Outsourcing a Truly Customized Performance Solution

A large trust bank’s investment officers get exactly what they need to be successful with their clients from First Rate Performance.

The complexities of maintaining a transaction-based performance system can draw resources from other essential functions within any investment shop. Focusing on the strengths of its investment resources, the bank decided to collaborate with performance measurement professionals to outsource rate of return calculation and reporting.

Client Situation

As an $8 billion financial institution, the trust bank wanted a performance measurement solution that improved the institution’s ability to analyze the performance of personal trust, employee benefit and institutional portfolios.

They also wanted to minimize the staff and IT resources required to generate high quality, client-ready presentations of portfolio-specific performance across multiple business lines. Outsourcing was the logical solution, and First Rate offered the flexibility that they needed.

First Rate staff met onsite with key performance personnel, learning their processes, listening to their desired results and identifying resources within the bank’s different departments. After documenting the existing processes and procedures, and reviewing reporting requirements, First Rate designed a performance solution that leveraged existing resources and met each business line’s specifications.

What First Rate Provided

The solution was a complete First Rate Performance Fully Outsourced Solution. A single, off-site data verification and auditing environment provided customized delivery mechanisms and specific types of reporting for various groups of portfolios, including different logos and data layouts for each of the bank’s lines of business.

First Rate coordinated with bank’s IT personnel and designed an environment that met all security and disaster recovery requirements for hosting the institutions client data. Meanwhile, First Rate Professional Services developed a customized interface to the bank’s portfolio accounting system, seamlessly linking transaction and security-level data to First Rate Professional®.

Upon completing the interface, First Rate developed procedures for the banks specific data loads, audits and verification processes that would ensure timely and accurate rate of return calculations.

First Rate assumed responsibility for calculating and maintaining all rates of return at the firm while working with specified representatives to help audit and verify all data irregularities and make all portfolio-specific customizations.

The Impact

Throughout the institution, staff has access to high quality performance reporting specific to their line of business. Front line staff can customize and deliver performance analysis to their clients with a few mouse clicks, saving the firm countless hours of administrative support. Most importantly, the resources required to maintain the performance solution have been significantly reduced. IT personnel and investment staff can focus on other projects, while the quality and accuracy of the performance analysis continues to be maintained by performance measurement professionals at First Rate.