-
Top 20
US-based asset manager
-
ca. USD265bn
in AuM
-
3,000
monthly corporate action events handled
-
40%
operational cost savings
CLIENT CHALLENGES
- Client sponsor: Asset management arm of an American life insurance company, an investment advisor and investment manager to most of US open-ended investment companies and manager to closed-ended investment companies
- Client need: Client was looking for an extended team that could help capture and process mandatory and voluntary corporate action activities
OUR APPROACH
- We set up a team with the right skillsets to support the Corporate Action team in the following areas:
- Validating and checking all the mandatory and voluntary corporate action activities with the Aladdin application
- Checking all the positions and the current status of corporate actions with the help of applications such as Aladdin, DTC and Lotus Notes
- Providing all the available details for MAN/VOL CAs to the Newark team and once all the CA checks were done, sending and marking all the CAs accordingly
- Creating relevant checklists for all mandatory and voluntary corporate action events
- Processing the mandatory setup day prior to pay date or payable date and gathering the DTC notice with payout information
- Checking all the position, trade and portfolio details of corporate actions from different data vendors
- Analysing the status of all corporate actions such as cancel, final pay down, comments
- Looking into all mails, prelim and final notice mails for all corporate action events
- Preparing Excel sheet with lottery results from all notices, validating that eligible amount is in line with total Aladdin holdings, loan eligible/called amount issues, recording all relevant backup (lottery notices and emails)
- Reconciling banks’ CA postings with Aladdin application postings
- Third-party tools
- aladdin-Genie by BLOCKROCK
- DTCC
- MarkiIT
- IBM Notes
IMPACT DELIVERED
- Handled 3K monthly corporate actions events
- Provided real-time support to the client
- Added bandwidth to the client teams, providing operational support, reducing cost by 40%
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