Reconciliations – Much more than cash and stock

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Reconciliations – Much more than cash and stock

Opportunity

Mondrian Investment Partners, a leading global defensive value manager, challenged themselves to find a technology solution to improve their portfolio reconciliation control environment.
 
The company prides themselves on their strong control and oversight processes, but their legacy system fell short in flexibility and transparency. With a vendor renewal coming up, the Mondrian team were looking for an opportunity to work with a new provider, with software that would allow them to complete full automation of their cash, position and NAV reconciliation across a broad suite of equity and fixed income portfolios, held with over twenty different custody platforms.

Over 90% reduction in manual reconciliation workload.

Averaging 98% match rate with Gresham's Control over legacy system.

Solution

Mondrian sought a modern, flexible reconciliation platform and discovered Gresham Tech's Control solution. After a thorough evaluation process, they were impressed with the system’s ability to cope with any type of reconciliation. One key factor was that the system wasn’t limited to completing cash and stock reconciliations only, which has been the approach by many of the industry leading reconciliation tools to date. Beneficially, Control was able to cope with different formats of data, with widened ability this brought into scope reconciliations that previously were completed manually. Additionally, the software provided business users with functionality to maintain and build tailored exception-based reconciliation rules, allowing more time to focus on discrepancy resolution.


“We are delighted to be partnering with Gresham Tech in our reconciliations space, a high-quality addition to our existing “best of breed” vendor line up. Impressive system flexibility, provided within a cost-effective pricing model.

Rob Houghton, Mondrian Operations

Results

Mondrian realised significant improvements with Control:



  • Improved Accuracy and Data Integrity: Mondrian was able to implement automation for all of its Client Cash, Security Position and Market Value Reconciliations.

  • Proactive Management and Transparency of Data: Centralised Oversight and Control with flexible and timely Reporting.

  • Cost Savings: Adaptable licensing model eliminated the higher fees associated with a typical vendor solution upgrade.

  • Investment Strategy support: Centralised income reconciliation provides Mondrian with the tools to proactively monitor market tax impacts, across differing product mandates.

Summary:

Mondrian’s successful implementation of Gresham Tech’s Control demonstrates the systems flexibility to address challenges faced by global investment management firms. With further anticipated future enhancements for user engagement and reporting tools, Control remains a valuable technology solution for Mondrian's continued growth and success.

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The challenge