Operations
One workspace for back-office and middle-office work: daily reconciliation against banks and custodians, continuous data-quality checks, price evidence and the imports that feed it all.
Reconciliation is the heartbeat. A day where everything matches stays quiet. When something does not reconcile, you see both sides and the entry that explains the difference — before it reaches reporting or the books.
Portfolio data is only as good as its last reconciliation.
A portfolio system will happily report on data that is wrong. A missing settlement date, an FX rate slightly off, a corporate action booked twice — none of it announces itself. It surfaces later, in a return that looks odd or a balance that will not tie out, usually at the least convenient moment.
Checking for it by hand is the traditional answer, and it does not scale. The work is repetitive on the days when nothing is wrong, which is most days, and that is exactly when attention lapses.
How the daily check runs
- 01
Collect
Holdings and cash statements are collected from each bank and custodian as they arrive, in whatever format that particular institution sends.
- 02
Wait for the day to be complete
The check holds until the day’s files have actually landed. Reconciling half a day produces breaks that are not breaks.
- 03
Match
Positions and cash are compared line by line against the portfolio system. Matching runs automatically; what matches is closed without anyone looking at it.
- 04
Flag what differs
Where the two sides disagree, the day is flagged with both sides lined up and the entry that explains the difference highlighted.
What you get
Quiet unless something is wrong
A day where everything matches produces no alert and no email. Attention goes to the exceptions, which is the only part that needs a person.
Both sides, side by side
When a day does not reconcile, you open it and see the custodian’s view against your own, with the differing entry marked. No exporting two files and comparing them by hand.
Health checks beyond reconciliation
A rule engine runs continuously against the portfolio data: every position has an asset class, FX rates sit inside tolerance, daily return agrees with the change in value, accrued interest matches bond terms, settlement dates are not missing.
Accounting reconciliation
Positions and balances are reconciled against the accounting system account by account, with documented differences, sign-off and an audit trail — the version an auditor can follow.
Self-service setup
New custodians and data sources are added in the application. A statement that cannot yet be matched is held safely rather than imported into the wrong place.
Import rules you can tailor
Imports run on configurable rules that adapt to your own setup, so a new statement format is handled through settings rather than by asking a developer to write a condition.
Also in the module
Reconciliation is the largest part of the day, but not all of it. The rest of the operational work sits alongside it in the same workspace — the same data, the same audit trail, no switching between tools.
Price evidence
Manually entered prices — hedge fund NAVs in particular — carry no audit trail in a portfolio system. Here each one is recorded with the calculation behind it, the FX rate where currencies differ, and any supporting documents. The computed price is checked against the entered one, and portfolio managers and the investment committee get a read-only view of the same evidence.
Data sources and reference data
Custodians are managed in the application rather than in code, so onboarding a bank does not need a release. Securities, prices and dividends can be pulled from a market data provider, with allocations built automatically and manual ones preserved.
Private equity processing
Capital calls, distributions, fees and valuations read out of GP notices and delivered as ready-to-book records, with the original document attached.
PE processing →Trade settlement
Broker confirmations converted into structured settlement data and delivered to the custodian, with validation and exception handling along the way.
Settlement service →Who it is for
Back-office teams
Daily custody reconciliation stops being a morning task. What remains is the handful of days that genuinely need attention.
Multi-custodian portfolios
Several banks, several formats, one reconciliation. Adding a custodian does not add a routine.
Anyone preparing for an audit
Documented differences, sign-off and a full trail mean the reconciliation is evidence rather than an assertion.
How much of your morning goes to reconciliation?
We will walk you through what the daily check looks like on a real portfolio.
Contact us