In the summer of 2022, Ocorian were invited to tender for fund accounting, administration and depositary services for a prominent mid-market fund manager who was unhappy with the service they were receiving from their existing administrator.
Frustration with the incumbent service provider
Over the course of multiple reporting cycles, they had experienced unnecessary delays and repetitive errors. They noticed there seemed to be little continuity and retention of knowledge due to high staff turnover in their servicing team in the administrator's back-office location.
The challenge
This was a sizeable mandate, with more than a dozen entities falling within scope, including funds, GPs, co-investment and carry vehicles. Based on discussions with the client and a review of all the available information, the solutions team at Ocorian carefully considered the best approach to migrate all entities to ensure the most effective transition.
Ocorian's approach
A detailed migration plan was created, based on a two-phase approach. Those entities deemed as 'high priority' by the client were captured in Phase 1, with the remaining entities falling into Phase 2.
Ocorian really differentiated itself from its competitors through its planning; being the only administrator in the tender process with the foresight to propose carrying out the migration in phases, clearly demonstrating experience and a proven track record in large fund migrations.
A successful migration
The migration was subsequently carried out in a considered and structured manner. The project was completed on schedule and the client was delighted with their experience.
What the client said
"We found the team were excellent at the planning stage to ensure the transition from the old provider was as smooth as possible.
We had confidence that their comprehensive planning was well executed and any questions were raised promptly to ensure the transition went well."
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