-
ca. USD991Bn
in AuM
-
20k+
priority accounting breaks within 3.5 months
-
15
domain experts with expertise in CLOs and SMAs
-
30%
client bandwidth saving
CLIENT CHALLENGES
- Client: Managing Director, US-based alternative investment manager (AIM)
- Business objective: The AIM manages a multi-billion-dollar CLO portfolio. The client wanted to migrate their CLO portfolio data to a new platform after data reconciliation and cleansing their legacy systems. The demand was to resolve 75k accounting breaks across multiple platforms and provide clean data for data migration.
OUR APPROACH
- Acuity quickly deployed a team of 15 domain experts with expertise in CLOs and SMAs
- The team members were experienced in loan applications including Geneva, Markit and Clearpar
- In-Depth resolution to cash breaks was provided by navigating data on credit contract, credit facility specific, ABS specific, bond specific, bond coupon schedule and ABS variable rate schedule
- Transactions, such as revenue, expense, gross amount interest, deposit, withdrawal and cash transfer, were booked as per supporting documents in order to clear cash breaks
- Geneva reports, such as bank debt trade detail, cash ledger, transaction summary, asset principal transaction summary and daily accrued interest summary, were used for cash break investigation
- The Acuity team resolved the breaks, which included interest overpayment and underpayment breaks, prepayment breaks, trade net amount mismatch, bond interest and CLO notes interest breaks
- The team coordinated with trustees, loan settlements, agent banks, deal analysts and the client to resolve the cash breaks
- Third party Tools : Geneva, ClearPar, MarkIT.
IMPACT DELIVERED
- The Acuity team resolved over 20k priority accounting breaks within 3.5 months
- The Acuity team freed up the client’s bandwidth, enabling it to focus on real-time breaks instead of focusing on historical items
- Acuity’s quality and timeliness of the break resolution met client expectations
- The ability of Acuity to provide domain expertise at a short notice helped the client migrate their data to the new platform
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