This was a 10 month project at a leading UK wealth manager. It involved the following steps:
- Development of a product specification. We designed a product that would meet the diverse requirements of the manager and selected the domicile to ensure maximum tax efficiency, considering all products (SIPPs, ISAs and unwrapped).
- Development of fund operations "Straw Man". It was essential to keep the TER as low as possible, so a cutting edge STP operations model was essential.
- Development of short list of fund administrators. Based on our experience of administrators we prepared a shortlist of suitable administrators.
- Selection process. We developed an RFP and managed the selection process and fees negotiation.
- Implementation. In conjunction with the lawyers, administrator and trustee, we prepared the fund prospectuses. We also designed, developed and implemented the target operating model.
- Fund launch. This involved transferring existing investments to the new fund, ensuring the fund launch was successful with particular focus on the SDRT position.
The project was immensely beneficial to the client. The client saved £m's in operating costs through the automation of the dealing process, benefitted from a reduction in risk, simplification of operating processes and extension to the life of their overloaded systems. Clients also benefitted through a reduction in costs, a reduction in income tax and improved performance through closer monitoring of investment management and a more efficient fee rebate process.
The client's director of sales and marketing quoted: "Mark designed and helped implement the funds' operating model. I would highly recommend his expertise and knowledge in fund structures, European domiciles and fund administration which were key components to the success of this project."