-
99.8%
data accuracy
-
4x
increase in client-facing time
CLIENT CHALLENGES
- Asset management arm of an American life insurance company, an investment adviser and investment manager to all US open-end investment companies, and manager to closed-end investment companies
- Client was looking for help with capturing and processing mandatory and voluntary corporate action activities
- Client was looking for a team to work closely with US engagement teams, helping with daily settled cash and credit rating reconciliation and CLO payment support
- Client was looking for help with trade operations – capturing and processing trades and reconciliation between different internal subsystems and external systems such as brokers and custodians
OUR APPROACH
- We set up a team with the right skill sets to support the Corporate Action team in the following areas:
- Validating and checking all mandatory and voluntary corporate action activities from the Aladdin application
- Checking all positions and current status of corporate actions with the help of applications such as Aladdin, DTC and Lotus Notes
- Providing all available details for MAN/VOL CAs to the Newark team, and after all the CA checks are conducted, sending and marking all the CAs accordingly
- Creating relevant checklists for all mandatory and voluntary corporate action events
- Processing the mandatory setup day prior to the pay date or payable date and collecting the DTC notices with payout information
- Checking all the position, trade and portfolio details of corporate actions from different data vendors
- Checking the status of all corporate actions such as cancel, final pay-down and
- Populating an Excel sheet with lottery results from all notices, validating that eligible amounts are in line with total Aladdin holdings, highlighting loan eligible/called amount issues and pulling up/saving all relevant backup (lottery notices and emails)
- Collateral principal amount tie-out, data point reconciliation (industry, ratings, defaults, haircuts, etc.) and validation
- Reviewing and validating coverage tests, collateral quality tests and concentration limitation tests with deal documents to check whether the deals comply with indenture language
- Preparing projected waterfall (monthly) and actual waterfall (payment cycle)
- Monitoring daily fund transactions to ensure accuracy of activity through research of rating websites such as Moody's, S&P and Fitch, and responsible for updating, validating and reviewing the characteristics of securities held in a trust
- Working with traders, brokers and clients to ensure accurate capturing and processing of trades and ensuring exceptions are resolved in a timely manner
- Working with T+1 P&L teams to resolve any P&L errors or differences resulting from trade bookings
- Monitoring and escalating any trade capture issues that could potentially result in regulatory escalation for the client
IMPACT DELIVERED
- Real-time support to the client
- 40%+ cost savings effected by adding bandwidth
- A number of reports can be generated for audit purposes
- Within a shorter period of time, we provided historical data and other data required
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