Consolidation, system implementation and offshoring for a Wealth & Fund Manager
Client provides specialist fund management and fiduciary services, including trust, corporate and fund administration. The group administers over US$500m of client assets with regulated businesses in England, Hong Kong and Mauritius. The wealth management services are provided from its London and Luxembourg offices; the fund management services are provided by Cayman and advisory services from the London office. The fiduciary services are provided from its offices in Hong Kong and Mauritius.
Absence of standardized processes
No process to capture operational metrics.
Lack of measurement framework
Significant amount of manual keying in
Highly people dependent processes
No workflow processes.
Usage of multiple applications / tools
Most of the systems are either inefficient or not optimally used.
Lack of document management system
No workflow / audit trail
High resilience on self-created excel formats.
Standardize all processes.
Workflow based task allocation and reporting.
Define operational metrics.
Define process for document management.
Implement a “smart” workflow system + document management system.
Application integration / updating.
Data cleansing and migration
~40% annual savings from consolidation, system implementation and offshoring
Metric driven processes to mitigate any risk.
60% TAT improvement
Reduced manual effort through standardization and new / enhanced applications.
Live Dashboards - Transparency of completed and pending tasks to all other related geographies and management.