Difficulty
The client received three incompatible statements monthly, each in local currency with different performance methodologies. Family office staff spent days reconciling before any strategic discussion. FX translation was inconsistent quarter to quarter.
Approach
We defined a single reporting currency (AUD), fixed FX sources and valuation timestamps, and mapped every holding to strategic buckets regardless of custodian. Performance was reported as money-weighted where cash flows were material, with footnotes explaining limitations on offshore delayed pricing.
Resolution steps
- Custodian data feeds normalised to a master security ID table.
- Quarterly “reconciliation exceptions” page listing breaks >0.5% NAV.
- IPS updated to include offshore concentration and currency limits.
Effect
Preparation time for board-style family meetings dropped materially. Strategic debates shifted from “which number is right” to allocation decisions. Tax residency questions remained with external advisers; our pack supplied consistent inputs.