About Bennelong Funds Management
Bennelong Funds Management Ltd. is a multi-boutique asset manager headquartered in Australia with subsidiaries across the United Kingdom and the United States. Established in 2006, Bennelong seeks to provide diversification through active investment management across Australian and global equities. With eight highly specialized Australian investment teams and global distribution focused on delivering alpha and reducing risk, Bennelong sets the stage for continued growth of their business.
Multi-boutique, active investment managers employ teams of differing strategies across a wide variety of asset classes, giving them the autonomy to make value adding investment decisions.
Bennelong needed a solution that would automate operational functions such as reconciliations, corporate actions, post-trade compliance, and regulatory reporting, as well as streamlined fund accounting processes.
According to Bennelong’s Head of Investment Operations, Brian Ó Marnáin, “Our boutique business structure required a consolidated and unified book of records at the group level for all asset classes and across the entire trading lifecycle.”
Over the long-term, Bennelong needed a solution that provided consolidation and automation to free up portfolio managers, traders, and other human capital to focus on alpha generating activities. They needed a system that was proven to handle the rest.
Bennelong's Solution Requirements
The Selection Process
Bennelong had prior experiences with SS&C Eze through one of their boutique investment managers.
During Bennelong’s selection process, SS&C Eze performed extensive due diligence to understand their business processes so they could optimize their investment workflows.
Prior to SS&C Eze, Bennelong found it difficult to have an aggregate view of all their funds and their various counterparties. Following the selection process, the Investment Operations team at Bennelong determined that SS&C Eze’s solutions were intuitive, integrated, automated, and ultimately, the right fit for their firm.
Solution & Implementation
“SS&C Eze’s engagement and client solutions teams showed skill, product knowledge, and professionalism.” Ó Marnáin continues, “The SS&C Eze engagement team spent considerable time with Bennelong users to provide system configuration and training, ensuring comfort with the system prior to going live.”
SS&C Eze provided the straight-through-processing Bennelong required, seamlessly connecting them to external fund administrators and custodians. As the business scales and market environments continue to change, new connectivity requests are common. SS&C Eze continually proved to be committed to prioritizing new requests and delivering them effectively.
In addition to Eze PMA, Bennelong also leverages SS&C Eze’s compliance solution to manage their post-trade compliance needs. “Centralized reporting was a real win for us,” said Ó Marnáin. A standout in the implementation process, Eze Compliance seamlessly converted custom compliance rules into the system with ease and without error.
Operational processes for Bennelong’s Australian investment managers transitioned to the SS&C Eze platform after a quick and successful implementation. Manual processes have been significantly reduced, in some cases, up to 80%.
Prior to SS&C Eze, Bennelong dedicated extensive resources to maintaining massive spreadsheets and files. Reconciliation issues are now managed on an exception basis, rather than wasting human capital manually checking data points from multiple sources. Fund reporting has also been efficiently streamlined, minimizing human input and significantly reducing possible error.
The goal at the onset of the project consisted of data consolidation onto a single system, automation across once manual processes, and improving operational and accounting efficiencies. Ó Marnáin concludes “The team understood the business requirements from the outset and the project implementation process was very collaborative, flexible and could adjust to changing priorities. Post implementation, the SS&C Eze client service and account management has been exceptional.”