Transition with Precision

A longstanding client was facing challenges with its private markets book of business with $2.5 billion AUA. With more than 120 legal entities, the global asset manager sought a new administrator to upgrade its Excel-based accounting and fully reconcile its books and records, while capturing close to 15 years of historical data.

MUFG Investor Services deployed its dedicated Conversion team to head up the transition, bringing in additional support as needed. The team began with a deep dive into the income/cash flow and assessed waterfall and other reporting requirements. An extensive mapping exercise was conducted prior to uploading approved transactions.

• Scope: Ten months, which included analysis, detailed planning, and accounting data conversion in addition to stringent AML and KYC processes;
• Team: Core team of Conversion specialists across Halifax and Toronto; support from Operations, Fee Modeling and Accounting;
• Technology: Historical data mapping and integration into the investor allocation system, automated fee modeling, and automated performance reporting;
• Collaboration: Parallel operations with the previous administrator for three months prior to go-live to ensure complete data migration.

The Conversion team customized and executed a tightly controlled transition plan, focusing on upgrading the fund’s manual accounting while reconciling the official books and records.

Notably, the team enabled look-through reporting for multiple vehicles in the fund and facilitated complex waterfall and track record reporting. Automated NAV and additional reporting streamlined processes and enhanced transparency including investment-, transaction-, and investor-level detail. The automation of transactions throughout the complex structures addressed the challenge of equalization across entity levels, such as with master feeders and SPVs.

Hundreds of thousands of lines of data were seamlessly converted into MUFG Investor Services’ system, successfully capturing data from fund inception. The complex conversion was completed on time and with minimal impact on the client and investors.

The client achieved:

• Deeper investor reporting due to entity-and holding-level data
• Risk reduction due to automated books and records
• Custom-fit conversion and administrator support

Additional benefits:

• Optimized internal resources due to outsourced services
• Expertise in addressing operational complexity