Case Study
Cross platform & migration testing for a global asset manager
Testing | Asset Management | Global
The Background
-
In 2023, a global asset management firm with $900bn AUM launched a $200m program of work to integrate an acquired EMEA business whilst performing optimization of the front-to-back platform.
- NextWave led the team through a post-merger integration re-platform front to back using our testing strategy and execution
The Challenge
- The book of work comprised:
-OMS Integration: EMEA business was brought from a single OMS to a set of 2 of the 4 existing OMS used by the US business to allow access for traders and portfolio managers to a global trading and cash management solution.
-Middle Office Re-Platform: US and EMEA businesses had completely different operational stacks and usage of outsourced vs semi-insourced models. These were re-platformed onto a single outsourced middle office provider to allow global allocation of block trades and enable a global trading desk.
-Data Globalization: To enable the aims of creating a single business, the architecture, data strategy, and data required harmonization. - The firm required extensive changes to its architecture, systems, processes, and data flows to achieve these goals. This complex undertaking necessitated extensive testing, coordination, and management, revealing a gap in the firm's existing testing capabilities and resources.
The Approach
- NextWave provided a team of 12 across New York, London, & Chennai to define and execute the testing strategy for:
-Functional and Non-Functional Testing (Pre-Trade, Trade Execution, Post-Trade, Equities, Fixed Income & FX)
-Data Testing of existing OMS and source feeds to target harmonized OMS platform, including Credit, Liquidity, and Market Risk data, as well as Regulatory Reporting.
-Ongoing Advisory to optimize test delivery and develop a testing Centre of Excellence – including test automation and CICD - A complete test team was deployed, including test advisory and leadership as well as a team with expertise in data, automation, functional and non-functional testing.
The Impact
- Creation and socialization of a test strategy allowing the firm, from program management to the board, to be comfortable that control and oversight would be in place throughout multiple test cycles and that deep testing experience was being brought to bear on a mission-critical book of work.
- Certainty around the quality of delivery – early warning of issues, appropriate reporting and decision tollgates, and total transparency.
- An uplift in the client’s Testing COE – a stated aim for NextWave from the client was to ensure that their COE had the ability and framework to deal with complex programs in the future.
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