Investment Operations & Internalisation
Internalisation, investment operations, trading operations, middle office and data.
Superannuation & Pensions
Custody, Fund Accounting & Reporting
One dependable record of positions, cash and unit prices.
Overview
Valuations, unit prices and member reporting are only as reliable as the agreement between three sets of records: the custodian's, the fund accountant's and the fund's own. Internalisation adds an in-house investment platform to that picture, and mergers multiply custodians, fund accountants and data models running in parallel. Unreconciled records slow every valuation and reporting cycle.
We build the single dependable record. Custody and fund accounting are integrated with the investment and administration platforms, duplicated arrangements are consolidated in a controlled sequence, reconciliation and control routines run daily across positions, cash and unit prices, and lineage is established from source records through valuations to member reporting.
We work alongside the fund's custodian and fund accountant rather than replacing them, and alongside the fund's own investment operations and finance teams. The scope runs from a focused reconciliation fix to full consolidation of custody and fund accounting after a merger.
What we do
We connect custodian and fund accountant data with the fund's investment and administration platforms so positions, transactions and valuations flow without manual re-entry, and every downstream report — member, board and financial — draws on the same reconciled record.
Reconciliation routines across positions, cash, holdings and unit prices, built into daily operations with clear ownership, tolerances and escalation. Breaks are found and resolved on the day they occur, and ageing break queues are worked down and kept down.
We review and strengthen the unit pricing process end to end: inputs from custodian and fund accountant, valuation points, checks before prices are struck, and the controls that catch errors before they reach member accounts.
Mergers commonly leave two custodians, two fund accountants and two data models running in parallel. We sequence the consolidation, prove valuations and unit prices reconcile before and after each step, and retire the duplicated arrangements in a controlled order.
Where the fund changes custodian or fund accountant, we plan and oversee the transition: data mapped and migrated, parallel running with reconciliation evidence, and the new arrangement integrated with the fund's platforms before the old one is switched off.
Investment reporting and performance data flows built on documented lineage from source records through valuations to what members and the board see, so every figure in a report can be traced back to its origin.
What to expect
The first step is usually a clear picture of the current record: where positions, cash and unit prices disagree across custodian, fund accountant and the fund's own systems, and what drives the disagreement. From there the work is practical — integration, reconciliation routines and consolidation delivered alongside the fund's operations and finance teams and its providers, with reconciliation evidence at each step.
We work alongside the fund's existing custodian and fund accountant, and with any provider the fund appoints.
01
Assess
Establish the current state, the constraints, the risks and the value at stake.
02
Define
Shape the target model and the business case with the executives who own the outcome.
03
Mobilise
Stand up the team, the plan and the governance around the outcome.
04
Implement
Design, build and test the change, with the business alongside.
05
Sustain
Cutover, hypercare and handover, so the business runs it under its own control.
The same five stages on every engagement, led by senior practitioners end to end. How we work
Insights
Related thinking.
Get in touch
Talk to a Partner about Custody, Fund Accounting & Reporting.
Tell us what needs to change and where the pressure or risk is showing.