Datacons Private Limited has been selected by the Unit Trust of Tanzania to partner it in establishment of its investor service capabilities

Unit Trust of Tanzania (much similar to the Unit Trust of India in concept) was incorporated on 19 June, 2003. Unit Trust of Tanzania (UTT) is a government sponsored institution that was established as a Trust to establish, launch and manage collective investment schemes in Tanzania. It has raised close to USD 100 million in its initial fund offering during 2005.

Datacons Private Limited is a Bangalore based software firm that specializes in software support for the investment industry. It has a sharp focus on the mutual fund industry. For the fund industry, its offerings extend to both the valuation and accounting side as well as investor services side of the business.

The order involves software support and allied consultancy services on processes to firmly establish the mutual fund industry in Tanzania. The order has been obtained against international competition like DST International and Indian competition that included Karvy Consultancy and Accys / CAMS (Computer Age Management Systems Ltd.) combine.

The order is a culmination of effort from Datacons in this line of business over the past four years. More particularly, Datacons through its wholly owned subsidiary Datacons Asia Pacific Berhad Sdn. is a significant participant in the Malaysian market in the field of investor support services with its ISS product supporting top Fund Houses in Malaysia with a cumulative investor base exceeding 200,000. The number of investors supported using the ISS product is likely to reach a half a million by the end of the next quarter. The range of activities supported by the ISS product starts from the traditional Transfer Agency business and includes distribution of mutual fund and more specifically bank distribution.

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