Insights

Post-IPO Finance Function Revamp for an Asset Management Firm

finance transformation for asset management firm

 

Use Case  

A large alternative asset management firm focused on client investments in private equity, infrastructure, real estate, credit, and absolute return strategies had recently completed an IPO. It was seeking guidance on how to optimize its financial processes, operating model, and systems ecosystem to meet the demands of a publicly traded company.

CrossCountry Consulting was engaged to perform an end-to-end assessment of all finance functions, identifying opportunities for enhancement to drive scalable growth.

Our Approach 

A cross-functional team of experts at CrossCountry worked with leaders across the finance organization to lay the groundwork for a reimagined finance function. This included:

  • Performing an end-to-end assessment of the close process, identifying opportunities to accelerate financial reporting through increased automation, enhancing close management, and improving processes.
  • Providing project management support for a one-close cycle to coordinate close activities and identify additional opportunities for improvement.
  • Developing a proof of concept in the firm’s carried interest calculation and reporting processes to improve accuracy, reduce manual processes, and enable more timely reporting.
  • Conducting a full-scale assessment of the firm’s Finance function, including Accounting, FP&A, Treasury, and Tax, to design an evolved operating model that would better leverage the firm’s talent and identify gaps.
  • Spearheading the firm’s effort to design an improved financial systems ecosystem as well as recommended market solutions for Consolidations, Reporting, Budgeting, and Financial Close.
  • Documenting systems requirements, RFPs, and systems evaluation criteria.
  • Facilitating the vendor evaluation processes and helping the organization make a well-informed decision on the leading solutions.
  • Providing support to the firm’s FP&A lead to develop an improved budgeting model.

CrossCountry also assisted the client in identifying and prioritizing use cases suitable for Robotic Process Automation (RPA) for a full-scale finance function of the future.

Our Impact 

The finance transformation was the genesis of a new, optimized business structure. The level of efficiency, automation, and leadership CrossCountry was able to bring to the engagement exemplified our cross-functional approach to solving problems.

Moving forward, the client was set up with:

  • An accelerated financial close process.
  • Documented opportunities to accelerate and improve carried interest reporting through automation.
  • A newly designed Finance operating model that better leverages the firm’s talent and positions the team for long-term growth.
  • The successful selection of new close management and EPM solutions.
  • An improved budgeting model for better planning and reporting.
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