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

  • Leveraging our proprietary RBPM framework, we provided overall project management for onboarding and acted as key manager between the multiple stakeholders and bridging gaps between the client and onboarding insurer
  • We provided structure and governance into the program management, resolving all operational gaps and issues encountered in project phases
  • We also worked with the appointed transition manager to manage the transition of US$24.3 billion of AUM to the newly appointed custodian

Our impact

  • Damage control, bringing the project on track using our structured approach and deep industry knowledge
  • The project was completed on time with successful transition of all in-scope equities and fixed income assets and portfolios to the client. Key operational models were established, and developments were also completed to future proof the success of this program
  • Provided timely support for the client with highly experienced resources in a very short span of time

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