MUFG enters strategic partnership with Tata

In what represents a significant change to the superannuation administration landscape, MUFG Pension and Market Services has entered into a strategic partnership with Tata Consultancy Services.

MUFG, previously Link Market Services, has issued a joint statement in which it said the partnership would revolutionise the way superannuation and pension services are delivered “from joint product development and market expansion to strengthening due diligence process rigor and identifying key sales and product enhancement initiatives.

The companies have entered into a Memorandum of Understanding which will underpin the arrangement.

The news comes barely a month after MUFG was grilled by the Senate Economics Committee over its relationship with Cbus.

Commenting on the move, MUFG Pension & Market Services chief executive and managing director, Vivek Bhatia said that by combining his firms’ deep insights with Tata’s technology prowess they were poised to delivering ground-breaking solutions.

“This alliance with TCS represents a pivotal step for our MUFG Retirement Solutions business, which services over 130 clients globally, comprising 12.5 million members and approximately $865 billion in retirement savings,” he said.

“By combining our deep industry insights with TCS’ technological prowess, we are poised to deliver groundbreaking solutions that elevate the superannuation and pension services sector and create unparalleled value for our clients.”

The MOU outlines a comprehensive framework for cooperation between the two firms, including joint product development, market expansion opportunities and rigorous due diligence to identify key sales and product enhancement initiatives.