direction with the National Investment Funds Company (Nifco), Oman, selecting the MFund suite to streamline its various investment management operations.

Nifco is the largest asset management company in Oman, with investments primarily in the GCC and expanding to the global markets, promoting mutual funds, private equity funds and real estate funds.

The major shareholders of Nifco are State General Reserve Fund of Oman, Public Authority for Social Insurance of Oman and other Omani Pension Funds.

Nifco has an enviable track record with $550 million of Assets under Management (AUM) as on March 31, 2008, a growth of over 55 per cent when compared to $360 million as on March 31, 2007.

Nifco will deploy 3i Infotech's MFund suite of end-to-end investment accounting solution.  Additionally, 3i Infotech will also provide Nifco with a standard financial accounting solution Orion that will integrate into the core investment solution.

“Nifco is undergoing rapid expansion in the region, which has in turn led to operational challenges. In the last five years, we have witnessed a manifold increase in our transaction volumes and assets under management, coupled with the rise of compliances and regulations,” said general manager, Nifco, Shakh Rashid Al SadiI.

“We realised that we need technology to overcome these challenges and that technology alone can bring us at par with global players. We are happy to partner with 3i Infotech and are convinced that the MFund solution will help us grow our business efficiently and exponentially.” – TradeArabia News Service