Date: 23 May 2019

Tags: case study

Asset Management - Reconciliation as a Service

An emerging market asset manager with approx. $20bn AUM wanted to move from performing certain middle and back-office processes to having these functions provided by a third party as a service. Reconciliation was a key component and after determining that legacy outsource providers could not provide the service levels required Watson Wheatley were selected to provide Reconciliation as a Service (RaaS) by leveraging the award-winning iRecs software.

The client required reconciliation of daily cash, balances, dividends, positions and NAV between the internal portfolio accounting system and the external data provided by custodians. A service was required that allowed the client to switch to process oversight and targeted remedial action rather than actually 'working the reconciliation'. A key objective of the project was to remove the need to host and maintain a software solution in house and instead rely on scheduled reports and information at both summary and detailed levels for both internal management and external auditors.

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Rob has over 12 years experience in financial services, most recently as a consultant for Citi in middle office, trading technology and investor services. Previously he was at RBC Capital Markets, Gottex Fund Management and Aberdeen Asset Management. Rob is also the founder of Airwave Technologies and is a keen snowboarder and snowboard instructor.

Key Points.

  • Reconciliation as a Service
  • $20bn AUM Asset Manager
  • Well-known Portfolio Management System
  • Trades, Positions, Cash Balances, Cash Flows, NAV Recs

White Papers.

  • Emir Reconciliation Overview
  • Key Features of a Successful System Implementation
  • Servicing Hedge Funds - HFM Week Article
  • Basic Securities Reconciliation For The Buy Side
  • Data Aggregation For Asset Reconciliation
  • The Direction of Reconciliation Systems
  • Total Equity Reconciliation for Derivatives
  • Reconciliation Best Practice
  • The Role of Reconciliation in Managing Operational Risk
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