Trusted Foundations

A long-running, closed-ended infrastructure fund with more than $20 billion in AUA needed a service-oriented administration partner. The highly structured fund featured approximately 150 entities with close to 200 investors and called for data capture from point-in-time and inception-to-date (ITD). The solution required experience in complicated data reconciliation and migration, combined with a tightly controlled timeframe and minimal investor disruption.

MUFG Investor Services deployed a dedicated Conversion team and leveraged experts from Fund Accounting and other areas as needed. Due to the complexity of the structure and volume of data, the team conducted in-depth onboarding and assessments followed by extensive coordination throughout the conversion.

• Scope: Eight-month transition process;
• Team: Conversion specialists based in Halifax and Fund Accounting support in Toronto, in addition to Operations, Product, IT, and Compliance experts globally;
• Enhancements: Established investor KYC and AML processes, automated NAV and fee calculations, investor allocation solutions, and customized reporting;
• Collaboration: Focused on NAV reconciliations and data loading (at the fund and investor level) prior to running parallel operations for one quarter with the previous administrator.

Our specialists customized a conversion framework, accounting for the nuanced operational requirements of a multi-tiered infrastructure fund. This included reporting obligations across multiple entities, investor groups, and regulatory jurisdictions.

Given the large number of entities and investors, consolidating this vast amount of data was a significant undertaking prior to ingestion. Enhancing data quality and addressing potential pre-existing errors and omissions was a top focus. The team conducted extensive data validation and reconciliation, establishing a trusted source of data. Notably, data capture included ITD results in summary format for historical reporting purposes where required.

Within eight months, our specialists assisted in transitioning fund administrators for this long-standing infrastructure fund. Data integrity was enhanced, a substantial amount of historical data was seamlessly transitioned, and complex calculations and reporting were streamlined.

The client achieved:

• Stronger data integrity, including adoption of bottom-up accounting
• Upgraded quality of service
• Service level agreements consistently met
• Enhanced investor AML processes aligned to regulatory standards

Additional benefits:

• Scalable and consolidated services
• Expanded checks and controls including accounting and NAV calculations
• Automation and further workbook enhancements