How to ensure a smooth transition when switching third party fund administrator

6 tips to ensure a successful migration to a new third-party administrator:

1. Audit your existing providers

Establish the parameters of the transition – which services and funds do you want to switch? 

2. Research your incumbent fund administrator’s notice periods 

Ensure you have all the contact details and information they need to cooperate effectively with your new provider.

3. Research and shortlist new providers

Prepare a list of questions for them that covers any challenges that are unique to your company. Your due diligence should include a review of your new provider’s migration process. The onboarding team should be able to tell you how they will deal with any specific challenges you foresee. 

4. Select a provider that will do the heavy lifting

Carefully selecting your provider with a dedicated solution and onboarding team will take pressure off you to meet the agreed timeframe.

5. Create a plan 

With the lead client director from your new fund administrator, create a plan with clear target dates, expectations and contingencies for each stage.

6. Communicate

Ensure your team understands what the transition will involve across all jurisdictions and schedule time for handover sessions and training. 

Yegor Lanovenko, Global Co-Head of Fund Services says:

"Concerns about the complexity of data migration, impact on reporting cycles and the resulting disruption to operations too often cause clients to delay decisions to move to their preferred provider. Ocorian’s investment into a dedicated, specialist Fund Services Onboarding and Solutions team minimises these risks and removes operational friction from the migration process, allowing clients to unlock the potential of a trusted partnership with Ocorian Fund Services."

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