Planning Before Implementing
A service provider should take the time to understand the business needs of their client before any implementation plan is started. Our overriding goal during any conversion is to make the process as painless and seamless as possible to an investment manager. Usually it takes multiple meetings to understand particular investment requirements and to ensure the best solution for the client is put in place. Then, a thorough, client-specific conversion plan can be developed and agreed upon and then used to track status throughout the project. During the project there should be routine meetings with the firm’s designated team to discuss status updates and address any issues quickly.
Another important factor during a conversion is making sure you have the right professionals. Ultimus hires experienced individuals with prior middle office and investment manager experience. This allows our clients to face off with a team that understands their challenges and the best way to find solutions. Since most of the team has worked at investment manager shops they know the right questions to ask during the conversion. Knowing both the outsourcer side and investment manager side is a huge advantage when trying to ensure that all areas are covered in a conversion.
Getting the Enriched Data You Deserve
During the conversion we spend a lot of time with the investment manager analyzing their data needs. We meticulously go through each of the investment manager’s internal and external reports and spreadsheets. We then compare the data required to the thousands of data points that are stored within our systems and develop reports that meet or exceed the investment manager’s requirements. After we have tested that the data is accurate we then parallel with the investment manager’s internal reports. This process allows the investment manager to be comfortable that their reporting needs will be ready when they’re live with Ultimus.
Communication is Key to Any Relationship
An experienced middle office service provider ensures that all facets of the middle office process are transitioned in a timely manner, keeping detailed documents of each step in the conversion and ensuring accuracy. In that same manner, all connectivity with custodians and internal systems will be smooth and seamless. At Ultimus, we do the heavy lifting during the middle office conversion to ensure nothing is missed. We usually have a conversion timeline of 1-3 months depending on the complexity or size of the business segment. As part of our conversion methodology, regular reporting is provided both internally to senior management, as well as to the investment manager, throughout the conversion in order to provide full transparency regarding the project, the timeline, items completed and items in need of attention. One key part of our on-boarding is paralleling with the investment manager or the prior service provider. We ensure all connectivity, reporting and processing are done concurrently to ensure nothing is missed.
We’ve Got Your Back as Your Business Partner
Outsourcing middle office functions doesn’t have to be difficult, cumbersome or a pain. Having a valued partner, offering a customized middle office solution and facilitating each step of the process, allows for a smooth and painless transition. At Ultimus, we pride ourselves on working hard to earn your trust by starting with a robust conversion process that will reduce your fear of the unknown.