Launching a bespoke multi-manager money market fund

Background

Our client, one of the world’s leading global investment managers with over $8.9 trillion assets under management across a diverse range of funds and strategies.

They were approached by their institutional client to enhance returns on cash while preserving immediate access to liquidity. To address this, the solution was to design a bespoke, multi-manager money market fund. This structure allowed the institutional client to diversify across several investment managers, monitor performance in real-time and dynamically reallocate assets to optimise returns.

PryceWilliams was engaged to coordinate the operational design and delivery of this complex fund launch as the client’s project management partner. We were responsible for coordinating internal teams and external vendors, ensuring regulatory compliance, and delivering a robust operating model under an ambitious timeline.

Approach

Although the client’s key objective was clear: launching a scalable money market fund within three months, supported by an operating model that was both robust and flexible, several challenges were identified early on:

• Defining a bespoke distribution model.
• Coordinating multiple global stakeholders.
• Meeting strict compliance requirements.
• Ensuring reporting could go beyond the minimum regulatory standards.
• An ambitious timeline for delivery.

To address these, PryceWilliams acted as the central delivery partner to:

• Coordinate the operations workstream to design the operating model from end to end.
• Align multiple stakeholders, including external custodians.
• Design and deliver the operating model, managing critical launch activities such as AML/KYC onboarding, settlement cycle design, and NAV dissemination.
• Develop a client-facing reporting solution that provides transparency beyond regulatory requirements for the Treasury team.

Analysis

Our structured approach to planning, execution, vendor coordination, and pragmatic problem-solving enabled the client to maintain project momentum and confidence. As well as navigating the initial obstacles, several key challenges occurred during the project, which were resolved by our unique deliver-focused approach:

• Unclear requirements: Finalising the distribution model proved complex, with the institutional client requesting daily accumulation and an annual payout in year one, followed by a switch to monthly payouts. This required a bespoke setup with a planned rework.
• Regulatory & compliance hurdles: The fund’s activities frequently triggered compliance control flags due to multiple cross-border transactions.
• Settlement cycles & time zones: With the fund domiciled in Ireland, the investment team in New York, and the institutional client in the Middle East, settlement cycles created timing challenges. A T+1 model was implemented to ensure visibility of funds at the start of the client’s business day.
• Legacy system limitations: Reporting via the custodian’s system could not fully meet requirements. Manual processes were introduced for day one, with a roadmap to automation in later phases.

Conclusions

PryceWilliams’ management of the operational delivery achieved the following for our client:

• The successful fund launch – A bespoke fund structure domiciled in Ireland with an initial seeding of €4 billion and a trajectory towards €40 billion.
• A robust operating model – Designed and implemented in collaboration with custodians and investment managers, ensuring scalable growth.
• Enhanced transparency – Delivery of a client-facing reporting website tailored to the Treasury team’s needs.
• Resilient governance – Structured project management that kept multiple workstreams aligned, despite operational and regulatory challenges.

By resolving unclear requirements, bridging time zone constraints, and providing transparency, we enabled the client to meet their strategic goal of turning idle cash into a flexible, income-generating investment vehicle.

Recommendations

Based on the successful execution and lessons learned from this bespoke fund launch, we recommend the PW Project Planning check to support future product launch, operational design or similar initiatives that your organisation may wish to undertake. For example, the PW Project Planning check helps ensure that:

• Requirements are defined early: Clarity on distribution models and reporting expectations avoids rework and accelerates delivery.
• Regulatory complexity is planned for: Compliance reviews can cause significant delays—building in contingencies is essential.
• Projects are designed with geography in mind: Time zone differences directly impact settlement cycles; fund operating models should anticipate and address this.

PryceWilliams’ people-led approach ensured this fund launch was not only delivered on time and quality but positioned the client for scale and success.

Next Steps

PryceWilliams provides specialist consulting and project delivery services for organisations undergoing strategic change, regulatory compliance and technology transformation needs. Our focus is on supporting the project sponsor to ensure project implementation is delivered on time and within budget. Should you need support, contact us to make progress happen.