Case Study: Singleton Family Office
There are currently five different family offices using Troika. We know the importance of confidentiality, so for this example we've changed the name, however all other details are accurate. References are available on application, but we may well ask you to sign a confidentiality agreement before giving any contact details.
"Troika is the core system for all our employees' everyday work. The accounts department uses it, the investment team, management, everyone. We've worked with Troika since it was first developed and as our business changes, it's good to know that we have a system that continues to move forward with us."
Systems Manager, Singleton Family Office
Background
The Singleton family office has operated since the 1950s. Formed initially from the bookkeeping and management team of a large family-owned trading company, after flotation (and eventual sale), the back office function was retained. They carried on providing information for the family members of the company and they also, unusually, created a separate offshore office. Several years and a few generations later, this modern family office provides a range of services to what are now the fairly disparate family members.
Our brief
To provide a core computer system for the Singleton family office with the following features:
- Compliance and 'know your client' systems.
- Customer relationship management software.
- Bookkeeping and bank account management systems, including payments receipts, statements and grouped client interest calculations.
- Trust accounting and administration, including flexible fund accounting and the ability to produce consolidated accounts across funds as well as individually in flexible formats with full foreign currency facilities.
- Full investment management facilities including recording and reporting on investment performance, bulk dealing, contract note production, importing of price files, production of valuations and processing of corporate actions.
Our solution
A dynamic conversion process was used to transfer data from the legacy system. This meant that parallel running was available for as long as required for training and data checking. Once signed off, transfer was instant and processing began immediately with no down time.
The Singleton family office now uses all of the Troika modules apart from time and billing because they don't bill their time.
The result
Installation overheads were minimal. Because all the users were involved, the system was designed to fulfil their specific requirements. Aside from the accounting functionality, the compliance requirements within the company have grown. This has also become a key part of Troika and in future this area will no doubt expand, together with many other parts of the system.
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