Family office efficiency optimization

Case study by Expersoft

The principal of a London based Single Family Office with total staff of 25 people whereof 20 people were doing manual, repetitive back office work (transaction management and reconciliation) out of the Channel Islands, wanted to improve processes, reduce labour cost and get more transparency on monthly spendings for a yacht and a jet.

Because of the complex wealth structure and high demand of customisation the client decided for an on-premise installation. Out of his ten custodian banks, eight could be connected using existing interfaces for automatic daily transaction data download and on-screen reconciliation.

To gain transparency on the monthly spendings for the yacht and jet the PM1 system was interfaced to an accounting tool where all related transactions were allocated based on the underlying accounting plan.

The overall efficiency gain was more than 40 percent and resulted in a reduced backoffice team, of now 10 people managing the same amount of work in less time.

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