Asset management firms operate in a highly regulated environment. The business plan should define the legal structure, target client types, products (discretionary mandates, funds, advisory), and jurisdictions served, because regulatory obligations differ materially by country, distribution channel, and investor category (retail vs professional/institutional).

Licensing and authorization
Confirm the registrations and authorizations required before soliciting clients or managing assets. Address:
- Whether the firm will act as an investment adviser/portfolio manager, investment fund manager, broker-dealer/placing agent, or sub-adviser
- Local regulator approvals, ongoing reporting obligations, and any passporting/cross-border marketing rules
- Key persons/fit-and-proper requirements (directors, portfolio managers, compliance officer) and minimum capital/insurance requirements where applicable

Fund and product structuring requirements
If launching pooled vehicles, outline the legal form (e.g., mutual fund, private fund/limited partnership, UCITS-type vehicle, managed account platform) and the governance and documentation needed. Include:
- Constitutive documents (fund deed/LP agreement/articles), offering documents/prospectus/PPM, subscription materials
- Investor eligibility criteria, transfer restrictions, gating/lock-up terms, valuation policy, and fee disclosure
- Appointment of required service providers (administrator, custodian/depositary, auditor, legal counsel) and the oversight model

Client onboarding, KYC/AML, and sanctions
Describe the firm’s financial crime compliance framework and how it will be implemented operationally. Cover:
- Customer due diligence, beneficial ownership verification, and risk-based enhanced due diligence for higher-risk clients and jurisdictions
- Sanctions screening, politically exposed persons (PEP) handling, adverse media checks, and ongoing monitoring
- Record retention requirements and escalation/filing processes for suspicious activity reports where mandated

Fiduciary duty, suitability, and best execution
Explain how the firm will meet fiduciary/clients-first obligations and conduct standards. Include policies for:
- Suitability/appropriateness assessments, investment policy statements (IPS), and risk profiling for mandates
- Best execution and brokerage practices (order routing, broker selection, soft dollars/research arrangements if permitted)
- Trade allocation, cross trades, principal trading restrictions, and handling of errors and corrections

Conflicts of interest and related-party controls
Identify common conflicts in asset management and document mitigation steps. At minimum address:
- Personal account dealing, gifts and entertainment, outside business activities, and political contributions where relevant
- Allocation between funds/clients, side-by-side management, fee differentials, and preferential terms for certain investors
- Use of affiliated service providers, revenue sharing, and referral arrangements, including disclosure and consent requirements

Marketing, distribution, and communications
Detail the compliance controls for all client-facing materials and distribution activity. Include:
- Rules for performance advertising (calculation standards, benchmarks, net vs gross, time periods, disclosures, model/backtested results limitations)
- Use of testimonials/endorsements and social media, if allowed, with pre-approval and recordkeeping
- Cross-border marketing limitations, placement agent oversight, and distributor due diligence

Fee and expense transparency
Asset management businesses are often scrutinized for fee practices. The plan should specify:
- Management and performance fee methodology (crystallization, high-water mark, hurdle), and fee billing controls
- Expense allocation policy (fund vs manager), caps, and disclosure of pass-through costs
- Practices for fee rebates, share class selection, and avoidance of hidden compensation

Valuation, NAV, and custody
Provide a robust description of asset safeguarding and valuation governance. Include:
- Independent pricing sources, valuation committee/process for hard-to-value assets, and frequency of pricing challenges
- Custody arrangements, segregation of client assets, reconciliations, and cash controls
- Controls over corporate actions, income processing, and collateral/margin for derivatives

Risk management and derivatives controls
Summarize the risk framework and any regulatory risk limits. Address:
- Liquidity risk management, stress testing, concentration limits, leverage monitoring, and swing pricing/redemption management where applicable
- Derivatives usage policy (permitted instruments, counterparty limits, ISDA/CSA documentation, margining)
- Operational risk controls, incident management, and business continuity

Data protection, cybersecurity, and recordkeeping
Asset managers handle sensitive personal and trading data. Include:
- Data privacy compliance (client notices/consent where required, data minimization, retention schedules, cross-border transfers)
- Cybersecurity program (access controls, encryption, vendor security, penetration testing, incident response, reporting obligations)
- Books and records: trading records, communications surveillance, marketing archives, and retention periods per applicable rules

Outsourcing and vendor oversight
If relying on third parties (admin, OMS/EMS, cloud, research, compliance tools), explain governance:
- Due diligence, contracting (SLAs, audit rights), ongoing monitoring, and contingency/exit plans
- Sub-advisory agreements and oversight of delegates, including monitoring of investment guideline adherence

Tax and reporting considerations
Describe tax compliance at the manager and product level without assuming specific regimes. Include:
- Investor tax reporting obligations (e.g., annual statements), withholding considerations, and classification of income where relevant
- Regulatory reporting of holdings, transactions, and systemic risk data where required
- Governance for transfer pricing and management company expenses if operating across entities/jurisdictions

Corporate governance and compliance program
Explain how compliance will be organized from day one. Include:
- Appointment of a compliance officer, policies and procedures manual, employee training, and annual reviews/testing
- Internal controls framework, whistleblowing channels, and escalation to the board/management committee
- Compliance calendar covering filings, attestations, audits, and regulatory examinations readiness

Implementation checklist for the business plan
Include a practical “readiness” plan with owners and timelines for:
- Entity formation and registrations/licenses
- Required policies (AML/KYC, conflicts, best execution, valuation, cybersecurity, personal trading)
- Service provider selection and contracts (custody, administration, audit, legal)
- Document suite (IMAs/advisory agreements, fund documents, disclosures, privacy notices)
- Initial regulatory filings and ongoing reporting calendar

Asset management firms typically blend founder capital, operating cash flow, and strategic funding sources that align with regulatory requirements and the revenue profile of management and performance fees. When selecting financing, distinguish between: (1) capital to launch and run the management company (the “ManCo”), and (2) capital to seed investment strategies or funds (AUM growth), which may be structured differently and can carry conflicts-of-interest considerations.

1) Bootstrapping and founder capital
Most firms start with founder equity and retained earnings to fund licensing, technology, legal documentation, and early hiring. This route offers maximum control and fewer governance constraints, but requires realistic runway planning given that meaningful AUM and recurring fee revenue can take time to build.
Use in the plan: specify founder contributions, timing, and what expenses they cover (regulatory setup, fund documentation, compliance tools, initial marketing, and minimum capital requirements where applicable).

2) Operating cash flow and disciplined cost structure
Once the ManCo generates predictable management fees, internal cash flow can finance growth. Because revenue can be sensitive to AUM levels and market volatility, your plan should show how staffing, research spend, and distribution costs can scale with AUM and how fixed costs are controlled.
Use in the plan: include a conservative base case that assumes slower AUM ramp and limits fixed hires until revenue milestones are met.

3) Bank credit facilities (working capital and receivables-backed)
Traditional lenders may provide working capital lines, equipment financing, or facilities secured by receivables (e.g., contracted management fees from institutional mandates). Banks generally prefer stable, diversified fee streams and strong controls.
Use in the plan: describe collateral (if any), covenants you can realistically meet, and how you will manage cash timing between invoicing and collection.

4) GP/management company minority investment
A minority investor can fund expansion in exchange for equity in the ManCo or the GP entity (common in alternative asset managers). This can bring distribution, brand, and operational support, but often includes governance rights and economics tied to fee streams.
Use in the plan: define what is being sold (ManCo equity vs. GP interest), governance terms, use of proceeds (team buildout, distribution, platform upgrades), and how you will protect investment autonomy and client interests.

5) Strategic partnerships and platform arrangements
Financing can be embedded in strategic relationships: sub-advisory mandates, white-label platforms, distribution partnerships, or “lift-out” deals where a platform provides infrastructure in exchange for revenue share. These can reduce upfront cash needs but may limit pricing flexibility and client ownership.
Use in the plan: outline commercial terms (revenue split, minimums, termination clauses), ownership of client relationships, and service-level expectations (compliance, reporting, trading).

6) Fund seeding and anchor investors (AUM growth financing)
Seed deals provide initial capital to a strategy (often with a revenue share, discounted fees, or an equity-like participation in the ManCo). Anchors can accelerate track record building and marketing credibility, but can introduce concentration risk and restrictive liquidity or capacity provisions.
Use in the plan: specify target seed size range (not exact promises), expected economics (fee breakpoints, revenue share), lockups/redemptions, and contingency plans if the seed redeems.

7) Performance-fee monetization and revenue-sharing structures
Some managers use structured arrangements that monetize future fee streams in exchange for upfront capital. These can be useful for scaling distribution or acquiring teams, but they reduce future upside and may create pressure to prioritize asset gathering over performance.
Use in the plan: include a clear rationale, repayment waterfall, and how you will manage alignment with long-term investment results.

8) Private equity or growth equity
Growth investors may back established managers with scalable strategies, institutional-grade operations, and a credible path to AUM expansion. They typically expect governance rights, reporting rigor, and a defined liquidity event horizon.
Use in the plan: articulate the growth thesis (channels, products, geographies), the operating upgrades required, and an exit narrative (buyback, strategic sale, secondary).

9) Government programs and grants (jurisdiction-dependent)
In some regions, innovation, fintech, or job-creation programs can offset costs for technology, training, or hiring. These are usually supplementary rather than core financing.
Use in the plan: identify eligibility, allowed uses, reporting obligations, and timing uncertainty.

Regulatory and structural considerations to address
Financing choices in asset management interact with licensing, fiduciary duties, and conflict management. Your plan should explain:
- Entity structure (HoldCo, ManCo, GP, funds) and which entity raises capital
- Compliance and independence safeguards when taking strategic capital or seed deals
- Disclosure approach for revenue shares, preferential terms, and related-party arrangements
- Capital adequacy expectations, professional indemnity/insurance needs, and operational resilience

What investors and lenders will expect to see
- AUM growth plan by channel (institutional, wealth, intermediaries) with realistic ramp assumptions
- Fee model (management and performance fees), breakpoints, and capacity constraints per strategy
- Unit economics: contribution margin per strategy and breakeven AUM for the ManCo
- Operating model: compliance coverage, risk management, valuation controls, and reporting
- Evidence of demand: pipeline, consultant coverage, platform access, or anchor discussions (without overstating certainty)

How to choose the right mix (practical guidance)
Match the financing instrument to the use case:
- Regulatory setup and core operations: founder capital + tight cost control (optionally small working capital line once recurring fees exist)
- Distribution scale-up: minority ManCo investment or strategic partnership with clear client-ownership terms
- Track record acceleration: seed/anchor capital with diversification and redemption risk mitigation
- Technology and operational upgrades: cash flow funding, targeted debt, or partnership-based infrastructure

Common pitfalls to avoid
- Selling too much ManCo equity early, limiting future strategic flexibility
- Overreliance on a single seed or anchor investor without a diversification plan
- Taking financing tied to aggressive AUM targets that encourage misalignment with investment discipline
- Underestimating the cost and timeline of compliance, audits, data, and institutional reporting requirements

Suggested “Financing Options” narrative for the business plan
State the initial funding source and runway, then present 2–3 staged options with triggers (e.g., AUM thresholds, mandate wins, or profitability milestones). Close with how each option preserves fiduciary standards, maintains operational resilience, and supports scalable growth without compromising investment decision-making.

Marketing and sales strategies in asset management must balance growth objectives with regulatory requirements, suitability obligations, and a long trust-building cycle. The plan should define target investor segments, articulate a differentiated investment proposition, and establish repeatable distribution channels supported by compliant content, measurable lead management, and disciplined client servicing.

Target customer segments and positioning
Define the primary segments the firm will serve and tailor the message, product wrapper, and servicing model to each:
- Institutional investors (pensions, endowments, insurers): emphasize risk management, governance, reporting depth, and operational robustness.
- Wholesale/intermediated investors (advisors, broker-dealers, private banks): emphasize consistency of outcomes, advisor support, and fit within model portfolios.
- High-net-worth and family offices: emphasize customization, transparency, access, and alignment of interests.
- Retail (direct or platform-based): emphasize simplicity, education, and low-friction onboarding where permitted.
Position the firm around a clear edge (e.g., repeatable process, specific market niche, risk-controlled approach, differentiated research, tax-aware implementation, or ESG integration with measurable methodology). Avoid vague claims; state what the strategy does, how it is implemented, and why the team is qualified to execute it.

Value proposition and messaging
Translate the investment philosophy into decision-ready messaging that can pass compliance review:
- Investment objective and role in portfolio (growth, income, capital preservation, diversifier).
- Sources of return (factors, inefficiencies, structural edges) and how they are captured.
- Risk framework (limits, drawdown mindset, liquidity management, stress testing approach).
- Implementation discipline (trading, costs, turnover, tax considerations, use of derivatives if any).
- Alignment (fee structure rationale, co-investment policy, capacity management, soft-close policy).
Create a message hierarchy: short elevator pitch for first contact, a 1-page overview for screening, and a deeper deck/DDQ content for diligence.

Product packaging and distribution readiness
Select product structures and distribution methods that match target segments and operational capacity:
- Vehicles: separately managed accounts, private funds, UCITS/40 Act funds, model portfolios, or mandates.
- Minimums, liquidity terms, gates, and side letters (if applicable).
- Service levels: reporting cadence, transparency depth, and portfolio access for Q&A.
- Platform onboarding: ensure the operational, legal, and data requirements are mapped (KYC/AML, data feeds, performance reporting standards, vendor integrations).
A practical step is to build a “distribution checklist” for each channel (advisor platforms, consultants, institutional RFPs) including required documents, timelines, and owners.

Go-to-market channels
Use a channel mix that matches where the target clients already buy and how they underwrite managers:
- Institutional direct: outbound coverage to CIOs, investment committees, and risk teams; participation in RFPs; consultant relationships where relevant.
- Intermediaries: registered investment advisors, private banks, wirehouses, and broker-dealers; focus on home-office due diligence, model portfolio inclusion, and advisor enablement.
- Strategic partnerships: sub-advisory, white-label mandates, or model marketplace distribution (where permitted).
- Thought leadership and inbound: research notes, webinars, podcasts, and conference speaking to generate qualified interest and credibility.
Set channel-specific goals and timelines; institutional sales cycles can be long, so the plan should include pipeline depth targets and interim milestones (intro meeting, preliminary review, due diligence, investment committee, funding).

Lead generation and content strategy (compliance-first)
Build a content program designed to educate and de-risk the decision for investors and gatekeepers:
- Core materials: pitch deck, factsheet, strategy overview, risk and liquidity disclosure, biographies, ADV/regulated disclosures, and a client reporting sample.
- Due diligence library: DDQ, operational due diligence responses, policies (valuation, best execution, conflicts, cybersecurity), service provider list, business continuity plan summary.
- Ongoing insights: market commentary, portfolio positioning narratives, and process explainers that avoid performance cherry-picking.
- Events: targeted webinars and small roundtables with clear agendas (e.g., “how the strategy behaves in stress,” “portfolio construction role”).
Implement pre-approval workflows for marketing materials, maintain version control, archive communications, and ensure claims are substantiated and appropriately disclosed.

Sales process and pipeline management
Define a repeatable sales motion that connects marketing activity to funded assets:
- Qualification: investor type, mandate fit, size, decision timeline, gatekeepers, required vehicle, and operational constraints.
- Discovery: portfolio role, risk constraints, liquidity needs, benchmarks, and reporting requirements.
- Diligence: provide structured data room access, respond to DDQs/RFPs with consistent language, schedule investment and operations calls.
- Closing: legal review, subscription/onboarding, data feed setup, reporting schedule confirmation, and account governance.
Use a CRM with standardized stages and required fields (segment, source, probability, next step, expected close). Tie content touches and meetings to pipeline outcomes to learn which activities convert.

Pricing and fee strategy
Set fees based on market comparables, complexity, capacity, and service burden, while supporting profitability and alignment:
- Define management fee, performance fee (if any), hurdles, and high-water marks with clear disclosures.
- Clarify what is included (reporting, customization) and what may be charged separately (special reporting, bespoke mandates).
- Establish discounting rules (minimum fees, breakpoints, founder share classes) and approval authority to avoid ad hoc negotiations that erode economics.
Ensure the fee model supports required compliance, operations, and client service investments.

Client servicing and retention
Retention in asset management is driven by transparency, consistency, and operational reliability:
- Onboarding playbook: welcome pack, reporting calendar, communication channels, and escalation paths.
- Reporting: consistent performance and risk reporting with context (drivers, attribution, positioning changes, risk exposures).
- Reviews: scheduled quarterly/biannual reviews; proactive updates during volatility; clear explanation of deviations from expectations.
- Service standards: response times, meeting cadence, and a defined process for client requests and complaints.
Measure satisfaction through structured feedback and track reasons for redemptions to improve product and communication.

Brand, credibility, and trust-building
Asset management marketing must signal institutional quality:
- Establish a professional digital presence with clear disclosures, team bios, and process explanations.
- Publish governance signals: independent auditor, reputable administrator/custodian (as applicable), and cybersecurity posture summaries.
- Provide transparent information on capacity management, key person risk mitigation, and succession planning.

Regulatory and compliance considerations in marketing
Marketing must be designed around jurisdiction-specific rules on performance advertising, testimonials/endorsements, forward-looking statements, and suitability. The plan should include:
- A compliance review and approval workflow for all outward-facing materials.
- Documentation standards for substantiation and recordkeeping.
- Clear disclosures for risks, fees, benchmarks, and performance methodologies.
- Training for investment and sales staff on permissible communications and “do’s and don’ts.”

Key performance indicators (KPIs)
Track metrics that link activity to assets raised and retention without relying on vanity measures:
- Pipeline: number of qualified opportunities by segment, stage conversion rates, and average sales cycle length.
- Activity: meetings with target decision-makers, DDQs/RFPs submitted, and follow-up completion rates.
- Funding: net new assets, funded mandate count, average ticket size, and win/loss reasons.
- Retention: redemption rates, client concentration, and retention by channel.
- Marketing effectiveness: content engagement among qualified accounts, event attendance to meeting conversion, and website inquiries that meet qualification criteria.

12–24 month execution plan
Lay out a sequenced plan with owners and deliverables:
- Months 0–3: finalize positioning, build core materials and diligence library, implement CRM and compliance workflows.
- Months 3–6: launch targeted outreach by segment, run first webinar/roundtable series, initiate consultant/advisor platform introductions (as applicable).
- Months 6–12: expand distribution partnerships, refine messaging using win/loss feedback, standardize DDQ/RFP responses, strengthen client reporting and communications cadence.
- Months 12–24: scale coverage with additional sales/client service capacity, broaden product wrappers if demand justifies, and formalize retention programs and referrals (where permitted).

The Operations and Logistics section for an asset management business should explain how portfolios are constructed, traded, valued, controlled, and reported on a day-to-day basis. It should demonstrate that the firm can run repeatable processes with strong controls, regulatory compliance, and business continuity, while keeping operating costs predictable as assets under management grow.

Operating model and workflow overview
Describe the end-to-end operating flow from client onboarding to investment execution and reporting.
Client onboarding & suitability/appropriateness checks → account opening and KYC/AML → funding and cash management → portfolio construction and rebalancing → trade order generation → pre-trade compliance checks → execution and allocation → confirmation/affirmation and settlement → reconciliation (cash/positions) → valuation and performance calculation → fee calculation and billing → client reporting and statements → ongoing monitoring and periodic reviews.

Front office (investment operations)
Explain how investment decisions become executable orders and how the firm ensures discipline and consistency.
Investment policy and mandate translation: how client objectives, constraints, benchmarks, and risk limits are codified into portfolio guidelines.
Research and portfolio construction: tools and templates used to document investment theses, model portfolios, and approved security lists.
Rebalancing process: frequency (event-driven, periodic, or drift-based), triggers, and approval steps.
Order management: order creation, aggregation, slicing, and allocation rules across accounts (fair allocation methodology).
Pre-trade controls: restricted lists, issuer/sector limits, liquidity checks, concentration limits, and client mandate rules before orders are released.

Trading and execution logistics
Detail how the firm executes trades, manages counterparties, and reduces operational risk.
Execution approach: in-house trading vs. outsourced to a broker or trading service; use of an Order Management System (OMS) and, if applicable, an Execution Management System (EMS).
Broker selection and oversight: criteria (best execution, coverage, costs, research, operational robustness) and periodic review process.
Trade lifecycle: order release → execution → trade capture → confirmation/affirmation → settlement instructions (SSIs) management.
Fail management: process for resolving failed trades, buy-ins, corporate action impacts, and break resolution timelines.
Recordkeeping: storage of orders, fills, communications, and rationale consistent with regulatory requirements.

Middle office (risk, compliance, oversight)
Define the control functions that sit between trading and back-office processing.
Compliance monitoring: pre- and post-trade checks, personal account dealing policies, gifts/entertainment, and conflict-of-interest management.
Risk management: portfolio risk analytics, scenario analysis, stress testing, liquidity risk, and counterparty exposure monitoring (as relevant to strategies).
Investment committee/oversight: cadence of reviews, escalation paths for breaches, and documentation standards.
Exception management: how guideline breaches are identified, triaged, documented, remediated, and reported to clients/regulators when required.

Back office (valuation, reconciliation, NAV/performance, fees)
Explain how the firm ensures accurate books and records and timely client outputs.
Reconciliation: daily/regular reconciliation of positions, cash, and transactions against custodians, prime brokers, and fund administrators.
Valuation: pricing sources hierarchy, stale price handling, fair value policies (especially for less liquid assets), and corporate actions processing.
Performance measurement: time-weighted vs. money-weighted returns, benchmark selection, composite construction (if applicable), and GIPS considerations if pursuing compliance.
Fee calculation and billing: management and performance fee logic, hurdle/high-water mark handling (if applicable), fee breakpoints, expense allocation, and invoice/statement workflows.
Financial controls: segregation of duties, maker-checker approvals, audit trails, and periodic internal reviews.

Client servicing and reporting operations
Describe how clients receive information and how service requests are handled.
Reporting package: holdings, transactions, performance, attribution (if offered), risk summaries, and commentary; frequency and delivery method (portal/email/secure transfer).
Service model: dedicated relationship manager vs. shared service desk; service-level targets for common requests (account changes, distributions, reporting questions).
Client communications controls: approval workflow for marketing and performance materials; version control and distribution logs.

Custody, administration, and external service providers
List the critical third parties and how they are selected and managed.
Custodians/prime brokers: asset safekeeping, settlement, financing (if relevant), and reporting feeds; due diligence and annual reviews.
Fund administrator (if managing a fund): NAV production, shareholder registry, subscriptions/redemptions processing, and financial statements coordination.
Transfer agent (if applicable): investor onboarding, dealing cutoffs, and AML coordination.
Auditor and tax advisor: year-end audit timetable, deliverables, and data request process.
Outsourcing governance: contracts, KPIs, incident reporting, right-to-audit clauses, and contingency plans for provider failure.

Technology stack and data management
Explain the systems that support operations, how data flows, and how cyber risk is managed.
Core systems: portfolio management system (PMS), OMS, risk analytics, compliance monitoring, accounting/NAV (or administrator platform), CRM, document management, and client portal.
Data integration: interfaces/feeds from brokers/custodians, automated import of executions and positions, and reconciliation tooling; approach to master data (security identifiers, corporate actions, pricing).
Access controls: role-based access, multi-factor authentication, privileged access management for admins, and periodic access recertification.
Change management: testing and approvals for system changes, release notes, and rollback procedures.
Cybersecurity and resilience: endpoint protection, encryption, backups, log monitoring, incident response plan, and employee security training.

Operational controls and governance
Demonstrate a control environment appropriate for fiduciary activities.
Segregation of duties: clear separation between trade initiation, approval, and reconciliation; independent review of valuation and fee calculations.
Policies and procedures: documented manuals for trading, best execution, valuation, errors and corrections, complaints handling, record retention, and vendor management.
Error management: definition of operational error, remediation steps, client restitution approach, and root-cause analysis to prevent recurrence.
Internal audit/assurance: periodic control testing (internal or outsourced) and follow-up on findings.

Business continuity and disaster recovery
Outline how the firm continues operations during disruptions.
Critical processes and recovery priorities: trading capability, client communications, reconciliation, and cash movements.
Backup arrangements: alternate work locations/remote work readiness, redundant internet/telephony, and cloud resiliency if applicable.
Data backup and recovery: backup frequency, offsite storage, recovery time objectives, and periodic restore tests.
Crisis governance: incident command roles, stakeholder communication plan (clients, regulators, vendors), and post-incident review.

People, roles, and capacity planning
Specify who does what and how operations scale.
Key roles: portfolio manager(s), trader (if separate), operations/reconciliation lead, compliance officer, risk oversight (may be combined initially), finance/controller, client servicing, and IT/security support.
Cross-training: coverage plan for vacations and single points of failure.
Scaling plan: when to add headcount vs. automate vs. outsource; triggers tied to account volume, trade volume, strategy complexity, and reporting requirements.

Key operational metrics (for management reporting)
Define a small set of metrics to monitor operational health.
Reconciliation breaks: count, aging, and root causes.
Trade processing: settlement fail rate, confirmation timeliness, and exception volumes.
Compliance: number of guideline breaches, time to resolve, and repeat issues.
Reporting: on-time delivery rate and client queries turnaround time.
Technology: system uptime, incident counts, and cybersecurity events.

Implementation timeline (launch readiness)
Provide a practical sequence founders can follow.
Select custodian/prime broker and negotiate SSIs and reporting feeds.
Choose PMS/OMS/compliance tools and complete integrations/testing.
Finalize policies: valuation, best execution, errors, recordkeeping, and cybersecurity.
Set up reconciliation and NAV/performance workflows; run parallel testing with sample portfolios.
Establish reporting templates and approval workflows; test client portal delivery.
Complete vendor due diligence, BCP testing, and staff training before accepting client assets.