Investment Operations & Internalisation
Internalisation, investment operations, trading operations, middle office and data.
Superannuation & Pensions
Fund Merger, Transition & Consolidation
The transfer completes on a date; the integration runs for years.
Overview
A successor fund transfer completes on a date; the integration runs for years afterwards. Administration platforms, custody arrangements, investment operations and member data models all have to be brought onto one footing, in a sequence that protects members and the fund's obligations at every step. Until that happens, the merged fund pays for two of everything.
We plan and run that integration alongside the fund's own teams: operational due diligence before the decision where possible, an integration blueprint across administration, custody, investments and data, one governed plan and programme office over all workstreams, cutovers rehearsed before they are run, and independent assurance that members, money and records land correctly.
We work on either side of the transaction — the receiving fund integrating a transferred membership, or a fund preparing itself for transfer — and on the consolidation of platforms and arrangements left over from earlier mergers.
What we do
Before the decision, an operational view of what integration will actually take: platforms, providers, data and people on both sides, the realistic sequence and cost, and the blueprint for the combined fund's operating model.
One governed plan across administration, custody, investments and data: dependencies managed in one place, a decision rhythm the executive can keep to, clear ownership for every workstream, and reporting that shows true status against the plan.
Member records and assets moved in planned, rehearsed tranches: data mapped and cleansed before it moves, migrations reconciled record by record, and exceptions worked to zero before each tranche is declared complete.
The duplicated estate brought onto one footing: administration platforms, custodians, fund accountants and insurance arrangements consolidated in a sequence that keeps members served and the fund's obligations met throughout the transition.
Every cutover rehearsed against realistic conditions before it is run, with clear go/no-go criteria, tested fallback plans, and a stabilisation period in which the combined operation is supported until it runs to its normal rhythm.
Where the fund's teams or another partner run the integration, we provide independent assurance: plans, rehearsal results and readiness evidence reviewed, and a clear view to the board on whether the programme is ready to proceed.
What to expect
Integration work starts with the blueprint and the sequence — what moves, in what order, and what must be true before each step. A small senior team then runs or joins the programme office, workstreams are driven to rehearsed cutovers, and the engagement ends when the combined fund runs as one operation and the duplicated platforms and arrangements are retired.
We can run the integration, join the fund's programme, or provide independent assurance over it.
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 Fund Merger, Transition & Consolidation.
Tell us what needs to change and where the pressure or risk is showing.