IT firm iGATE today said it has secured a multi-year contract from UBS AG to provide financial instrument data services worldwide for the global financial services firm.

No financial details were disclosed.

Under the terms of the contract, UBS will migrate towards a globally managed service for instrument reference data mastering across all asset classes, operated by iGate, the company said in a statement.

UBS currently has a landscape with multiple technology systems and operations across multiple vendors supporting instrument reference data management.

iGate will consolidate multiple technology systems onto the Markit Enterprise Data Management platform and transform the operations using its iTOPS framework, it said.

This initiative will have significant benefits for UBS including improved standardisation, reduced risk, operational complexity and cost, it added.

iGate has partnered with Markit to drive standardisation in the industry by providing a similar managed service to other institutions.

“As part of our industrialisation efforts, we are simplifying our processes to increase effectiveness and reduce operational risk and cost. Moving towards a managed service model for the supply of financial instrument data is a good example of industrialisation in action at UBS,” UBS Managing Director Adrian Boyd said.

With presence across major financial centres worldwide, UBS has offices in over 50 countries. It is listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

Of its 62,000 employees globally, about 35 per cent are located in the America, 36 per cent in Switzerland, 17 per cent in the rest of Europe, West Asia East and Africa and 12 per cent in Asia Pacific.

“This is a landmark initiative in financial services with an increasing number of financial institutions seeking to consolidate and standardise their instrument data operations and IT across various business units,” iGate Executive Vice President and Head of EMEA region Derek Kemp said.

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