Fund Data Vendor Selection & Migration

Background

Our client is one of the largest European Investment Managers, operating over 140 funds, and their growth strategy has largely been achieved by acquisition. This led to the current operating model having duplicated processes, multiple data vendors and increased costs.

Approach

Our approach included project mobilisation, planning and co-ordinating vendor selection, onboarding and delivery of the vendor migration. The project approach was delivered in three key phases:

1. Vendor selection & analysis;
2. Vendor onboarding; and
3. Vendor migration.

Analysis Performed

A comprehensive analysis was completed with input from the business subject matter experts (SME), with requirements separated into two areas, namely:

• Vendor Services – the required services needs to support the current and future book of business;
• Business Requirements – the specific requirements to support the business operating model.

The business requirements were then broken down into the following components:

• Processes & Controls – deliver an operating model with automated processes, robust control environment, timely notification system and is compliant with relevant regulation;
• Calculations – ensure the methodology is accurate and compliant with the relevant regulations;
• Content – the required narratives and translations for KIDs;
• Marketing & Digital – automated data feeds to support website and marketing documents;
• Termination of Legacy Services – post-transition to BAU, ensure all legacy contracts (& relevant activities) are closed & cost savings are realised.

The initial set of requirements were refined through a series of discussions with the key business stakeholders who were impacted by the changes. The regulatory data and technology requirements were collated into a single business requirements document that mapped to the relevant regulations and key data sources. This allowed contributing stakeholders to approve the new operating model and provide the senior project sponsor with the reassurance that compliance would be achieved. The regulatory data and technology requirements were collated into a single business requirements document that mapped to the relevant regulations and key data sources. This allowed contributing stakeholders to approve the new operating model and provide the senior project sponsor with the reassurance that compliance would be achieved. This allowed contributing stakeholders to approve the new operating model and provide the senior project sponsor with the reassurance that compliance would be achieved.

Conclusions

Our engagement aimed to achieve the following:

1. Streamline our client’s operational model;
2. Enhance efficiency; and
3. Reduce costs across their extensive range of funds.

By focusing on three key phases: vendor selection, vendor onboarding, and vendor migration, we successfully executed a comprehensive analysis, with close collaboration from business SMEs. This analysis resulted in a refined set of requirements, encompassing vendor services and business needs, which were documented and endorsed by all relevant stakeholders. Through our approach and execution, we have set the stage for our client to realise the strategic objectives across their European fund range.

Recommendations

The PryceWilliams team recommends that organisations facing similar challenges in vendor migration and process optimisation will need a robust planning & requirements-gathering exercise. Our approach to vendor selection and migration will ensure the regulatory requirements and business needs are achieved. This allows organisations to seize the opportunity presented by vendor migrations to analyse and enhance existing processes for increased efficiency in conjunction with regulatory compliance.

Next Steps

PryceWilliams provides specialist consulting and project delivery services for investment management firms. Our focus is supporting the project sponsor to ensure implementation is delivered on time and within budget. Should you need support with a current project or setting up a new project, then contact us to discuss your requirements.