Break reconciliation and resolution across CLOs and SMAs

  • 50,000

    priority accounting breaks resolved

  • 40%

    client bandwidth saving

  • 15

    domain experts with experience in CLOs, SMAs, and other asset classes

  • Client: Managing Director, US-based alternative investment manager (AIM)
  • Business objective: The AIM manages a multi-billion-dollar CLO portfolio. The client wanted to migrate its CLO portfolio data to a new platform after data reconciliation and cleansing its legacy systems. The requirement was to resolve 75k accounting breaks across multiple platforms and provide clean data for the data migration
  • Quickly deployed a team of 15 domain experts with experience in CLOs, SMAs, and other asset classes
  • The team was experienced in maintenance of and updating applications, including Geneva, ClearPar and MarkIT
  • Implemented an in-house training session and supplemented it with knowledge transfer from the client
  • Resolved breaks, which involved reclassification of trade fees, commitment fee breaks, historical par mismatches, non-pro-rata paydowns, missing deal notices and withholding tax
  • Coordinated with trustees, loan settlements, agent banks, deal analysts and the client to resolve the accounting breaks
  • Third-party tools
    • Geneva
    • ClearPar
    • MarkIT
  • Out of overall 75k accounting breaks, resolved 25k priority accounting breaks in 4 months
  • Freed up the client team’s bandwidth to focus on real-time breaks instead of focusing on historical items
  • Quality and timeliness of the break resolution were in line with client expectations
  • Ability to provide domain experts at short notice helped the client migrate the data to the new platform
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