Fragmented relationships: Multiple service providers and multiple relationship contacts delayed issue resolution.
Operational inefficiencies: Custody, Transfer Agency and Fund Accounting services not integrated, requiring the need for multiple transmissions and wires throughout the day.
Limited liquidity: Delays in shareholder payments and additional overdraft fees incurred on their custody account due to unlinked custody and transfer agent services.
The client was a long-time BNY Mellon custody client, using another provider for Transfer Agency services and performing Fund Accounting in-house. By combining services with a single provider, the client benefitted from one operating model for all services, thereby reducing risk, improving oversight and gaining access to an expanded universe of liquidity.
One provider for Custody, Transfer Agency and Fund Accounting streamlined processes, enhanced control and provided a single point of accountability for issue resolution.
Integrated systems provided straight through processing, reducing wire overdrafts and fees.
Linked cash accounts maximized balances and enabled use and access to daylight credit.