Case study of a successful fund administrator migration for a mid-market asset manager

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.”

Looking to switch fund service providers?

Ocorian has over 30 years of experience in delivering operational excellence across our fund administration, AIFM, accounting and depositary services to the world’s largest institutions along with dynamic start-up fund managers and boutique houses.

We have a strong track record of successful migrations from other fund service providers. In 2022 alone, our onboarding and solutions team successfully completed over 40 migrations from our competitors.

Find out why fund managers are switching their fund administrator to Ocorian. To arrange a call to discuss your requirements, please contact our Fund Services Business Development Team. 

Download our free guide: A complete guide to switching your fund administrator

 

Next up: Embark on a journey towards a seamless migration to a new third-party administrator by taking advantage of our six essential tips.