When Laxey Partners, the Isle of Man based Investment Manger, decided to convert the large number of funds they have under management from their previous administrator they needed to be sure that the process would be seamless, accurate and just as important, timely.

Quintillion has extensive experience of converting multiple fund types from a variety of administrators. This tightly managed process includes receiving and testing trade file formats as well as automated data from Prime Brokers and the client. The majority of this process is completed prior to conversion date which ensures a smooth process and little or no delay in the first valuation under Quintillion’s control.

The conversion process is managed to ensure clients and shareholders are comfortable with the process including completing four-way reconciliation between the previous administrator, client and Prime Broker and these files are provided to the client for sign off before trading begins. All tax-lots, cash balances by currency and Prime Broker payables and Receivables as well as accruals are matched back and used as part of the audit process.

Quintillion ensures all share register data including investor holdings, performance fee records, client files and KYC documentation are seamlessly converted. For Laxey Partners, Quintillion’s sophisticated shareholder register system allowed for the calculation of performance fees to be fully automated. The conversion process is actively managed by Quintillion, thereby removing any potential disruption to investors or the Investment Manager.

“After meeting the Quintillion team and seeing the exhaustive and clear conversion process that they undertook we quickly realised that converting the funds was the right idea. Quintillion kept us informed of the progress at all stages and after receiving the conversion files from the previous administrator they quickly converted and caught up all trades to ensure there was no delay in providing the parallel NAV. The conversion process was managed by Quintillion and added no extra work to our own operations team. They also facilitated different pricing requirements for different funds in a very straight forward manner. The process was so smooth after the first number of funds were converted that we decided to not have a parallel run on the next sequence of conversions”.
Michelle Lees, Director, Laxey Partners.