Alteryx from Continuum helps Jersey Consultants Complete International Fund Deal
Data analytics and automation played a major role whereby they helped Brooks Macdonald International complete the acquisition and integration of Lloyds Investment Fund Managers Limited (LIFML).
Alteryx software, licenced and supported by Continuum, was used to prepare, and transition data between Lloyds Investment Fund Managers Limited, and Brooks Macdonald International. This included due diligence of data from over 10,500 funds clients, and the migration of data and outsourcing to JTC.
Continuum and Puritas assisted JTC in using Alteryx to oversee multi-workstream programmes, allowing KIT Consulting to bring the project together.
Dan Hare, Managing Director, Continuum, said: “This is a great example of Jersey businesses working together using the latest technology to make a deal happen. We were delighted to be able to assist our clients – JTC and Puritas – with using Alteryx to manage and migrate data. This was a successful project where local experts from different areas came together to achieve a result everyone was happy with.”
The acquisition completed in November 2020, on time and on budget. Following the acquisition, Brooks Macdonald International has over £2.5 billion of assets under management across its investment portfolio management and funds business.
Richard Hughes, CEO, Brooks Macdonald International, said: “In June 2020 Brooks Macdonald agreed with Lloyds we would acquire their funds and wealth management business, to complete on 30 November. As part of the deal, we needed to identify and appoint a specialist fund administration provider to support us in running the business post acquisition.
“One of the reasons we chose JTC was the investment they had made in their technology and in ensuring their service standards and quality are high. This included their use of specialist data analysts like Continuum and Puritas.
“The project completed on time, which is not always the case due to issues around data, such as data cleanliness or systems integration. This didn’t happen here. A huge amount of effort was involved from everyone, but this project completed on time and that was down to the specialist parties involved and the strength and quality of the Alteryx tool.
“Since the project completed, things have functioned very smoothly. The data has been reliable, and the system has been reliable.”
KIT Consulting worked on the project from the pre-deal stage in January 2020. The bulk of the integration, transition and data migration work took place between June 2020 once the legal agreements were signed, and November 2020 when the integration had to be completed.
Jane Flemmer, Executive Director, KIT Consulting said: “Alteryx is an amazing product and if the data workstreams had not been so efficient we would not have hit the deadlines. With projects like this, it’s a good idea to start transition and integration work early in the process, rather than trying to catch-up and correct data at a later stage.
“Data migration was a significant part of the project. It was a tight deadline and there was a lot of data that needed to be migrated from Lloyds to Brooks Macdonald and JTC within five months.”
Puritas completed the data migration, taking funds from the CUTAS legacy system used by Lloyds to the PureFunds platform so JTC could service the funds on behalf of Brooks Macdonald International.
This part of the project involved getting data off the Lloyds mainframe system in Jersey (using technicians from ITEX in the Isle of Man) and transferring the data to a Windows system – a task that could have involved a VPN but was eventually completed by someone walking the discs between offices in St Helier.
Trevor Cole, Managing Director, Puritas, said: “We had dealt with CUTAS systems, and Alteryx made it a very efficient way to remove duplicate data, ‘cleaning it’ ready to transition to PureFunds. Using Alteryx meant we didn’t need to write SQL script for the data migration, which speeded up, and simplified the process.
“This was an example of a complex project being exceptionally well run and everything going ahead very smoothly despite teams being in various jurisdictions, working under the restrictions of Covid. There was a good, strong, project plan, with good communications throughout.”
