One of Australia’s Largest Custody Migrations

$300bn+ Multi-Entity Custody Migration and Servicing Model Transformation

As part of Insignia Financial Group’s broader simplification and operating model transformation agenda, BNP Paribas was appointed custodian for Insignia, including MLC Wealth and OnePath. The program involved the transition of more than $300 billion in Funds Under Management and Administration, representing one of Australia’s largest custody migrations. BNP Paribas also elected to deploy its new servicing model for Insignia as part of the migration, creating the dual challenge of implementing the new model while onboarding a large, multi-entity client environment across custody, administration, accounting, tax, reporting, data and platform integration. Integrated Advisory supported BNP Paribas across multiple streams including the migration, accounting, tax and testing streams, helping translate operating model requirements into executable delivery outcomes and supporting the controlled onboarding, transition and commencement of operations under BNP Paribas new servicing model.

Key Challenges

Scale & Data Complexity: Migrating more than $300 billion in FUM/FUA required highly controlled, repeatable reconciliation and validation processes across complex portfolios, diverse asset classes, reporting layers and operating teams.
First-of-Type Tax and General Ledger Implementation: Insignia was the first Australian client to adopt BNP Paribas’ Tax and General Ledger solutions, requiring solution design, platform build, validation and migration activities to be delivered in parallel.
Concurrent Servicing Model and Platform Delivery: The program was not limited to custody migration. It required the simultaneous delivery of a new BNPP client servicing model incorporating new accounting and tax platforms, Global Loans integration, middle office capabilities, private markets on-boarding and automated workflows.
Multi-Party Integration: The program required close coordination across BNP Paribas, Insignia, OnePath, SS&C, asset managers and other stakeholders, with clear governance, rapid issue triage, defined ownership and structured resolution processes.
Global Delivery Complexity: Delivery was executed across multiple regions and time zones, requiring strong program discipline, transparent decision-making and alignment between global platform teams and local Australian requirements.

Solution Highlights

Migration, Accounting and Tax Leadership: Integrated Advisory provided leadership across migration, accounting, tax and testing streams, ensuring alignment between business requirements, data models, operating processes and technology delivery.
Business Analysis, Product Design and Requirements Management: Our team supported complex business analysis, requirements definition and product development across accounting, tax, data, reporting and operating model workstreams, helping translate Insignia’s business needs into practical platform, process and control outcomes.
Data Migration, Reconciliation and Reporting Validation: Integrated Advisory supported accurate and repeatable data migration, reconciliation and validation across portfolios, assets and reporting layers, ensuring client, operational and regulatory reporting outputs were aligned with BNP Paribas and Insignia data standards.
Platform Integration and Servicing Model Enablement: Our team supported the integration of BNP Paribas’ global platforms with Insignia’s local ecosystem, including Global Loans, accounting and tax solutions, middle office capabilities, automated cash instruction workflows, SS&C integration and private markets onboarding onto eFront.
End-to-End Testing, Automation and Operational Readiness: We led and supported integration testing, user acceptance testing, joint stakeholder UAT, parallel runs, controlled migration events, test automation and operational verification, establishing repeatable validation frameworks to reduce migration and post-cutover risk.
Stakeholder Coordination and Delivery Lead: Integrated Advisory acted as a central coordination point across business, operations and technology teams, helping maintain alignment, accountability and delivery confidence across a complex, multi-party program.
Cross-Layer Financial Services Expertise: The engagement demonstrated Integrated Advisory’s ability to operate across business, operations and technology layers, combining deep domain expertise in custody, investment platforms, data, testing and operational transformation.

Outcome

Delivered On Time and Under Budget: The program delivered one of Australia’s largest custody migrations on time and under budget.
$300bn+ FUM/FUA Migrated: More than $300 billion in Funds Under Management and Administration was transitioned through a controlled migration, reconciliation and validation process.
300+ Interfaces and Reports Delivered: More than 300 IBOR and ABOR interfaces and reports were analysed, built, validated and delivered across the program.
40+ Asset Managers Onboarded: The program supported the onboarding of more than 40 asset managers into the new middle office and operating environment.
Successful Tax and General Ledger Implementation: New Tax and General Ledger capabilities were delivered and validated within the broader migration timeline.
Data Integrity at Scale: Reconciliations, reporting outputs and interfaces were validated against BNP Paribas and Insignia data standards, supporting a reliable transition into business-as-usual operations.
Seamless Transition to the new Servicing Model: The program enabled a low-risk transition into a new global operating framework and servicing model spanning platforms, workflows, middle office processes and reporting routines.

Are you planning a large-scale custody migration, fund administration transition, investment platform implementation or servicing model transformation?

The successful completion of this landmark custody migration reinforced Integrated Advisory’s expertise in large-scale financial services transformation, custodian transitions, investment data migration, testing, reconciliation and servicing model implementation.