Case Studies
UK Asset Manager: Fund Accounting System Selection and Implementation
Client contact: Chief Operating Officer
Parkwell staff: 2 consultants
Objectives and project background
A UK asset manager with very old systems needed to replace its core fund accounting system in London.
The business was also about to undergo a strategic transformation in which a number of new senior managers were recruited and it was also planned to launch a number of new innovative products.
We were asked to help select a new fund accounting system and then we were asked to assist with the implementation of the new system.
Anticipated benefits
The key benefits were the implementation of a modern fund accounting system which automated many of the existing manual processes, made the business scaleable and more able to cope with new complex products.
Scope and boundaries
The approach taken was as follows:
- Presented a business case to the board.
- Prepared a project plan and project initiation document for the selection of a new fund accounting system.
- Built a project team consisting largely of internal staff.
- Employed the Parkwell SELECT methodology to identify the correct system and implementation partner.
- Once the new fund accounting system had been selected we prepared another plan and project initiation document for the implementation work.
- The work involved changes to the existing organisation structure, people and processes.
- The project team reported to a steering committee chaired by the Chief Operating Officer.
Deliverables
The deliverables were as follows:
- A user requirements document.
- A recommendation for a new fund accounting system.
- A detailed plan and a project initiation document.
- A new organisation structure.
- Revised processes.
- A new fund accounting system.
Project conclusion
The new fund accounting system was implemented as per the plan.