Suite 506
Ardmore, PA 19003
Family Office
Union Park Consulting helped a newly established family office build an operational environment from the ground up.
Challenge
A newly established international family office needed an operational environment built from the ground up. The CIO wanted to start investing capital but lacked sufficient operational support and controls.
Solution
UPC was hired as an interim COO while assisting the CIO and Finance Manager with the recruitment for a permanent COO. In addition, Union Park Consulting was tasked with the setup of the operational environment within the family office.
The CIO wanted to start investing capital and generating performance reports for the family so technology, custodian, and operational processes needed to be setup within a few months.
UPC led the selection of a custodian and worked closely with the Finance Manager to implement the custodian within 4 months of being hired.
Simultaneously, UPC implemented an Investment Book of Record (IBOR) and exposure data services which provided the CIO tools to manage and report on the portfolio. In addition, UPC implemented a Research Management System (RMS) which served as the repository for all contacts, documents, meeting notes, and research workflows.
While serving as the interim COO, UPC was responsible for investment accounting, investment execution, document management, and reporting. UPC set up a bespoke monthly report for the Principal and Family Counsel. The monthly reporting included performance reporting as well as commentary to inform the Principal of all significant operations-related matters. UPC documented its newly instituted operational processes in a procedure manual that served as a training guide for the full-time COO.
The recruitment of a full-time COO was supported by UPC by drafting the job description, conducting interviews, writing a case study, and developing and executing a training program for the new hire.
Once the full-time COO joined the new family office, UPC worked closely with the CIO, the Principal, and the recently hired COO to generate reporting for the first investment committee meeting. UPC also collaborated with the full-time COO on drafting an ODD framework for the family office.
"It would have taken much longer than 10 months had I tried to negotiate and implement without Union Park's involvement. Union Park was very responsive, excellent at vendor negotiation and at moving many projects forward in real time without missing a beat. They were a real life saver for an environment where everything had to be done at the same time."
Results
The family office was equipped with an operations environment 10 months after UPC was hired.
Within 4 months of being hired, UPC implemented the custodian and technology which provided the CIO the tools to monitor and report on the portfolio to the family.
Finally, UPC setup operational controls and procedures so that the family office could be independent from the family’s operating company and assume responsibility for processes such as cash management and custodial relationships.
