Client Story
Overview
The client, an investment management firm, primarily manages equity funds, separate accounts, thousands of high-net-worth client accounts, and provides sub-advisory services, and its equity division trades worldwide 20 hours a day from its Chicago offices. In 2004, the client purchased ITG XIP (known as MacGregor at the time) and implemented it with major issues until 2006. In 2012, the client purchased ITG Compliance and was disappointed with a two-year implementation that led to data syncing issues between ITG XIP and ITG Compliance.
The client engaged Cutter Associates to perform the search and selection of a new OMS because of our deep experience, knowledge, and established relationships with the top order management solutions.
Cutter Solution
First, we conducted a structured OMS current state analysis by interviewing client staff in Portfolio Management, Trading, Account Management, Data Management, Compliance, and Technology to understand the client’s business requirements.
With our proprietary, time-tested OMS RFI template and Cutter Research library, we quickly created a comprehensive, custom RFI that met the client’s distinct requirements in the first month of the project. We distributed the RFI to select OMS vendors. Because of our experience with numerous OMS search-and-selection engagements, we were able to quickly review, evaluate, and score the vendors’ RFI responses and recommended vendors for a shortlist to be invited to demo their solutions. We compared vendor response results with previous engagements to validate and identify changes in vendor functionality and market share. We also reviewed the chosen solutions compatibility with the client’s EMS.
We created custom scripts for the demonstrations and managed the process for the client and vendors to ensure that the demos provided the most meaningful demos and client interactions. We then facilitated daylong demonstrations of the three finalists with up to 50 client staff members, then scored the results. Two vendors were invited to return for more comprehensive assessments, requiring them to observe the client’s daily activities from 6 a.m. to 2 a.m. and then demo again over two days.
With consensus established for the chosen solution, we performed comprehensive due diligence, including leading reference calls with Cutter members that use the finalists’ products. Lastly, we performed initial contract reviews and supported the contract process.
Our in-depth product and market knowledge meant Cutter Associates was well-positioned to educate the client project team on industry trends, OMS functionality, and the unquantifiable strengths and weaknesses of each product. Cutter kept the project moving to a successful result even when faced with stumbling blocks, such as the departure of the Executive Sponsor.
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