BA/PM - Transfer Agency Background

BA/PM - TRANSFER AGENCY BACKGROUND

The EMEA business have identified a need to move away from the current vendor relationship with Victor Buck Services (VBS) and DST and split the vendor service and appoint VBS for Offshore document production and DST for Onshore document production.

The new model will have numerous business benefits which are summarized in the points below.

- Ability to charge back document production to our Clients (Revenue Generation).

The current functionality/set up does not have sufficient Management Information on document production to allow Northern Trust to charge our clients for the Investor documentation produced.  Currently the costs are absorbed by the TA Business Units. 

This cost is estimated to be approximately $1 million per annum.  The new model would include the ability to invoice a client at a fund level, giving  the ability to recover these costs with the potential to introduce an enhanced product offering, with an associated profit margin.  

- Greater speed to market for changes (Client Satisfaction)

The standard VBS product offering will provide the flexibility to offer our clients a level of customization in the look and feel of their documents whilst maintaining a standard data model. This will increase the speed in which we can implement Client Change as currently template design changes need to be approved by all effected Clients. 

- Reduced Complexity/Dependency on other Transfer Agency jurisdictions (Reduce Cost)

The move to VBS for the offshore document production will break the link with UK Transfer Agency.  Currently any change to documentation functionality has to be coordinated across EMEA, often adding time and cost to any change in the amount of testing required and the time slot availability to implement the change. 

- Updated Technology - Reducing service outages (Client Satisfaction)

By moving to the standard VBS product offering,  will move away from the current infrastructure that our bespoke model is run upon, to a new modern infrastructure which will be monitored and maintained to keep up with technology advances.  Approximately 5 outages a month are caused by technology issues with our current set up. 

- Industry Updates (Reduce Costs)

By utilizing the VBS standard model, which is used by our competitors, we can share the costs of any industry wide changes that are required to documentation (regulatory disclosures etc)

- Capacity - Future state planning  (alignment with Business Strategy)

The move to the VBS standard model will alleviate the current capacity concerns that are present around document production upon the completion of the Lantern Program.

PHASE 1 - MODEL DEFINITION AND IMPLEMENTATION OF A MAJOR CLIENT

- Work with Product to define the standard model
- Plan tasks and timelines to implement A Major Client as the first client onto the new DV model
- Work with Client to determine the template design (to become the standard template for the remainder of the clients)
- Vendor Design and development
-  Interface build
- Testing and sign off with the client
- Implementation

PHASE 2 - ROLLOUT OF MODEL TO REMAINING CLIENTS

- Plan tasks and timelines to implement the remainder of clients with Silchester as the next client to move
- Define the phased Client tranche approach
- Finalise templates with each Client to determine the template design
- Vendor Design and development
-  Interface build
- Testing and sign off with the client
- Implementation