Global financial services firm Waystone opened its first India office in Mumbai on Monday. The Dublin-based firm provides institutional governance, administration, risk, and compliance services to global asset management companies.
The company said that the Mumbai office will be an integral part of its global operations.
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“Having a global back-office function in Mumbai, we will provide clients and investors with consistent operating models backed by strong governance and time zone support for our teams located at various locations worldwide. We will leverage the impressive local talent pool to further strengthen our capabilities worldwide,” said Sanjiv Sawhney, group CEO, Waystone.
The company said it plans to employ over 200 people in Mumbai by the first half of 2025.
The global back-office in India, according to the company, has several advantages, including access to a local talent pool, creation of consistent operating models, and time zone support for its global teams.
The Mumbai office will initially support operations in the UK, Ireland, Luxembourg, and the US.
The company first entered India in October 2023 through the acquisition of the LFS division of Link Group.
“As part of the acquisition, we got a team in India which had around 145 people. And frankly, one of the reasons for us doing that acquisition was also the India presence, because we were certain that as we grew as a bigger business, we would be able to leverage that India footprint much more effectively,” Sawhney said.
“(This team) supports only one of our domiciles for one of our businesses. The objective is to have a support team here for all of our domiciles and for all of the businesses,” he added.
First Published: Oct 01 2024 | 5:29 PM IST
