Custodian Bank Onboarding a Large Insurance Client

The client (A custodian bank providing asset servicing solutions with AUC/AUA USD$34.5 T) was appointed by the largest insurer in Singapore to provide consolidated custodian services, fund accounting, compliance and performance services. While onboarding the insurer, the client faced multiple issues around project management, timely delivery, and stakeholder controls. Both parties were relatively inexperienced in such large-scale custodian changes. The onboarding project was marred by criticism, huge delays, and was not moving to the subsequent phase.

Mid-way through the onboarding, the client appointed us to help manage the onboarding in a structured approach and get it back on track.

What we did

  • We were engaged by the client to join a tri-party arrangement (with the client and its vendor) to manage the onboarding of existing funds onto the new accounting platform, as well as introducing customised reporting per regional operations team and the fund managers.
  • Working with the operations and technology teams from both parties, we brought together all stakeholders involved to implement an end-to-end investment accounting and reporting capability for the client’s immediate and future needs.

Our impact

  • Our project management and expert oversight helped the client onboard all the existing funds on the new platform within the prescribed time frame
  • Smooth rollout of the system, with the minimal impact on BAU activities, and a seamless transition for all parties involved

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