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A middle-office system for independent asset managers

TAC runs automated processes and reporting including trade monitoring, reconciliation, accounting and compliance for SFC-licensed firms. Qualified people review the exceptions and stand behind the result.

23 custodiansand brokers whose statements TAC reads
US$3.3bnof client assets checked by TAC
62,117custodian statements read and checked
25,267trades reconciled with the custodian
17 testscompliance tests available, subject to scope and settings
The obligation

Eight Core Functions, usually covered by a few people.

The SFC's Manager-In-Charge measures took effect on 18 April 2017. Licensed corporations appoint managers responsible for eight Core Functions. A manager reports to the board or the manager responsible for overall management oversight.

01Overall management oversight
02Key business line
03Operational control and review
04Risk management
05Finance and accounting
06Information technology
07Compliance
08AML / CFT
The gap
In a small firm, the same few managers cover most of the eight.

A small firm cannot hire eight specialists or buy the systems a large bank runs. The work gets done in spreadsheets and by hand, by people who have other jobs as well. TAC takes on the recurring part of that work.

Technology

System Intelligence

1Intelligence Framework

Our intelligence framework reads statements, agreements and term sheets, including scanned PDFs and turns them into analytical data.

2Written rules decide

Pass or fail is decided by written rules, not by a large language model. The same input always gives the same result.

3Totals must agree

Every read is checked against a second, independent number, such as the total printed on the statement. If the two do not cancel to zero, the file is held.

4People review exceptions

Our operations and compliance team reviews each exception. Your principals review the final output and sign it.

Each firm has its own server and its own database. One firm's data is not stored with another's.

Each firm's data is always kept within the client's local or cloud environment.

We adjust the service to the way your firm works.

How it works

Every source and data point checked and verified

An external asset manager does not hold client money. The records sit with the custodian banks, with the product issuers and in client emails. TAC brings them into one database and checks them before anyone uses them.

Step 1Sources

Custodian banks, product issuers and client emails.

Step 2One database

Statements, trades and client records in one place.

Step 3Rules

Written rules govern the checks and calculations.

Step 4Checks

Each transaction is checked. Anything that does not agree goes to a person.

Step 5Outputs

Management reports and audit logs.

Step 6Review

Our team reviews the exceptions. Your principals sign the output.

TAC Account Monitor page, with sample data
Account Monitor

Each account against its limits, using the same AUM figure as the Firm and Risk pages.

Open full screenshot ↗Sample data. Names and figures are made up.
TAC Reconciliation page, with sample data
Reconciliation

Statement lines beside your books, with each difference shown by amount and by side.

Open full screenshot ↗Sample data. Names and figures are made up.
Custodians

Tried and Tested Against Real Statements.

TAC reads PDF, CSV and XML statements from the banks and brokers below. Adding a bank means writing one new reader and testing it against that bank's real statements, as we did for the rest.

  • ACP Securities
  • Bank of East Asia
  • Bank of Singapore
  • BNP Paribas
  • CA Indosuez
  • CITIC Securities (CSIWM)
  • Citco
  • DBS Private Bank
  • Deutsche Bank
  • EFG
  • Endowus
  • Guotai Junan (GTJAS)
  • HSBC
  • JPMorgan
  • Julius Baer
  • KGI
  • Leonteq
  • LGT
  • Standard Chartered
  • UBS
  • Union Bancaire Privée
  • UOB Kay Hian
  • Vontobel
Responsibilities

Who does what

The software applies the same checks to each transaction and prepares the outputs. Our operations and compliance team investigates what the checks flag and completes the operating work in your engagement. Your principals stay responsible for the final output.

All transactions, not a sample

The checks run on each trade and each holding in scope.

Exceptions reviewed

Exceptions are held for review, with the evidence and the reason.

Mapped to SFC requirements

Execution checks cite their regulatory references, including the Code of Conduct, Fund Manager Code of Conduct and Internal Control Guidelines.

Your principals sign

We prepare the work and investigate the exceptions. Your principals review the final output and sign it.

Pricing

Save Costs

Our modules are priced to help save costs.

TAC module, yearly feeStaff member, yearly cost

Reconciliation

Compared with an operations clerk
HK$198k
HK$600k

Accounting

Compared with an accountant
HK$178k
HK$540k

Compliance monitoring

Compared with a compliance officer
HK$240k
HK$720k

Illustrative yearly figures. Your fee is set in the signed engagement. Custom builds are priced on the value they create.

Option A

Software only

Your team runs the modules. We maintain the system and the checks.

Option B

Operated by TAC

Our team runs the modules and investigates the exceptions. Your principals review and sign the output.

Insights

Regulatory Pulse

A monthly digest of circulars, consultations and enforcement notes published by the SFC and highlights for an SFC-licensed firm. Written by the compliance team, not by a model.

Tell us about yourself

Tell us which custodians you use and which parts of the middle office take the most time. We will show you how TAC would handle them, module by module.