Supporting Perpetual Limited’s Custody & Fund Administration Migration to State Street
When Perpetual Limited transitioned its custody and fund administration services from Royal Bank of Canada (RBC) to State Street, it faced a significant challenge: ensuring business continuity without undertaking a major data management transformation. As Perpetual’s new custodian, State Street provided data in its own proprietary formats, differing from the legacy RBC file structures that Perpetual’s systems were built around. To avoid a costly and time-intensive data remediation program, we played a critical role in designing and implementing a solution that transformed State Street’s data feeds to match Perpetual’s existing RBC-compatible formats.
Client Testimony
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Integrated Advisory's role in this complex transition reinforced their expertise in custodian data transformations, system integration, and operational risk mitigation. By ensuring State Street’s data feeds seamlessly aligned with Perpetual’s legacy processes, they helped facilitate a smooth migration while avoiding costly and disruptive internal changes, allowing Perpetual to focus on its core investment management activities.
Perpetual Limited
Key Challenges
- Data Format Incompatibility: State Street’s data feeds followed a different structure, requiring Perpetual to either transform its internal systems or modify incoming files to retain compatibility.
- Business Continuity Risks: A major data management program would have required extensive changes, increasing operational risk and potential disruption to Perpetual’s investment operations.
- Tight Transition Timeline: The migration required an accelerated execution to align with the broader transition of custody and fund administration services.
- Regulatory & Compliance Considerations: The transition needed to maintain adherence to APRA and ASIC reporting standards while ensuring accuracy in financial data.
Solution Highlights
- Custom Data Transformation Layer: Designed and implemented a translation solution that reformatted State Street’s data feeds to mirror the legacy RBC file structures, ensuring seamless integration with Perpetual’s systems.
- Seamless Business-as-Usual Transition: Enabled Perpetual to maintain its existing data processes, eliminating the need for immediate system reconfiguration or internal remediation.
- End-to-End Testing & Validation: Conducted extensive parallel testing to ensure that transformed data remained accurate, complete, and compliant with Perpetual’s reporting requirements.
- Operational & Stakeholder Coordination: Worked closely with Perpetual, State Street, and key internal teams to ensure alignment, manage dependencies, and mitigate risks throughout the transition.
Outcome
- Seamless Custody & Fund Administration Migration – Enabled Perpetual to transition from RBC to State Street without business disruption.
- Eliminated the Need for a Major Data Program – Our data transformation approach prevented the need for costly system changes within Perpetual.
- Accurate & Compliant Data Feeds – Ensured regulatory reporting, reconciliations, and operational processes remained unaffected by the migration.
- Optimised Integration Timeline – Allowed Perpetual to complete the transition within the required timeframe without additional resourcing burdens.
- Strengthened Custody Data Management Framework – Provided a scalable solution for future enhancements without requiring fundamental system overhauls.
Are you planning on undertaking a a custody and/or administrator change or alternatively undertaking a significant data transformation exercise? Contact us to discuss how we can tailor our approach to your specific needs.
