Fund & Data Migration Services
With a proven track record spanning numerous successful engagements, we bring a battle-tested plan to the table, one that we tailor to meet your precise needs.
Our expertise span across all aspects of your migration including Accounting and Static Data Migration, Administration & Company Secretary, Legal, Regulatory and Compliance (including AML/KYC) as well as Stakeholder Communication.
Trust us to navigate your transition seamlessly, ensuring a comprehensive and efficient process every step of the way.
We combine deep knowledge of Private Markets
Private Equity
Real Assets
Private Debt
Extensive experience working with industry’s participants
Asset Managers
Asset Servicers
Asset Owners
As well as supporting clients in the transformation and migration of accounting and static data we also use our experience to support clients in the wider migration of the administration of the structure, to ensure a smooth and comprehensive transition.
How can we help?
Whether you are a GP/Manager looking to migrate, or an administrator on-boarding new business, PwC can support you with our established fund migration framework, providing structure and on-going governance to the migration.
We establish regular project meetings with key stakeholders, tracking progress and identifying risks and issues as they arise. Our approach removes friction from the migration process allowing you to focus on your core business activities.
Our team of qualified fund accountants and regulatory experts can also provide support in transforming and reconciling historic data and supplementing your client on-boarding and AML teams.
Transition activities
Embarking on a new phase requires a smooth transition. At PwC, we facilitate this through meticulous data migration and the establishment of a robust accounting architecture. This involves the careful extraction, cleansing, and formatting of data for seamless system integration.
We understand the significance of supporting documents in the accounting process, which is why we ensure the accuracy and completeness of investment records, investor documents, invoices, and other vital materials.
PwC support in action
Our team leverages Alteryx workflows to expertly transform and input data, aligning it with the required import template format. This process extends to the evaluation of historical data and the execution of predefined reconciliations, ensuring accuracy and reliability.
In addition, we take charge of coordinating and monitoring the receipt of essential documentation, leaving you with the assurance of a well-organised transition process.
Transition activities
Navigating change requires careful orchestration. At PwC, we facilitate this through precise handling of investor data, statutory data management, and the establishment of robust systems. We specialise in overseeing critical changes, including transitions in directors, secretaries, bank mandates, and various portals such as investor and tax platforms.
PwC support in action
Our team takes charge of coordinating and monitoring the receipt of pertinent data, ensuring that every piece of information finds its place seamlessly. We go a step further by embedding key activities and milestones into your project plan, closely monitoring progress, and taking prompt action when necessary.
Transition activities
When it comes to onboarding investors and controllers, establishing a robust Compliance Manual, and assigning accurate investor risk ratings, precision is paramount. At PwC, we specialise in managing these critical transition activities to ensure a seamless and compliant process.
PwC support in action
Our team takes the lead in coordinating and closely monitoring the receipt of Customer Due Diligence (CDD) data. In addition, PwC leverages its deep expertise in regulatory and Anti-Money Laundering (AML) matters to offer tailored advice on specific Know Your Customer (KYC) requests, providing an extra layer of assurance.
Transition activities
Navigating the regulatory landscape is a critical component of any transition process. This includes managing regulatory communications, handling applications, and obtaining necessary approvals. Additionally, our experts adeptly handle the negotiation of transition agreements (if applicable) and Master Service Level Agreements (MSLA), ensuring a smooth offboarding process.
PwC support in action
At PwC, we take the lead in coordinating the drafting and execution of Transfer Agency (TA) and MSLA documents, working in close collaboration with local legal experts. Furthermore, we seamlessly integrate regulatory steps into the transition plan, ensuring the transfer of administrative mandates is executed with precision and compliance.
Transition activities
Effective communication with key stakeholders is paramount during any transition process. This encompasses targeted messaging to investors, auditors, banks, insurers, contractual parties, and other relevant parties. Clear and concise communication ensures a coordinated and well-informed transition.
PwC support in action
PwC takes a proactive role in assisting with the drafting and coordination of communications to key stakeholders impacted by the fund migration. Our expertise ensures that messaging is articulate, relevant, and tailored to the specific needs of each stakeholder group, facilitating a seamless transition process.
Our credentials
- Fund & Data Migration
- Fund & Data Migration
- Fund & Data Migration
- Fund Migration
Fund & Data Migration
European PE fund manager with ~$3bn AUM
Situation
- Independent Investment Manager in the Eurasian mid-market, investing across the industry through its PE platform with ~$3bn AUM in total.
- A Guernsey based administrator was onboarding 3 Private Equity fund structures, including SPVs, GPs and Managers.
- PwC were engaged by the administrator and asked to provide full project management, governance, oversight and key stakeholder management for the onboarding of the entities, as well as performing the data migration of all fund, investor and investment accounting and static data.
Approach
- PwC acted as the client’s migration partner to transfer more than a decade’s worth of data and files across a number of funds and related corporate entities including accounting data, investor notices, KYC files, bank account data, and investment data.
- PwC established two core workstreams (i) Project Management & File Transfer, and (ii) Data Migration, to facilitate document transfer and the management of relevant stakeholders as well as leveraging technology to transform data to fit the new fund accounting system while ensuring minimal loss to the granularity of data.
- As part of the core documentation suite, PwC created, prepared and delivered relevant materials, including but not limited to: (i) Project plans, (ii) KPI monitoring, (iii) Milestone analysis, (iv) issue log reports, (v) ongoing critical review and (vi) archiving plans/solutions.
- PwC supported the client’s software vendor in the development and testing of an import module as one did not exist.
Benefit
- There were significant roadblocks throughout the project which were managed by PwC allowing the client to concentrate on core activities. The most significant of these were the development of the import module and the remediation of investor KYC.
- By having PwC perform the data migration, the client had an extra level of comfort over the integrity of the data due to our previous experience and the availability of PwC’s technology subject matter experts.
Fund & Data Migration
Fund of fund manager with ~$4bn AUM
Situation
- A long-established fund of fund manager active in the VC industry, managing approximately $4bn of assets and with over 300 commitments made since inception took the decision to transition the administration of its 9 active funds and associated entities (some dating back +20 years) to a new 'service provider'.
- PwC were engaged by the administrator and asked to provide full project management, governance, oversight and key stakeholder management as well as the provision of resources to support on-boarding across a number of areas including accounting, admin, compliance and data.
Approach
- We acted as the primary contact for the key stakeholders and developed an in-house project plan; ensuring that relevant parties were allocated with the appropriate tasks and key dependencies identified. PwC also provided ad hoc analysis of project’s progress to the client and funds’ boards, outlining progression, issues and offering advice on solutions.
- We provided support to multiple workstreams including (i) Accounting, (ii) Administration (iii) Compliance, (iv) Client Take-on and (v) Data (eFront to Investran), to ensure the successful on-boarding and “go-live” of the funds without causing disruption to other Business as usual (BAU) necessities and other clients commitments.
- PwC leveraged technology to reduce potential human effort associated to the data migration from the incumbent to the new service provider by ~93%.
- As part of the core documentation suite, PwC created, prepared and delivered relevant materials, including but not limited to: (i) Project plans, (ii) KPI monitoring, (iii) Milestone analysis, (iv) issue log reports, (v) ongoing critical review and (vi) archiving plans/solutions.
Benefit
- The two phases of the transition completed successfully with all entities “going-live” with no disruption to the client’s immediate BAU activities.
- The client was able to clearly track the project through the various stages along with having real time access to Management Information (MI).
- With PwC acting as a "critical friend" the client was able to have an impartial view of the transition that enabled an efficient and successful end result.
Fund & Data Migration
Leading alternative investment manager with~$40bn AUM
Situation
- International investment firm with over $40 billion of assets under management across private equity, credit and real estate in Europe and North America.
- The client had Private Equity funds, both in Guernsey and Luxembourg as well as listed vehicles (RAIFs) and AIFM regulated entities.
- PwC were engaged by the administrator and asked to provide full project management, governance, oversight and key stakeholder management for the transfer of the European PE business across Guernsey, Luxembourg & Malta.
Approach
- We acted as a "critical friend" to the stakeholders providing clear and concise information to the client; presenting relevant status and in depth analysis of project progress to both immediate client personnel and then presenting periodically to C-Suite members, outlining progression, issues and supporting solutions.
- We provided advice for the establishment of the MSA between the investment manager and the new service provider as well as guidance for the Transition Service Agreement (TSA) put in place to govern the transition and ongoing relationship with the incoming service provider.
- We provided ongoing governance to multiple workstreams including (i) Accounting, (ii) Administration (iii) Compliance, (iv) Client Take-on and (v) Data (eFront to Investran), to ensure the successful on-boarding and “go-live” of the funds without causing disruption to BAU necessities and other clients commitments.
Benefit
- The transition was divided into two phases to ensure the incoming administrator was ready and had the necessary licenses to perform the services.
- PwC provided governance allowing the admin and manager to focus on core activities (BAU) & enabling them to clearly track the project and have real time access to MI.
- With PwC acting as a "critical friend" the client was able to have an impartial view of the transition that enabled an efficient and successful end result.
Fund Migration
Global leading PE Manager with ~$96bn AUM
Situation
- An independent private equity firm managing approximately $96 billion of assets took the decision to transition the administrator for certain entities from an incumbent to two new 'service providers'. The number of entities was approximately 150, with some dating back 5+ years.
- PwC were engaged by the administrator and asked to provide project management, oversight and assurance services that identified the readiness of the project on an ongoing basis along with raising potential risks and issues that could ultimately jeopardise the success and delivery of the transition.
Approach
- We acted as a "critical friend" to the stakeholders providing clear and concise information to the client; presenting relevant status and in depth analysis of project progress to both immediate client personnel and then presenting periodically to C-Suite members, outlining progression, issues and supporting solutions.
- During the engagement we worked with multiple parties; client, incumbent and new service providers, to ensure that accurate information was obtained and where required inconsistencies managed and resolved.
- As part of the core documentation suite, PwC created, prepared and delivered relevant materials, including but not limited to: (i) project plans, (ii) KPI monitoring, (iii) milestones analysis, (iv) programme oversight and assurance, (v) risk mitigation and issue resolution and (vi) ongoing critical review.
Benefit
- The transition was completed successfully and on time with minimal disruption to the clients BAU activities; including mitigating impact onto the underlying funds and respective managers.
- The client was able to clearly track the project through the various stages along with having real time access to Management Information (MI).
- With PwC acting as a "critical friend" the client was able to have an impartial view of the transition that enabled an efficient and successful end result.
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