Shadow accounting (direct lending, CLOs, hedge funds, liquidity) support to a Europe-based credit and private debt manager

  • 40%+

    annualised operational cost savings

  • 5x

    increase in client interactions

  • One of the largest Europe-headquartered credit and private debt managers, with global expertise in senior secured loans, high-yield bonds, private credit, structured credit, special situations and multi-strategy credit
  • Client was looking for help with liquidity management, cash projections, preparation of cash ladders, co-ordination with MO to clear aged cash breaks using in-house and third-party applications
  • Client was looking for help with cash reconciliation, asset rollovers, income and capital distribution and invoice processing on the WSO system
  • Client was looking for help with fund control activities such as invoice verification and cross-checking daily, weekly, semi-monthly/monthly NAVs from different sources for various loan funds and comparison with FA reports
  • Client was looking for help with monthly and quarterly European and US payment reports and the provision of investment risk support for the compliance teams
  • Validating errors in overnight imports of data from broker to client system, providing a heads-up to team about the type of error and resolving the issue with the IT team
  • Started performing daily top-day activity in parallel with the Liquidity Management team for EU and US portfolios by positing daily FX and MTM adjustments
  • Conducting bi-directional cash reconciliation between the broker system and the WSO system to ensure all transactions are recorded on the WSO system and cash breaks are tracked
  • Preparing daily, weekly, semi-monthly and monthly cash reconciliation files for direct lending funds
  • Processing invoices for categories such as tax, fees, expenses and charges
  • Logging the invoices with signatures and sending them for liquidity checks; after confirmation from the Liquidity Team, sending them to FA for payment
  • Preparing monthly and quarterly payment reports for US and European CLOs
  • Collateral principal amount tie-out, data point reconciliation (ratings, defaults, haircuts) and validation


  • Real-time support to the client
  • Within a shorter period of time, we provided historical data and other data required
  • Cost efficiency
  • On hand to help with ad hoc tasks so client could meet deadlines
  • Expected to launch a new fund/s
  • A number of reports can be generated on a real-time basis for audit purposes
  • 40%+ cost savings effected by adding bandwidth
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What we have done

Trade confirmation and reconciliation support to a leading US-based hedge fund
What we are proud of


annualised operational cost savings

Time-difference advantage resulted in faster trade settlement

Fund accounting support to a US-based exchange-traded product (ETP) provider
What we are proud of


increase in product coverage


faster turnaround in NAVs released through our streamlined process