Client Overview

Our client is a comprehensive Asset Manager overseeing both listed Mutual Funds and several Separately Managed Accounts (SMAs), in addition to managing a Hedge Fund across multiple Prime Brokers and Custodians. With a diverse international portfolio and complex operational requirements, the client faced significant challenges in meeting internal and external demands efficiently.

The Challenge

As the complexity of their operations grew, our client encountered obstacles across various workflows. Maintaining internal cost structures while managing asset growth became paramount, especially with their existing Back Office/Reporting provider imposing escalating fees based on Assets Under Management (AUM). Additionally, the client sought to avoid disruptions to their trading workflow, as their legacy Order Management System (OMS) continued to function effectively.

The Solution

Following a thorough consultation and evaluation process, the client opted for Nirvāna's comprehensive solution to replace their current provider. Nirvāna's implementation encompassed full end-to-end T+1 Back Office services and reporting overlay. The transition involved historical data conversion, consolidating all data onto a single platform for enhanced efficiency.

Nirvāna managed all aspects of data aggregation, fund accounting, shadow NAV, and reporting. This included daily standard reports, custom performance reports, and critical accounting reports such as Balance Sheet, Profit and Loss, and Trial Balance. Moreover, Nirvāna seamlessly integrated with the client's legacy OMS system, providing daily Start of the Day (SOD) reports to ensure continuity in trading workflows.

Outcome

By leveraging Nirvāna's cloud-based platform, the client achieved significant efficiency gains across their operations, accompanied by over 60% cost savings compared to their previous vendor. With Nirvāna's follow-the-sun support model, all daily and month-end deadlines are consistently met, ensuring seamless operations and client satisfaction. The successful implementation of Nirvāna's solutions has empowered the client to navigate complex workflows with ease, solidifying their position as a leader in the asset management industry.