Cost Saving Analysis

OTAP Projects carried out work for a Global Wealth Platform that provided custody, dealing and asset management services to independent financial advisors and Private Banks.

The results of the review included savings of over 200 cost saving reccomendations amounting to over $10M per annum accross 10 business areas including:

– Income processing
– Corporate Actions
– Account Opening and closing
– Asset transfers
– Mutual Fund and share dealing
– Trade settlement
– Incoming and outgoing payment processing
– Account funding
– Review of vendor charging and vendor contracts

The work included working with Legal and compliance to identify the impact of new laws and regulations on the existing business operations.  This included assessing the risk of fines for non compliance, assessing the impact of changes in mutual fund trailer and supermarket fees, checking of contracts and current practices.  In particular, we looked at RDR, FATCA, MIFID, and the FSA handbook.

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