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BACKGROUND
Our client, a large financial services accounting outsource provider, engaged Meradia to convert an investment manager (the end-client) from two separate legacy accounting platforms onto a new strategic platform. Our client had been providing mutual fund accounting services to a large investment manager for over a decade and all funds were to be converted onto our client’s strategic accounting platform. This conversion project was visible to both our client’s internal executive management and to the investment manager’s (the end-client’s) executive team. It was highly sensitive for a couple of reasons. First, the conversion represented the last set of client portfolios supported by one of the two legacy accounting applications. With the completion of this conversion, our client would be able to retire that legacy platform and realize significant cost savings. Therefore, by no means was this conversion allowed to extend beyond the designated final year of the multi-year project. Second, for the investment manager (the end client), this project was high-risk due to the nature of the accounting data, including daily reported NAVs, potential regulatory and compliance impact, and the overall complexity of 385 portfolios.
ANALYSIS
Given the scope, scale and risk associated with this highly complex conversion, the outsource provider sought Meradia, a long-standing and trusted partner with deep Eagle expertise, to support the most critical phase of the project – the final business analysis and conversion execution. Two Meradia Senior Analysts and one Project Manager were deployed on-site at the investment manager to serve as the client-facing extension of the project team. The scope of the work included analysis of current state data feeds, gap analysis and strategic data management recommendations. The duration of the analysis engagement was six months. Meradia was project manager for all end-client readiness activities, leadership of seven working groups comprised of approximately 150 participants and the support and leadership of executive-level steering, in addition to all general PM responsibilities.
RESULTS
The project, concluded after three years, was successful in no small part due to the support Meradia provided – from our initial due diligence to the completion of eight conversion waves. Over 350 portfolios were converted on time.
Meradia’s analysts provided deep Eagle expertise which allowed for efficient, accurate analysis of legacy and future state data needs. We worked across organizational silos within the large organization and were able to uncover repetitive use of data and provide sound recommendations for a more efficient data model in the future state.
From a project management perspective, Meradia developed a relationship on-site with the investment manager’s leadership team that proved invaluable to all parties involved. This on-site model at the end client allowed Meradia to mitigate situations with key stakeholders directly and keep the project on track. It allowed the Meradia PM to interface with the senior members of the client and the end-client ensuring sound communication for efficient decision making.
Asset Managers, Conversion & Implementation, Industry Vendors, Investment Accounting, Program & Project Management, Service Providers & Outsourcers