Case study
A dedicated operations pod for a multi-mandate fixed-income manager
A multi-mandate fixed-income manager using two fund administrators needed independent control over trade operations, reconciliations and NAV. Fundtec put a dedicated investment operations team inside the manager’s systems, running trade operations, three-way reconciliations and shadow NAV on both administrators’ cycles.
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The challenge
The manager ran several fixed-income mandates across two fund administrators, each with its own reporting format, cut-offs and NAV calendar. The in-house operations team spent most of its time reconciling administrator output rather than overseeing it.
Trade breaks and cash differences were tracked in spreadsheets, aged breaks were hard to see and there was no independent check on each NAV before sign-off. Adding a new mandate or prime broker meant more manual work for the same small team.
How we approached it
Onboarding and designWeeks 1–4
Fundtec mapped trade, cash and NAV processes for each mandate and administrator, wrote the operational handbook and agreed SLAs. Access was issued through the manager’s own domain accounts and VPN.
Parallel runWeeks 5–12
The pod ran trade operations and three-way reconciliations alongside the in-house team and built shadow books for each fund, validated against both administrators’ month-end cycles.
Structured handoverWeeks 13–16
Trade operations and reconciliations moved first, followed by shadow NAV on each administrator’s calendar, with joint sign-off at each gate.
Full operations
The pod now runs day to day under a daily huddle, weekly break review, monthly SLA review and quarterly business review with the manager’s COO.
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