Switching Fund Admin Providers? 5 Steps to Ensure a Smooth Transition
Many fund managers who have switched their fund administration to STP Investment Services have consistently praised us for our outstanding customer support, thorough project planning, and customized transition plans. Below, we outline our framework for a smooth transition to STP, highlighting how we tailor key steps to fit your specific needs.
1. Collaborative Project Planning:
In the initial stages of the project, the client and STP will work together to establish timelines for data handoffs, testing dates, an official transfer of service date and establish regular meeting cadences. In addition to these foundational pieces, it is also essential to prepare. In this phase we will also review Service Level Agreements (SLAs), and reporting requirements should be defined and agreed upon, including a comprehensive review of NAV calculations, NAV distribution during the transition period, year-end audit responsibilities, as well as reporting requirements.
2. Data Integration:
With the dates now set, we can begin integrating the data. All relevant data files required for uploading into STP systems must be provided, reviewed, and loaded by the agreed deadlines. Based on our experience, this process is more efficient when communication channels are clear and open between the client and the previous Fund Administrator, ensuring that the required data is readily accessible. Additionally, if there are any other necessary data integrations (i.e., other vendors, etc.) that were agreed upon during project planning, we should establish, develop and execute them during this phase.
3. Knowledge Transfer:
At STP, you receive personalized support from a dedicated account manager who understands your specific needs and goals. Regular communication and updates ensure you stay informed and in control as your account manager becomes an integrated member of your team. During implementation, they will coordinate training on all applicable STP systems and workflows. It is imperative that the client provide knowledge to STP on their procedures, key points of contact, and deliverables.
4. Testing:
During the transfer to STP, multiple phases of testing will be conducted to ensure a successful transfer. We will support static, unit, and parallel testing throughout the project. The most critical phase will be the parallel NAV calculations where both STP and your previous fund administrator will operate simultaneously. This phase should involve comparing trial balance, reported NAVs, and other financial reports included in the client’s SLA’s. This final testing phase is crucial for resolving any issues and ensuring a smooth handover to STP.
5. Go-Live:
Once all agreed upon targets are met, the official transfer to STP will occur. Communication with stakeholders and the suspension of deliverables from the legacy fund administrator should be executed according to the planned schedules. Going forward, all NAV distributions and calculations will be handled by STP.
STP’s dedication to excellence and personalized service guarantees superior support and client satisfaction. During the transition, a dedicated support team will be on hand to resolve any issues and offer guidance, ensuring a smooth and efficient process with minimal disruption to your operations. Partner with STP to achieve the operational excellence and growth you’re aiming for.
