Planning is key to a successful fund migration.
6 tips to ensure a successful migration to a new third-party administrator:
1. Audit your existing providers
Establish the parameters of the transition - which services and funds do you want to switch?
2. Research your incumbent fund administrator's notice periods
Ensure you have all the contact details and information they need to cooperate effectively with your new provider.
3. Research and shortlist new providers
Prepare a list of questions for them that covers any challenges that are unique to your company. Your due diligence should include a review of your new provider's migration process. The onboarding team should be able to tell you how they will deal with any specific challenges you foresee.
4. Select a provider that will do the heavy lifting
Carefully selecting your provider with a dedicated solution and onboarding team will take pressure off you to meet the agreed timeframe.
5. Create a plan
With the lead client director from your new fund administrator, create a plan with clear target dates, expectations and contingencies for each stage.
6. Communicate
Ensure your team understands what the transition will involve across all jurisdictions and schedule time for handover sessions and training.
Yegor Lanovenko, Global Co-Head of Fund Services says:
"Concerns about the complexity of data migration, impact on reporting cycles and the resulting disruption to operations too often cause clients to delay decisions to move to their preferred provider. Ocorian's investment into a dedicated, specialist Fund Services Onboarding and Solutions team minimises these risks and removes operational friction from the migration process, allowing clients to unlock the potential of a trusted partnership with Ocorian Fund Services."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
