Mosaic understands the end-to-end funds management value chain like few other service providers.
We can advise on and implement risk, order and execution management systems through to fund accounting and registry capabilities. We have deep knowledge of leading systems and in-house and outsourced delivery methods.
Some of our work
Mosaic was invited to join the client’s project team to implement the selected Order Management System. The principal benefits to the client were the expert domain and software implementation experience of the Mosaic team member in identifying requirements, designing workflows, ensuring successful implementation and undertaking testing.
The new OMS platform replaced several proprietary systems and spreadsheets, enabling efficiency and scalability across the investment management process. The scope included the delivery of capabilities across portfolio management and modelling, order execution with interfaces to a variety of electronic trading platforms, post trade matching and 3rd party instructions, pre and post-trade compliance, cash and FX management and a new securities master with consolidated view across all positions in real-time.
The team effectively managed the project through a global pandemic and was able to deliver a successful implementation remotely with vendor contacts in the UK and Australia.
Risk & OMS/EMS Systems Review
Our sovereign fund management client engaged us to conduct a global review of funds management infrastructure including order management, execution management and risk systems including a “deep-dive” on an existing vendor’s offerings across this functional suite.
This required Mosaic to leverage our network for informal references and our extensive knowledge of global solutions as well as conducting additional research and providing recommendations on next steps. Mosaic was able to quickly and cost effectively work through a significant amount of data to arrive at a robust recommendation through the right interpretation of client requirements and existing domain experience.
OMS/EMS Systems Review & Procurement Programme
Our client required a high-level market view of available options within a prescribed budget to allow them to make a determination to buy or build a solution to a clearly defined set of functional requirements.
Mosaic provided a shortlist of solutions based on our existing experience and additional targeted research which provided the clarity to support the client’s selection process.
Registry Systems Evaluation
Our third-party administrator client had an aging unit registry system which wasn’t scalable and didn’t allow operational efficiencies without extensive workarounds. We surveyed the Australasian market for suitable replacements, evaluating them using our ESP (Evaluation, Selection, and Procurement) framework.
Feeding this information into the business case triggered a fresh look at options and the client decided to sell the administration business, with Mosaic acting as deal lead. The client was able to take advantage of Mosaic’s networks to find a suitable buyer while retaining the client base and mitigating any reputational damage which may have resulted from a disorderly exit.
Registry Scheme Migration
Mosaic were retained to manage the transition of our client’s scheme administration business either to a third party, a master trust structure or to manage the wind up of non-viable legacy schemes.
This engagement required management of a large number of internal and external stakeholders and tight control of all components of the transition process. Our knowledge of the business and the team’s experience in moving large tranches of clients between providers meant we were able to minimise disruption to daily operations and give transparency of the process to all stakeholders.
Registry Systems Development & Implementation
Mosaic were invited to provide programme management and project resourcing for both sides of our client’s scheme administration business sale and transition.
Scope included management of the buyer’s third party software development programme, including the definition of comprehensive business requirements, quality assurance and testing, and scheme migration. The principal benefits to the client were the transparency provided by the project management and the domain experience of the Mosaic team in developing requirements and ensuring their delivery.
OMS/EMS Systems Review & Recommendations
Mosaic was initially engaged to undertake a review of front office operational processes to confirm issues and provide recommendations on solutions.
This led to a further engagement to provide a review framework and execute an RFI and discovery process to identify solutions which accommodate both institutional funds and wealth management requirements.
Unit Pricing Model Validation
Our client required periodic validation of their unit pricing process and outputs for a range of products including default KiwiSaver funds. MBS was engaged ahead of two-tier one accounting firms to complete this work based on deep subject matter expertise and operational experience.
The assignment involved a top-down approach validating policy, process, procedure and controls and included a full ‘black box’ test by security type and tax regime including PIE, life PIE and non-PIE funds.
Funds Transition Management
Our client won a 220 million dollar investment management mandate in late 2010. Mosaic was engaged to provide New Zealand side project and transition management, on the strength of our existing relationships with both the outgoing fund manager and incoming outsource vendors.
Mosaic worked with the client to provide a robust delivery assurance framework. Using this framework we validated business requirements, fund structures, expected transition methodology and created quality gates for development, business and transition processes.
Mosaic also managed and verified the transfer of funds. This was successfully completed in a number of tranches, with minimal disruption to clients or the investment management process.
KiwiSaver Strategy Development
Mosaic was engaged by an active choice KiwiSaver fund to validate the existing scheme, and by extension, the current administration value chain and pricing structure.
This work and subsequent financial modeling informed the decision to restructure the scheme into its current state.
Custody Services Strategic Review
Our client required a third-party review of their domestic custody operation to confirm strategic fit, market opportunities and to validate their thinking on future direction. Mosaic applied a top-down approach, referencing back to a vision and corporate strategy relative to market opportunities.
Mosaic delivered a comprehensive view of alignment, contribution potential and recommended changes to customer-base, third-party collaboration, and operating model.
Custody Services Operational Process Optimisation
Mosaic was engaged to review end-to-end operational processes for a middle-tier domestic custody client.
This involved applying lean principles to current state processes, identifying the scope for improvement, defining future state and then providing a road map for the improvements and changes required to achieve the future state. These changes covered process, capability requirements and management aspects.
International Custody Provider Selection & Migration
Mosaic’s principal consultants were engaged to provide a complete “turn-key” international custody replacement for a leading Funds Management provider, from JP Morgan to Citigroup. This engagement included market survey, selection, management of the contractual process and the asset transfer process.