Client Benefits:

• SIBOR as the single source of truth for trade date-based transactions, transaction and position reconciliation and start of day positions promoted to CRIMS for trading
• STrue “follow the sun” batches and operating model
• Better and more robust Portfolio Management functionality available to end users
• Automated pre-trade, post-trade and batch compliance monitoring
• “As of” compliance provides the ability to analyze historical data, and supports advanced compliance reporting

Client Challenges:

• Older CRD Version 9 to 213 with IBOR is essentially a brand-new system implementation.
• High Degree of customization to support complex, sophisticated needs of a global fund/asset manager.
• Middle Office provider is running two accounting platforms, a legacy of the two firms’ 2017 merger
• Poor quality in missing deliverables such as incomplete target operating models, missing build items client internal resources; multiple firms providing contractor resources
• Patchy, unreliable test environments, data and delays in resolution of data

issues.

Our Approach:

• Provided program management with a robust governance structure, clear accountability, and defined delivery methodology.
• Scoped the project, implemented change control, and developed an end-to-end plan while addressing external factors (e.g., regulatory changes, pandemic).
• Managed requirements, design, development, and testing phases, overseeing the build-out of the target state platform with phased implementation.
• Managed risks and issues across internal build and third-party dependencies.
• Provided organizational oversight for testing workstreams, anchoring testing programs to target operating models and industry standards.
• Offered test management oversight for QA, including system integration and end-to-end testing

• Need to create a new business unit with the Investment Management Division – including business processes, organisation, and technology.
• Integration of the new business unit into the existing process, organisation, and technology landscape servicing the internally and the externally managed investment portfolios.
• Centralisation of risk measurement for all internally and externally managed portfolios on Charles River and integration of MSCI model for analytics.

Our Approach

• Re-design of Target Operating Model (based on discovery previously completed by us) – including business Processes, People (organisation), and Technology (business applications and integration).
• Capture of detailed business requirements.
• Creation of project and resource plan including associated business case
• Management of multi-phased programme of delivery including synchronised implementation of multiple third-party systems
• Co-ordination with vendors on behalf of the client to harmonise delivery
• Provision of multiple SMEs and practitioners within key workstream and project roles

Client Benefits

• Assured delivery of new business unit capability – within expected budget and timeline
• Risk Management for all accounts – internal and external – aggregated onto one single platform.
• Foundation for centralising Performance Measurement and Attribution onto
• single platform.

Client Challenges:

The client encountered several challenges within their operating model across asset classes, including inconsistencies, limited asset coverage hindering business expansion, frequent breaches of regulatory requirements due to fragmented data flow, and poor system performance leading to occasional outages.

Our Approach:

To address these challenges comprehensively, we conducted a front-to-back review of the current state, capturing business objectives, uncovering hidden requirements, and identifying pain points. We performed an in-depth analysis of the existing investment system setup and supporting processes. Subsequently, we created a unified Target State model, proposing revisions to the operating model, including changes to operational processes, data management, and investment system configuration. We also scoped and planned the changes, creating a phased program roadmap detailing the necessary work to transition to the Target State, and prepared a business case outlining the scope, implementation effort, and impacts of change.

Client Benefits:

Our independent and impartial analysis facilitated agreement across various internal business units and stakeholders on the best long-term approach. The pre-validated roadmap provided a structured framework for more effective planning and implementation of the optimal solution, ensuring alignment with business objectives and regulatory requirements while mitigating operational risks.

Client Challenges:

The client faced several challenges in creating a new business unit within the Investment Management Division, spanning business processes, organisation, and technology. They also needed to integrate this new unit into the existing landscape servicing both internally and externally managed investment portfolios. Additionally, they aimed to centralise risk measurement for all portfolios on Charles River and integrate the MSCI model for analytics.

Our Approach:

To tackle these challenges, we initiated a comprehensive re-design of the Target Operating Model, incorporating insights from previous discovery phases. This included redefining business processes, organisational structures, and technology applications and integrations. We meticulously captured detailed business requirements and created a project and resource plan, supported by a business case. Managing a multi-phased program of delivery, we synchronised the implementation of multiple third-party systems and coordinated with vendors to ensure harmonised delivery. Additionally, we provided subject matter experts and practitioners within key workstreams and project roles.

Client Benefits:

Our approach ensured the assured delivery of new business unit capabilities within the expected budget and timeline. Risk management for all accounts, both internal and external, was centralised onto a single platform, providing greater efficiency and transparency. Furthermore, our solution laid the foundation for centralising Performance Measurement and Attribution onto a unified platform, enhancing the client’s ability to analyse and optimise portfolio performance.

Client Challenges:

The client faced several challenges in their journey to become a data-driven organisation. They grappled with an excess of overlapping and conflicting sources of data, while their processes lacked client-centricity and cohesion. The continued internal software development without commercial advantage further hindered progress, alongside regional operations that were neither aligned nor effective.

Our Approach:

To address these challenges, we conducted a thorough analysis of existing requirements to identify gaps across and between workstreams. We provided organisational and advisory oversight for the testing workstream, including system, integration, end-to-end, and user acceptance testing. Our approach anchored the revised testing program to updated target operating models, applying industry-leading testing standards and providing test management oversight for system integration and end-to-end testing.

Client Benefits:

Our strategic approach resulted in the development of a robust operating platform centred around golden sources of data. A revised catalogue of value-added bespoke services was built on a standardised technology framework, promoting efficiency and consistency across the organisation. By implementing one simplified, global model, the client achieved enhanced operational efficiency and scalability. Additionally, the adoption of a scalable data cloud enabled the capture of comprehensive data from both internal and external sources, further strengthening their data-driven capabilities.

Client Challenges:

The client faced significant challenges in integrating Sentinel, a global asset manager’s proprietary system, into SimCorp Dimension. Understanding the functionalities and intricacies of SimCorp Dimension, posed a significant challenge for the client, particularly in terms of data integration and system upgrades. The migration process required extensive recoding and enhancement of all rules based on the legacy system, necessitating a comprehensive parallel run to validate outputs and ensure a seamless transition. The absence of an updated system posed limitations and complexities in managing investment compliance effectively.

Our Approach:

To address these challenges, we established and maintained coding standards to ensure consistency and reliability in rule implementation, leveraging standard web coding practices. Comprehensive testing protocols were devised, including standardised test names and procedures, to validate the accuracy and efficacy of rule implementations. A global guideline coding project was initiated to migrate mandates from LZ Sentinel into SimCorp Dimension, involving interpreting mandates from multiple geographies, coding, testing, and conducting parallel runs of investment compliance rules prior to go-live. Investment guidelines were meticulously re-coded to incorporate the client’s new IM asset tree, enhancing coding standards and improving overall compliance processes. A close collaboration with Data Management teams was also maintained to review data exceptions and enrich securities data where necessary, ensuring seamless integration and data integrity.

Client Benefits:

The integration of SimCorp Dimension resulted in enhanced monitoring capabilities, providing the client with greater insight and control over investment compliance. The successful upgrade streamlined trading processes, increasing operational efficiency and reducing manual effort. Expanded rule coverage enabled the client to address a broader range of compliance requirements and scenarios effectively. The robustness of the new system reduced the risk of regulatory breaches and safeguarded the firm’s reputation. By aligning with best practices and industry standards, the client achieved greater confidence in its investment management processes and operating model. The transition not only addressed immediate challenges but also positioned them for future growth and success.

Client Challenges:

In its strategic evolution, the firm transitioned from the Charles River Development (CRD) system to the Aladdin platform by BlackRock, seeking enhanced functionality and efficiency in investment management operations. Significant challenges with the CRD system, including functional limitations and operational inefficiencies leading to compliance breaches, posed risks to regulatory standing and hindered effective investment management.

Our Approach:

To address these challenges, comprehensive rule testing ensured accuracy and reliability in the outputs of the new Aladdin system, mitigating compliance risks. Parallel testing compared data and processes between legacy CRD and new Aladdin systems, ensuring alignment in investment strategies and compliance protocols. Extensive re-coding of BlackRock Query Language (BQL) using macros enhanced flexibility in compliance monitoring, accommodating regulatory changes. A close collaboration with BlackRock facilitated the adaptation of Aladdin macros to meet evolving requirements, providing agility in rule modifications. Active engagement with stakeholders addressed queries and provided expert guidance on compliance rules and system functionalities. Rigorous pre-trade and post-trade functional testing, supported by comprehensive documentation, ensured a smooth transition with minimal operational disruption.

Client Benefits:

The successful integration of the Aladdin platform delivered tangible benefits to the client, including improved functionality and operational efficiency. The robustness of the new system enhanced compliance capabilities, reducing the risk of regulatory breaches and safeguarding the firm’s reputation. By aligning with best practices and industry standards, the client achieved greater confidence in its investment management processes and operating model. The transition not only addressed immediate challenges but also positioned them for future growth and success in an increasingly competitive market landscape.

Client Challenges:

The firm faced the challenge of implementing a brand-new system, transitioning from an older CRD Version to 21R3 with IBOR functionality. The project required a high degree of customisation to support the complex needs of a global fund/asset manager. Additionally, the middle office provider was running two accounting platforms due to a recent merger, leading to operational complexities. The project encountered issues such as poor quality in deliverables, unreliable test environments, data issues, and delays in resolution.

Our Approach:

To address these challenges, we provided program management with a robust governance structure, clear accountability, and defined delivery methodology. We scoped the project, implemented change control, and developed an end-to-end plan while considering external factors such as regulatory changes and the pandemic. We managed requirements, design, development, and testing phases, overseeing the build-out of the target state platform with phased implementation. Risks and issues across internal build and third-party dependencies were effectively managed. We provided organisational oversight for testing workstreams, anchoring testing programs to target operating models and industry standards. Additionally, we offered test management oversight for QA, including system integration and end-to-end testing

Client Benefits:

The implementation of IBOR as the single source of truth for trade date-based transactions, position reconciliation, and start-of-day positions, integrated seamlessly with Charles River IMS for trading, alongside true “follow the sun” batches and operating models, delivered significant benefits. Better and more robust Portfolio Management functionality became available to end users, with automated pre-trade, post-trade, and batch compliance monitoring. The introduction of ‘As of’ compliance enabled the analysis of historical data and supported advanced compliance reporting, enhancing the firm’s operational efficiency and regulatory compliance capabilities.