OpenIM — Open Investment Model
A vendor-neutral reference model for institutional investment management (the buy-side), expressed in ArchiMate. Business Domains are Groupings; Service Domains are Capabilities; the behaviour each Service Domain exposes is a Business Service; the canonical entities are Business Objects. This expresses the model in a standard notation, mirroring the published approach for expressing the BIAN retail-banking reference model in ArchiMate; it does not declare OpenIM a standard. FIBO is the lower layer the entity model aligns to.
BD-01 Investment Strategy & Allocation
Business Domain (Front office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-02 Securities Research & Selection
Business Domain (Front office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-03 Manager & Fund Investment
Business Domain (Front office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-04 Direct & Co-Investment
Business Domain (Front office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-05 Portfolio Management
Business Domain (Front office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-06 Trading & Execution
Business Domain (Front office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-07 Investment Risk
Business Domain (Middle office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-08 Valuation & Pricing
Business Domain (Middle office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-09 Performance & Analytics
Business Domain (Middle office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-10 Investment Compliance & Guideline Monitoring
Business Domain (Middle office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-11 Treasury, Cash & Collateral
Business Domain (Middle office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-12 Investment Operations & Servicing
Business Domain (Back office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-13 Investment Data & Reporting
Business Domain (Cross-cutting (data) office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-14 Enterprise Risk, Control & Assurance
Business Domain (Cross-cutting — corporate office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-15 Distribution, Product & Client Management
Business Domain (Commercial office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-16 Enterprise Governance & Accountability
Business Domain (Cross-cutting — corporate office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
BD-17 Corporate Services & Resources
Business Domain (Cross-cutting — corporate office). A grouping of the Service Domain capabilities in this area of the buy-side firm.
SD-01.1 Investment Beliefs & Philosophy
Maintains the firm's foundational, durable stance on how markets work and how it intends to invest — the layer above any single mandate. Investment beliefs are the small set of propositions the firm holds about market efficiency, the rewards for bearing risk and illiquidity, the value of active management, diversification, time horizon and responsible investment. They are firm-wide, change rarely, and are the explicit reference point every mandate, allocation and selection decision is made against. Where SD-01.2 defines the mandate of a specific pool of capital, this Service Domain owns the convictions that shape how every mandate is written.
Articulate investment beliefs
Define the investment philosophy
Set the responsible-investment stance
Articulate the time-horizon stance
Govern belief review
Disseminate beliefs to the investment function
SD-01.2 Investment Mandate & Policy Definition
Defines the governing mandate of a pool of capital — the objectives, return target, risk appetite, time horizon and constraints a portfolio, fund or account is run to, consolidated into the formal policy document: the investment policy statement, the mandate, or the investment guidelines. The mandate is the contract between the capital and the people who run it. Its **origin** varies: it may be **self-authored** — an asset owner writing its own investment policy statement; **codified from an inbound institutional mandate** — an asset manager translating a negotiated investment-management agreement, or a fund prospectus, into operative guidelines; or **codified from an inbound delegated mandate** — an OCIO or fiduciary manager that has received the *authoring and running* of a client's whole investment strategy under a delegated discretionary mandate, and must itself construct the operative investment policy statement against the client's retained objectives. The retained-strategy boundary is the model-relevant subtlety of the delegated case: fiduciary duty cannot be fully delegated — the client's governing body keeps final authority over the objectives and the long-term strategic frame, and the OCIO authors and runs the mandate with delegated discretion *within* it. Whatever its origin, this Service Domain owns the mandate as an operative artefact.
Define investment objectives and the return target
Set risk appetite and tolerances
Define the time horizon and liquidity needs
Compile the constraint registry
Codify the governing mandate
Translate an inbound institutional mandate
Codify an inbound delegated (OCIO / fiduciary-management) mandate
Govern mandate amendment
SD-01.3 Capital Market Assumptions & House View
Produces the forward-looking view of return, risk and the macro environment that allocation is built on — the capital-market assumptions (long-horizon expected return, volatility and correlation by asset class) and the house view (the firm's official macro, thematic and asset-class outlook). Where the allocation Service Domains decide what to hold, this Service Domain supplies the expectations those decisions are made against. It is a research-and-views production capability: it produces inputs, it does not run portfolios. The CFA Institute treats capital market expectations as a discipline in its own right, upstream of allocation, and this Service Domain follows that boundary.
Develop long-horizon capital-market assumptions
Produce the macro house view
Conduct thematic and regime research
Form asset-class outlooks
Publish and disseminate the house view
Govern the house-view process
SD-01.4 Strategic Asset Allocation
Sets the long-horizon target allocation of a pool of capital — the deliberate, periodic, governance-gated decision on how capital is deployed across asset classes to meet the mandate's objectives within its risk appetite. It is the *planning*-step allocation of the portfolio-management process. Strategic Asset Allocation carries the **asset-only** approach — efficient asset-class mixes optimised against capital-market assumptions for a single pool of capital run against one objective and one policy benchmark. It is one of the three approaches the CFA body of knowledge names; the other two have their own Service Domains, because each changes the problem enough to warrant one: the **liability-relative** approach is SD-01.7 for a defined-benefit pension and SD-01.8 for an insurer, and the **goals-based** approach is SD-01.13 Goals-Based Allocation for the wealth manager. An implementation activates the allocation Service Domain matching its objective; SD-01.4 and SD-01.13 are alternatives, not exercised together on the same pool of capital.
Optimise the strategic allocation
Conduct the asset-allocation study
Set the policy benchmark
Set rebalancing ranges and policy bands
Govern the strategic-allocation review cycle
SD-01.5 Tactical & Dynamic Asset Allocation
Manages medium-term deviations from the strategic allocation — the shorter-horizon, signal-driven adjustments made within the policy bands to exploit relative-value views or respond to the market regime. Tactical asset allocation acts on short-horizon expectations; dynamic asset allocation acts on a longer, regime-aware set of expectations. Both are the ongoing counterpart to the periodic strategic decision: SD-01.4 sets the baseline allocation, and this Service Domain deviates from it under delegated discretion. The split from SD-01.4 is one of time horizon and governance, not asset class.
Monitor relative value across asset classes
Form tactical and dynamic views
Size tactical tilts within policy bands
Direct tilt implementation
Monitor and review tactical positions
Govern the tactical mandate
SD-01.6 Total Portfolio Approach & Reference Portfolio
Runs the cross-asset, factor-and-risk-based whole-fund operating model adopted by some large asset owners in place of asset-class budgets. Under the Total Portfolio Approach there is no policy portfolio of asset-class weights: there is a single **reference portfolio** — a simple, low-cost passive portfolio expressing the fund's risk appetite — and every investment competes for capital against it on risk-adjusted terms. SD-01.6 is an alternative to SD-01.4 Strategic Asset Allocation, not an addition to it: an institution adopts one operating model or the other, or a deliberate hybrid. It is activated by large asset owners with the analytics and single-team governance the approach requires.
Define the reference portfolio
Run the opportunity-cost contest
Allocate the total-portfolio risk budget
Maintain the factor and risk lens
Measure value-add against the reference portfolio
Govern the total-portfolio operating model
SD-01.7 Liability-Driven & Cash-Flow-Driven Strategy
Frames investment strategy around a contractual liability — the defined-benefit pension paradigm. Where an asset owner with no liability optimises return against a risk budget, a liability-driven investor defines the portfolio *against a stream of estimated future benefit payments*: a **liability-matching (hedging) portfolio** that hedges the liability's interest-rate and inflation sensitivity, and a **return-seeking portfolio** sized to close the funding gap. **Cash-flow-driven investing** is the related discipline of holding assets whose contractual cash flows pay the liabilities as they fall due. This Service Domain also owns the **de-risking glidepath** — the funded-status-triggered evolution of the strategy toward an endgame — which is an operation of liability-driven strategy, not a separate domain.
Ingest and analyse the liability profile
Set the hedging strategy and hedge ratios
Design the liability-matching portfolio
Size and frame the return-seeking portfolio
Design the cash-flow-matching strategy
Design the de-risking glidepath
Monitor funded status against triggers
Select the endgame and journey plan
SD-01.8 Insurance Investment Strategy & Capital-Aware Allocation
Sets the investment strategy of an insurer's general account — the assets backing policyholder liabilities. The insurer is a liability-relative investor like the defined-benefit pension of SD-01.7, but two features change the problem enough to warrant a separate Service Domain. Allocation is governed by a **regulatory capital charge** on every asset, so the objective is return per unit of capital consumed, not return per unit of risk. And the insurer manages to a **book-yield** — an accounting earnings — objective alongside total return. It also runs the **matching-adjustment portfolio**: a ring-fenced book of fixed-cash-flow assets whose spread is admitted into the liability discount rate.
Conduct asset-liability matching
Set the capital-aware strategic allocation
Optimise the capital charge
Manage the matching-adjustment portfolio
Manage book yield and crediting rates
Balance book-yield and total-return objectives
Maintain investment-guideline compliance
SD-01.9 Risk-Capital & Strategy Allocation
Allocates risk capital across strategies, pods and portfolio managers — the multi-strategy hedge-fund and multi-manager-platform paradigm. The unit of allocation here is not an asset-class weight but a **risk budget** — a volatility contribution, a value-at-risk allowance or a stop-loss limit — handed to a *team*. Allocation is continuous and performance-reactive, not periodic and governance-gated: capital flows toward the highest risk-adjusted performers and away from the rest, and drawdown thresholds trigger automatic cuts. SD-01.9 is the firm-level allocation capability for a platform whose return is the sum of many independently-run books; it is activated by hedge funds and multi-manager platforms and dormant elsewhere.
Source and vet portfolio managers and strategies
Onboard and set terms for a strategy or pod
Allocate and size the risk budget
Reallocate capital on performance
Enforce drawdown-triggered de-allocation
Allocate and monitor leverage
Manage cross-strategy correlation and factor crowding
Aggregate firm-level risk
SD-01.10 Commitment Pacing & Deployment Planning
Decides the rate of capital commitment to illiquid strategies, so that target allocations to private markets are reached and held through the J-curve. Commitment pacing is the *decision* — how much new capital to commit, to which strategies and vintages, and when. It consumes the cash-flow forecast produced by **SD-09.7 Private-Markets Cash-Flow Forecasting**; it does not duplicate it. SD-09.7 is the forecasting engine — it projects what the existing portfolio of fund investments will call and distribute; SD-01.10 is the decision built on that forecast — it decides what new commitments to layer on top. Keeping the engine and the decision in separate Service Domains follows how institutional private-markets teams are organised and how the pacing literature itself draws the line.
Set the commitment budget
Plan vintage-year pacing
Design deployment glidepaths
Model over-commitment
Test the pacing plan against the cash-flow forecast
Allocate the commitment budget across strategy and vintage
Govern and re-pace
SD-01.11 Liquidity Strategy & Tiering
Defines the institution's liquidity strategy at the total-portfolio level — the liquidity-tier taxonomy and placement rules, the liquid-asset buffer, and the policy linking liquid holdings to illiquid funding needs. Where SD-07.3 Liquidity Risk Management classifies each holding into a tier and measures liquidity risk, SD-05.6 Liquidity-Aware Portfolio Management applies the tiering within a portfolio, and SD-11.2 Liquidity Management funds near-term needs, this Service Domain sets the policy the others operate beneath: the buckets and the rules by which holdings are placed in them, and how much liquid capital must stand behind the illiquid book. SD-01.11 sets the tier taxonomy; SD-07.3 applies it to produce the per-holding classification.
Define the liquidity-tier taxonomy and placement rules
Size the liquid-asset buffer
Plan for the denominator effect
Set liquidity limits and the linking policy
Stress-test portfolio liquidity
SD-01.12 Funding & Spending Policy Management
Governs the policy by which capital flows *into* and *out of* the fund — the rule that sets the size of the pool BD-01's allocation is exercised over. For a DB pension this is the contribution policy, the funding strategy and the recovery plan; for an endowment or foundation it is the spending rule — constant-growth, moving-average or hybrid; for a sovereign wealth fund it is the governed inflow and withdrawal rule. SD-01.12 also manages the ongoing relationship with the party that sets those flows — the plan sponsor, the endowed institution, the state — because the funding and spending policy is negotiated and reviewed with the sponsor, not set unilaterally by the investment function.
Set and review the funding policy
Set and review the spending or withdrawal rule
Monitor the sponsor covenant and relationship
Operate the funding-and-spending governance cycle
Feed the funding level and spending rule to allocation and liquidity
SD-01.13 Goals-Based Allocation
Sets the long-horizon allocation for a private client or household by the **goals-based paradigm** — partitioning the client's wealth into a sub-portfolio per goal, each with its own time horizon, its own required probability of success and its own allocation, and assembling the household portfolio bottom-up as the sum of those sub-portfolios. It is the wealth manager's defining allocation discipline. The CFA body of knowledge names three co-equal approaches to asset allocation — asset-only, liability-relative and goals-based; OpenIM gives each that is not asset-only its own Service Domain (SD-01.7 / SD-01.8 carry the liability-relative approach), and SD-01.13 carries the goals-based one.
Structure the goal hierarchy for allocation
Allocate wealth across goals
Set the per-goal sub-portfolio allocation
Assemble the household portfolio
Monitor progress to goal and re-allocate
SD-01.14 Goals-Based Planning
Frames and maintains the client's prioritised goal hierarchy — the strategic artefact the goals-based paradigm allocates against. The goal hierarchy is the unit of demand the wealth manager runs strategy on: each goal carries a target value, a time horizon, a priority layer (safety / lifestyle / aspirational), and a required probability of success. SD-01.14 owns the framing of that hierarchy as a strategy-layer record, prior to allocation — it elicits the goals, prioritises them, organises them for allocation, governs the once-per-client transition into and out of the goals-based paradigm, and maintains the funding-adequacy assessment that records whether each goal is on track on current funding and contributions.
Frame the goal hierarchy
Maintain the funding-adequacy assessment
Govern the goals-based paradigm shift
Frame the goal hierarchy for allocation
Maintain the goal record across the goal's life
SD-02.1 Investment Idea Generation
Originates public-markets investment ideas and narrows the investable universe to the set of candidates worth deep research. Idea generation is the front of the research-and-selection chain: it turns the whole tradeable market into a managed pipeline of candidates, by systematic screening and by the less systematic channels — themes, news, management contact — that surface ideas a screen would miss. For the hedge-fund substyles whose unit of an idea is not a single security but a *strategy view* — a global-macro regime call, an event-driven situation around a corporate action, an arbitrage relationship — SD-02.1 also originates the **strategy-level idea**: the macro thesis or event/catalyst situation the long-short, macro and event-driven substyles trade on. The output remains a candidate, not a position: SD-02.1 produces candidates; it does not research them in depth (that is SD-02.2 to SD-02.4 and SD-02.6) or select and recommend them (SD-02.5).
Define and maintain the investable universe
Run quantitative screens
Source non-screen ideas
Generate hedge-fund strategy ideas
Capture and log ideas
Triage and prioritise
SD-02.2 Fundamental Equity Research
Analyses a listed-equity issuer on its fundamentals to form a research view and an intrinsic-value estimate. Fundamental equity research is the depth capability of BD-02: it takes a candidate from the idea pipeline, builds an understanding of the business and a forecast of its performance, and converts that forecast into a value the security can be judged against. It produces the research view and the valuation; the buy / sell / hold decision built on them is SD-02.5.
Understand the business
Assess earnings quality
Build and maintain the financial model
Forecast company performance
Value the security
Integrate material ESG factors
Author the research note
SD-02.3 Credit Research & Analysis
Analyses a debt issuer and its instruments for creditworthiness, relative value and default / recovery risk. Credit research is the fixed-income counterpart of fundamental equity research, and it is asymmetric: a bond's upside is capped, so the analysis is downside-focused — what happens if the issuer breaches a covenant, is downgraded, or defaults. It produces the credit view, the internal credit rating and the relative-value call; the buy / sell / hold decision built on them is SD-02.5.
Assess creditworthiness
Analyse covenants
Estimate default and loss
Run downside and recovery analysis
Analyse relative value
Maintain the internal credit rating
Author the credit note
SD-02.4 Quantitative & Systematic Research
Researches factors and signals and builds the models behind systematic strategies. Where fundamental research (SD-02.2, SD-02.3) studies one issuer at a time in depth, quantitative research studies the cross-section: it hypothesises a factor, tests whether it predicts return, and combines validated factors into an alpha model. For a systematic manager the "selection decision" is an output of that model, not a discrete human judgement — so the discipline of this Service Domain is as much about *defending against overfitting* as about finding signal.
Research factors and signals
Evaluate signals
Develop the alpha model
Backtest
Validate the model
Monitor alpha decay
SD-02.5 Security Selection & Recommendation
Converts research into the buy / sell / hold decision and the recommended list a portfolio draws on. Where SD-02.2 to SD-02.4 produce the research view on a security, this Service Domain turns that view into an actionable recommendation — rated for conviction, given a price target, and placed on or removed from the lists that govern what the firm holds. It is where research becomes a decision; it ends at the recommendation, and BD-05 Portfolio Management sizes it into a position.
Make the buy / sell / hold decision
Assign a conviction rating
Set the price target
Produce the recommendation rationale
Operate the research / stock-selection committee
Maintain the recommended, approved and focus lists
SD-02.6 Investment Thesis Management
Maintains and revalidates the live research thesis on each candidate and held security. A recommendation (SD-02.5) is a point-in-time call; the thesis is the standing rationale behind it — why the security is held, what would prove the call wrong, and the conditions that should trigger an exit. This Service Domain keeps the thesis alive: it tests it before it is relied on, monitors it against new evidence, and enforces the sell discipline when it breaks. It owns the thesis on the *security*; SD-05.2 monitors the *position*. For the long-short, global-macro and event-driven hedge-fund substyles, SD-02.6 also maintains the **strategy-level live thesis** — the macro regime view, the event/catalyst situation thesis or the arbitrage thesis SD-02.1 originated — alongside the security-level theses on the instruments the strategy expresses through.
Author the thesis
Stress-test the thesis
Monitor the thesis
Revalidate the thesis
Detect thesis creep
Trigger sell discipline
Run the exit / post-mortem review
Maintain the strategy-level live thesis
SD-02.7 Research Management & Coverage
Runs the research function's operating model — who covers what, how research flows, and how the research record is kept. Where SD-02.1 to SD-02.6 are the research-and-selection chain, this Service Domain is the operating model the chain runs inside: it assigns coverage, manages the analyst workflow, and maintains the timestamped record of notes, models and decisions that is the firm's research memory. The research management system is the tool that automates it.
Define the coverage model
Set coverage initiation and cadence
Manage the research workflow
Maintain the research record
Track ideas
Manage corporate access and expert networks
Control research entitlements
SD-02.8 Research Procurement & Evaluation
Sources, budgets, pays for and evaluates the external research the firm consumes — sell-side, independent and expert-network research. Where SD-02.1 to SD-02.7 produce the firm's own research, this Service Domain governs the research it buys. Since MiFID II unbundled research from execution, external research is explicitly priced, budgeted and paid for through a structured evaluation — making research procurement a discrete, regulated capability. It is near-universal: even firms with deep internal research consume external research, and a wealth manager running on curated external research depends on this Service Domain more than on any other in BD-02.
Set the research budget
Source external research providers
Operate the broker vote
Allocate research payments
Administer the Research Payment Account
Evidence unbundling compliance
SD-03.1 Manager Sourcing & Pipeline
Identifies and maintains a pipeline of external managers and funds for potential allocation. Manager Sourcing & Pipeline is the front of the fund-investing chain: it turns the whole population of external managers into a managed, stage-gated pipeline of candidates worth researching. It sources both ways an institution finds managers — through its own networks and through the consultant gatekeepers — and screens for first-pass fit. It produces candidates; it does not research or select them.
Maintain the manager universe
Source managers
Screen for initial fit
Maintain and stage-gate the pipeline
Commission or consume external manager research
SD-03.2 Manager Research & Selection
Evaluates external managers on strategy, team and track record, and recommends a selection. Manager Research & Selection is the analytical core of BD-03: it takes a candidate from the pipeline and forms a justified view of whether the manager has skill worth allocating to. It is the manager-level counterpart of security research — quantitative track-record analysis and qualitative assessment of process and team — and it ends at a selection recommendation that the investment committee ratifies.
Define the peer group and classify style
Analyse the track record
Assess the investment process
Conduct manager interviews and reference checks
Produce the selection recommendation
SD-03.3 Fund Operational Due Diligence (ODD)
Assesses a manager's operations, controls and service providers — independently of investment merit. Operational due diligence investigates the non-investment infrastructure around a manager or fund: does the firm have the controls, the service providers and the integrity to be trusted with the institution's capital. It is a distinct, separately-staffed discipline — the discipline the Madoff fraud is the standing reminder for — and it carries an operational veto: ODD can block an investment the investment-diligence team favours. Its depth scales with the vehicle: light for a long-only segregated mandate from a large regulated manager, deep and central for a hedge fund or private fund.
Verify service providers
Assess the valuation policy
Assess cash controls
Review NAV and reconciliation
Assess counterparty, cyber and continuity risk
Issue the ODD opinion
SD-03.4 Fund Investment Due Diligence
Assesses the investment thesis, terms and return drivers of a fund commitment. Where SD-03.2 forms the view that a manager has skill, Fund Investment Due Diligence is the deep, fund-specific work behind committing to a particular closed-end fund: what the fund will invest in, how it expects to make money, what the LPA will cost the institution, and whether the track record supports the case. It is the investment counterpart of the operational due diligence SD-03.3 runs in parallel — the two diligence streams meet at the selection recommendation.
Assess the investment thesis
Analyse the return drivers
Review the fund terms
Analyse the track record
Conduct reference calls
Produce the investment due-diligence report
SD-03.5 Fund Commitment & Subscription
Executes the legal commitment to a closed-end fund and manages the subscription process. Fund Commitment & Subscription is one of the two execution paths of BD-03 — the private-markets path, where the institution becomes a limited partner in a fund with a capital-call lifecycle, a fixed term and a J-curve. It turns an **approved-by-the-IC** selection into a legal LP interest: negotiating the agreement, securing the institution's bespoke terms, completing the subscription, and joining the fund at a closing. SD-03.5 cannot start a subscription without the Investment Committee authorisation from **SD-03.9 Fund-Commitment Approval & Authorisation** — the IC gate is the trigger that releases the legal close to proceed.
Negotiate and review the LPA
Negotiate the side letter and co-investment rights
Complete the subscription
Participate in fund closings
Run the most-favoured-nation election
Set up the capital account
SD-03.6 GP & Manager Monitoring
Monitors the performance, portfolio and organisational health of appointed managers. Selecting a manager is a point-in-time decision; GP & Manager Monitoring is the standing oversight that follows it — across both the fund-commitment and the segregated-mandate paths. It watches whether the manager is still delivering against the case it was hired on, whether the organisation behind it is stable, and whether anything has changed enough to warrant the watch list or a place on the SD-03.8 termination agenda.
Monitor manager performance
Monitor organisational health
Participate in the LPAC / advisory board
Monitor the manager's portfolio
Operate the manager watch list
Review valuations and capital accounts
SD-03.7 Manager Mandate Administration
Appoints and administers segregated / separately-managed-account mandates given to external managers. Manager Mandate Administration is the second of BD-03's two execution paths — the public-markets path. Where SD-03.5 commits the institution as a limited partner in a closed-end fund, this Service Domain appoints a manager to run a *segregated* portfolio: assets held in the institution's own name, governed by an investment-management agreement and a set of guidelines, funded immediately, and terminable at will. It both sets the mandate up and oversees the manager's adherence to it.
Define the mandate parameters and guidelines
Negotiate and execute the investment-management agreement
Open and fund the account
Run transition management
Monitor mandate-guideline adherence
Manage breaches and mandate review
SD-03.8 Re-Up & Manager Relationship Management
Manages the retention, re-up and relationship decisions across the life of a manager appointment. A manager relationship is long — a private-markets GP relationship spans successor funds over a decade or more, and a segregated-mandate manager is reviewed cycle after cycle. This Service Domain owns the recurring decision the relationship turns on: keep the manager, commit again, or terminate. For a closed-end fund that decision is the *re-up* into the successor fund; for a segregated mandate it is mandate continuation. Either way, it is a first-class decision, not an afterthought — managers are terminated routinely.
Evaluate the re-up decision
Assess succession-plan maturity
Manage the manager relationship
Re-negotiate fees and terms
Decide retention, re-up or termination
SD-03.9 Fund-Commitment Approval & Authorisation
The governance gate between BD-03's diligence streams (SD-03.3 ODD, SD-03.4 IDD) and the legal close (SD-03.5 Commitment & Subscription). SD-03.9 owns the Investment Committee capability for the fund-investing route — the recommendation synthesis, the staged committee process, the approval decision, the conditions of approval, and the authority-and-mandate verification that the firm has authority to make this commitment and that it fits the firm's allocation and pacing plan. Every LP allocator (pension, SWF, endowment, OCIO, fund-of-funds) runs fund commitments through an IC; SD-03.9 is that IC. The capability is structurally parallel to **SD-04.5 Investment Approval & Authorisation** in BD-04 — the IC gate for the direct-investment route — but operationally distinct. The decision record both routes co-own is E-34 Investment Authorisation; on this route its subject is the fund (PM-01). The direct route's subject set now also includes the first-class deal record (PM-15 Deal / Investment Opportunity) — a shared-schema extension both co-owning routes hold jointly; the fund-commitment route's own subjects are unchanged by it.
Synthesise the recommendation memorandum
Operate the staged committee process
Authorise the commitment
Verify authority and mandate fit
Manage the IC pipeline and cadence
SD-04.1 Deal Origination & Sourcing
Generates the pipeline of direct-investment opportunities — proprietary and intermediated deal flow, across the company, real-asset and direct-lending modes. Origination is the front of the deal chain and the capability that most sharply separates a lead-direct investor from a co-investment follower: an institution that originates owns this Service Domain; one that only co-invests leaves it dormant and consumes deal flow from a GP (SD-04.7). It produces a tracked pipeline of opportunities; it does not screen or diligence them. Each sourced opportunity is recorded as a first-class **PM-15 Deal / Investment Opportunity** — origination creates the deal record the rest of the deal chain works on; the deal's stage history is E-12 classification, not an attribute of the record.
Define the sourcing thesis
Generate proprietary deal flow
Manage intermediated deal flow
Originate through the existing portfolio
Capture co-investment deal flow
Maintain the deal pipeline
SD-04.2 Deal Screening & Triage
Applies first-pass filters to decide which sourced opportunities advance to full due diligence. Screening & Triage is the funnel between origination and diligence: it weeds out the opportunities that do not fit the mandate before the firm spends the cost of full diligence on them, and it produces the indicative offer that opens negotiations on the deals that pass. It is a deliberately fast, low-cost gate.
Screen against investment criteria
Execute the confidentiality agreement
Conduct preliminary diligence
Build the first-cut return model
Prepare the screening memo
Make the triage decision
SD-04.3 Investment Due Diligence (Direct)
Runs the full diligence on a direct investment that has passed screening — the deep, verify-before-you-commit examination of the asset. Investment Due Diligence is one capability, but its operations branch by mode: diligencing a company, a building, an infrastructure project, a natural-resource asset and a direct loan are genuinely different examinations. The Service Domain is defined as the union of those operation sets, with no mode as the default — it is a coordinated diligence exercise whatever the asset.
Run company due diligence
Run real-estate due diligence
Run infrastructure technical due diligence
Run natural-resource due diligence
Underwrite credit
Build the diligence model
Compile the diligence pack
SD-04.4 Deal Structuring & Negotiation
Designs the legal, tax, capital and covenant structure of a direct transaction and negotiates its terms. Structuring is where the diligence findings become a deal: how the asset is owned, how it is financed, how the parties' incentives are aligned, and on what terms. Like diligence, it is one capability whose operations branch by mode — an LBO capital structure, a concession or regulated-asset structure, and a credit covenant package are different structuring problems.
Design the capital structure
Structure management equity
Design real-asset and project structures
Structure the credit
Design the tax and acquisition-vehicle structure
Negotiate the term sheet
SD-04.5 Investment Approval & Authorisation
Operates the formal decision body that approves or rejects a direct investment against the mandate. The Investment Committee is the governance gate the BD-04 deal chain runs through: it is where the diligence and structuring work is synthesised into a recommendation, challenged, and turned into an authority to invest — or declined. It owns the IC memorandum, the decision, and the conditions the approval is subject to. The decision record is E-34 Investment Authorisation, and on this route its natural subject is the deal itself — with the deal record first-class (PM-15 Deal / Investment Opportunity), a `direct_investment` authorisation's `subject_id` points at the PM-15 deal under decision (or, for authorisations framed directly against a mastered target, at the portfolio company or real asset). SD-04.5 is the IC capability for the *direct-investment* route; **SD-03.9 Fund-Commitment Approval & Authorisation** is the parallel IC capability for the *fund-commitment* route. A real firm may operate one IC body across both routes or two separate bodies — the OpenIM model carries them as distinct capabilities.
Author the investment-committee memorandum
Present to the investment committee
Record the decision
Define conditions precedent to investment
Approve the bid authority
SD-04.6 Deal Execution & Legal Closing
Completes the signing, funding and legal closing of an approved direct transaction. Execution & Legal Closing turns an investment-committee approval into an owned asset: it finalises the agreements, manages the gap between signing and completion, and runs the funds flow that transfers ownership. It owns the legal completion of the deal — the operational booking of the resulting position is BD-12's.
Finalise the transaction documents
Negotiate the risk allocation
Secure exclusivity and sign
Manage the signing-to-closing period
Execute the closing
Run the completion adjustment
SD-04.7 Co-Investment Management
Manages the institution's co-investment activity across every BD-04 direct-investment mode — evaluating, underwriting and pacing the co-investments offered alongside its fund commitments. Co-investment is the hybrid investing mode: the institution invests directly in a single named *asset*, but a lead originator — a buyout GP, real-estate GP, infrastructure GP, TIMO / farmland operator / natural-resource fund, or direct-credit sponsor — has originated, priced and structured the deal and leads it. SD-04.7 serves co-investments across all five direct-investment modes BD-04 covers — **buyout, real estate, infrastructure, natural resources, and direct credit**. SD-04.7 owns the co-investment-specific capability; it *depends on* the BD-03 fund / manager / operator relationship for its deal flow, and it *reuses* the deal-chain diligence and approval capabilities (SD-04.3, SD-04.5) to underwrite each opportunity. A co-investing institution activates this Service Domain and the underwriting and approval steps, but leaves the origination chain (SD-04.1–04.2) dormant — the lead originator (GP, operator or sponsor, mode-dependent) originates.
Evaluate co-investment offers
Underwrite the co-investment
Negotiate the co-investment economics
Pace and allocate the co-investment programme
Manage conflicts and adverse selection
Maintain the originator relationship
SD-04.8 Portfolio-Company Stewardship & Value Creation
Drives operational value creation in a held portfolio company through the ownership period. Where SD-04.1 to SD-04.6 acquire the company, this Service Domain owns what happens next: active ownership — governing the company, improving it, and executing the value-creation plan the investment thesis promised. It is the company-mode post-close discipline, one of three in BD-04; managing a held real asset is SD-04.10, monitoring a held loan is SD-04.12.
Run the 100-day plan
Govern the value-creation plan
Deploy operating partners
Establish board representation
Drive add-on M&A
Monitor portfolio-company performance
SD-04.9 Exit & Realisation Management
Plans and executes the exit of a direct holding and the realisation of its value. Exit & Realisation closes the deal lifecycle: it decides when and how to sell, runs the sale, and accounts for the proceeds. Like the diligence and structuring domains, its operations branch by mode — the exit routes for a company, a real asset and a direct loan are different — but it is one realisation capability.
Assess exit readiness and plan timing
Execute an equity exit
Execute a real-asset exit
Execute a credit exit
Run the GP-led secondary route
Manage the sale process
Account for the realisation
SD-04.10 Direct Real-Asset Management
Manages a directly-held real asset — real estate, infrastructure, or a natural-resource asset such as timberland, farmland or a producing energy or mining asset — through its operating life. Direct Real-Asset Management is the real-asset-mode post-close discipline — one of BD-04's three: where SD-04.8 stewards a held company and SD-04.12 monitors a held loan, this Service Domain operates a held physical asset. For a directly-held real asset the operating phase is long — often decades — and the management of the asset *is* the return.
Manage leasing and tenancy
Run operations and maintenance
Manage harvest, crop and extraction operations
Plan and deliver the capex programme
Manage concession and regulatory engagement
Execute the asset business plan
Monitor operating performance
SD-04.11 Development & Construction Management
Manages the build phase of a greenfield infrastructure project or a development real-estate asset — the phase between closing and operations. For a brownfield acquisition the deal chain runs straight from closing into the operating phase; for a greenfield or development asset there is a build first, and that build *is* the value-creation engine — the asset does not yet exist or generate cash. This Service Domain owns the build: it takes a closed development opportunity and delivers a commissioned, operating asset to SD-04.10.
Assemble the site and secure permitting
Procure and contract construction
Manage construction delivery
Manage construction risk
Manage the development capex draw-down
Commission the asset
SD-04.12 Loan Monitoring & Workout
Manages a directly-originated private loan through its life — the post-close discipline of direct lending. Direct private credit runs the BD-04 deal chain like any other direct investment — originated, underwritten, structured, approved and closed — but its post-close phase is neither company stewardship nor real-asset operations: it is credit management. This Service Domain owns it — monitoring the borrower against the loan's covenants, processing the changes the loan needs over its life, and working out the positions that deteriorate. It is the third of BD-04's post-close disciplines.
Monitor covenant compliance
Monitor borrower performance
Process amendments and waivers
Run amend-and-extend
Manage credit deterioration
Execute workout and restructuring
SD-05.1 Portfolio Construction
Builds the target portfolio — the concrete, position-level holding set the live portfolio is run toward. Portfolio Construction takes the allocation set by BD-01 and the securities, managers and assets selected by BD-02 / BD-03 / BD-04 and turns them into a target. Construction is *mode-dependent*: a discretionary public-markets portfolio is built by optimisation; an index portfolio by replication; a private-markets or liability-driven portfolio is assembled from a plan made elsewhere. SD-05.1 covers the modes BD-05 owns and consumes the modes other Service Domains own — it does not re-decide them.
Select the construction mode
Specify the objective and constraints
Assemble construction inputs
Run optimiser-driven construction
Run index-replication construction
Assemble plan-driven construction
Run pre-trade what-if analysis
Produce the target portfolio and trade list
SD-05.2 Portfolio Management & Monitoring
Runs the ongoing oversight of a portfolio against its objectives, benchmark and constraints — the feedback step of the portfolio-management process. Where SD-05.1 builds the target portfolio, this Service Domain watches the live one: it detects when the portfolio has drifted from target, when the investor's circumstances or the market have changed enough to matter, and when a risk limit is approached — and it fires the triggers that the rebalancing, overlay and transition domains act on.
Monitor portfolio drift
Monitor against mandate and benchmark
Monitor ex-ante risk
Monitor changes in circumstance and market
Generate exceptions and triggers
Run the portfolio review cycle
SD-05.3 Rebalancing
Restores a portfolio to its target weights when drift or cash flows have moved it out of tolerance. Rebalancing is the discipline that keeps the live portfolio aligned to the target SD-05.1 built — and it is a discipline, because every rebalance has a cost, and the decision is always the cost of rebalancing weighed against the cost of not. SD-05.3 owns the operational rebalancing; BD-01 sets the rebalancing policy the mandate carries.
Operate the rebalancing policy
Calibrate corridor widths
Detect drift and make the rebalance decision
Generate the rebalance trade list
Apply tax-aware rebalancing
Run synthetic rebalancing
SD-05.4 Overlay & Hedging Management
Manages a derivatives book that shapes a portfolio's aggregate exposures without disturbing its underlying holdings. Overlay & Hedging lets the portfolio's currency, duration and equity-beta exposures be adjusted, and its tail risk hedged, quickly and cheaply — through futures, swaps and options rather than by trading the physical book. It shapes exposures; closing a *structural gap* against a liability or total-portfolio target is SD-05.11's distinct capability.
Manage currency overlay
Manage duration and rate overlay
Manage equity-beta overlay
Run tail-risk hedging
Manage portable alpha
Run overlay operations
SD-05.5 Cash Equitisation & Drag Management
Keeps a portfolio's uninvested cash exposed to markets and minimises cash drag. A portfolio always carries operational cash — pending allocations, redemptions, dividend and coupon receipts, rebalancing cash — and uninvested cash is a drag on return whenever markets rise. Cash Equitisation overlays index futures or ETFs on that cash so it tracks the target exposure. It is a purpose-specific overlay — it shares the futures and collateral machinery of SD-05.4 but its purpose is drag elimination, not exposure shaping.
Identify and monitor operational cash
Measure cash drag
Equitise cash
Size and roll the synthetic exposure
Attribute the drag outcome
SD-05.6 Liquidity-Aware Portfolio Management
Manages a portfolio's liquidity profile so its obligations can be met without forced sales. Where SD-01.11 Liquidity Strategy & Tiering sets the institution's total-portfolio liquidity policy and SD-07.3 Liquidity Risk Management produces the per-holding liquidity classification, this Service Domain applies them within a portfolio: it consumes the classification, sizes the liquid buffer, models the funding capacity for unfunded commitments, and stress-tests the portfolio against redemption and capital-call scenarios.
Build the portfolio liquidity budget
Manage unfunded-commitment funding capacity
Size and maintain the liquidity sleeve
Run liquidity stress testing
SD-05.7 Model Portfolio & Sleeve Management
Constructs, maintains and delivers model portfolios and strategy sleeves replicated across many accounts — the "construct once, deliver to many" capability. Where SD-05.1 constructs a portfolio, this Service Domain constructs a *model* — a reusable target — and propagates it to a roster of separately managed and unified managed accounts, managing the drift, the per-account customisation and the dispersion that propagation creates. It is the signature capability of the asset manager and the wealth manager; it is dormant for an institution that runs only its own portfolios.
Construct the model portfolio
Maintain and version the model
Deliver the model
Manage sleeves
Replicate across accounts
Apply per-account customisation
SD-05.8 Portfolio Transition Management
Manages the structured movement of a portfolio from a legacy state to a target state — a manager change, a mandate restructure, a benchmark change, a plan merger — at minimum cost and risk. A transition is a large, one-off reshaping of a portfolio, and done carelessly it leaks return; this Service Domain owns the discipline that contains the cost: planning the transition, transferring what can be transferred in-kind, crossing what can be crossed, holding the exposure through the gap, and measuring the cost honestly against the T-Standard.
Scope the transition event
Run pre-trade analysis and strategy design
Execute in-kind transfers
Cross securities
Provide interim management
Measure implementation shortfall
SD-05.9 Alternative-Strategy Management
Runs the portfolio mechanics of long/short and other liquid-alternative strategies — the hedge-fund way of running a book. Where SD-05.1 constructs a long-only portfolio, an alternative strategy runs a portfolio with mechanics a long-only manager never touches: a short book, leverage, financing, prime-brokerage relationships, and investor-side gates and lock-ups. This Service Domain owns those mechanics. It is the signature capability of the hedge fund; for every other archetype it is dormant.
Manage the long/short book
Manage the short book
Manage leverage and financing
Manage the prime-brokerage relationship
Run strategy-specific exposure management
Administer gates and lock-ups
SD-05.10 Manager Structure
Constructs and manages the portfolio of external managers and funds — the count, sizing, complementarity, overlap and capacity of the manager line-up. Where BD-03 sources, researches and selects the *individual* manager, Manager Structure builds the *roster*: it is portfolio construction with manager mandates and fund investments as the units.
Optimise the manager structure
Decide manager count and sizing
Set the active / passive split
Analyse cross-manager overlap
Budget manager capacity
Design fund-roster diversification
SD-05.11 Completion Portfolio Management
Closes the gap between a portfolio's aggregate exposures and its intended total-portfolio or liability target — the completion portfolio. When a fund is run through many managers, the managers — each unable to see the others' books — leave the total portfolio with unintended factor, sector, region and currency tilts; when a pension's matching assets do not perfectly track its liability, a gap remains. A completion portfolio is the overlay built to close that structural gap. It is a distinct capability from SD-05.4 Overlay & Hedging: an overlay *shapes* exposures and is judged on hedge effectiveness; a completion portfolio *closes a gap against a target* and is judged against that target.
Measure the aggregate exposure
Identify the exposure gap
Design the completion portfolio
Manage the liability-completion variant
Maintain and rebalance the completion portfolio
Measure completion effectiveness
SD-05.12 Commodity Exposure Management
Runs a deliberate, standing commodity exposure as a portfolio allocation — a diversifying, inflation-sensitive exposure expressed synthetically through exchange-traded commodity futures, swaps and ETFs, sized by the asset-allocation decision. It is the implementation-and-maintenance capability for the commodity sleeve: once SD-01.4 Strategic Asset Allocation decides how much commodity exposure the portfolio should hold, SD-05.12 selects the expression, holds it, rolls it and keeps it aligned to the allocation target.
Implement the commodity allocation
Manage the futures roll
Size and manage collateral
Monitor the held exposure
Apply tactical tilts within mandate
SD-05.13 Cash & Money-Market Portfolio Management
Runs a cash and money-market allocation as a managed asset class — a deliberate, return-seeking sleeve of short-dated, high-quality, highly-liquid instruments, sized by the asset-allocation decision and run to a stability, liquidity and yield objective in that order of priority. It is the implementation-and-maintenance capability for the cash sleeve: once strategy decides how much the portfolio should hold in cash and money markets, SD-05.13 selects the instruments, manages the maturity and credit profile, and keeps the sleeve aligned to its constraints. The same discipline runs a dedicated money-market product (a government, prime or tax-exempt money-market fund) for an institution that offers one.
Implement the cash allocation
Manage the maturity profile (WAM / WAL)
Manage the credit and liquidity constraints
Run the stable-value mechanics
Operate the liquidity-management tools
Manage yield within constraint
Monitor the held sleeve
SD-06.1 Order Management
Receives the trade decision from portfolio management, validates it, and manages it through the desk — the order-management capability. Order Management is the front of the trade chain: it turns an investment decision into a compliant, enriched, routed order, and keeps the order book of record as the order works. It is the order-management-system capability; the execution that follows is SD-06.2.
Capture and stage the order
Gate the order through pre-trade compliance
Enrich the order
Aggregate orders into blocks
Make the routing decision
Split blocks into child orders
Track order status
SD-06.2 Trade Execution
Executes the order in the market — the execution-management capability. Execution is *mode-dependent*: the market structure of the instrument dictates how it is traded. Equities and listed futures trade order-driven, against a central limit order book, executed by algorithm; fixed income and FX trade quote-driven, by request-for-quote to dealers; large, illiquid or sensitive orders are worked high-touch, by voice. SD-06.2 is one capability whose operations branch across those three modes, with no mode the default.
Select the execution strategy
Execute order-driven
Execute quote-driven
Execute high-touch
Monitor execution
Capture the execution record
SD-06.3 Execution Venue & Broker Management
Manages the universe of counterparties and venues the desk can trade with — who the firm may trade with, and where. Execution Venue & Broker Management maintains the approved-broker and venue lists, monitors the counterparties' trading risk, and keeps the connectivity that lets the desk reach the market. It defines the choices SD-06.1's routing and SD-06.2's execution draw on.
Maintain the approved broker and dealer list
Maintain the execution-venue list
Monitor counterparty trading risk
Manage trading-commission arrangements
Produce broker and venue scorecards
Manage connectivity
SD-06.4 Best Execution & Transaction Cost Analysis
Proves the firm executed in its clients' best interest, and measures how well the desk traded. Best Execution & Transaction Cost Analysis is the obligation-and-measurement capability of BD-06: it estimates trading cost before the trade, measures realised cost after it, evidences the best-execution obligation to clients and regulators, and feeds the result back into how the desk selects strategies, algorithms, brokers and venues.
Run pre-trade transaction cost analysis
Run post-trade transaction cost analysis
Decompose implementation shortfall
Evaluate execution performance
Run best-execution monitoring and review
Operate the best-execution committee
Handle trade errors
SD-06.5 Trade Allocation
Fairly distributes executed trades — especially block and partially-filled trades — across the accounts and funds that participated in them. When orders from many accounts are aggregated into a block and executed together, the fills must be allocated back so that no account is favoured: every participant receives the average price and a pro-rata share of costs. Trade Allocation owns that distribution and the conflict-of-interest discipline it enforces.
Declare the pre-trade allocation statement
Calculate the allocation
Handle partial-fill allocation
Enforce the allocation policy
Handle allocation exceptions
Maintain the allocation audit trail
SD-06.6 Derivatives & OTC Trade Management
Executes OTC derivatives and manages the clearing path that distinguishes a derivative trade from a cash-instrument trade. A derivative does not simply execute and settle: it is executed by request-for-quote on a swap-execution facility or by voice, it may be routed to central clearing, it is given up to a clearing broker, and it sits under an ISDA master agreement. SD-06.6 owns that OTC-and-clearing path. Listed-derivative execution on an exchange is part of SD-06.2's order-driven mode; SD-06.6 owns what is specific to the OTC and cleared world.
Execute OTC derivatives
Determine clearing eligibility and route
Process give-ups
Reference the ISDA master agreement
Set up margin at execution
Determine the regulatory reporting obligation
SD-07.1 Market Risk Management
Measures and controls the portfolio's exposure to movements in market prices, interest rates, credit spreads and volatility. Market Risk Management is the core of the investment-risk function: it quantifies how much the portfolio can lose to market moves, decomposes that risk into its sources, and tracks it against the risk-appetite limits. It runs in two measurement paradigms — the continuously-priced paradigm for liquid public markets, and the non-priced paradigm for private markets and illiquid real assets — with neither the default.
Compute value-at-risk and expected shortfall
Measure sensitivities
Run the factor risk model
Measure private-markets return risk
Decompose and attribute risk
Monitor the investment risk models
SD-07.2 Credit & Counterparty Risk Management
Measures the credit risk of the issuers the portfolio holds, and the credit exposure to the counterparties the firm trades with. Credit & Counterparty Risk Management covers two distinct credit lenses: *issuer* credit risk — the risk that a bond or loan the portfolio holds defaults or is downgraded — and *counterparty* credit risk — the risk that a derivative, repo or securities-financing counterparty fails before settling. Both are economic risks the investment-risk function measures independently of the desks.
Assess issuer credit risk
Monitor downgrade and migration risk
Measure counterparty credit exposure
Compute credit valuation adjustment
Monitor counterparty concentration
Assess settlement risk
SD-07.3 Liquidity Risk Management
Measures the portfolio's ability to meet its obligations without forced sales, and the liquidity of its holdings under stress. Liquidity risk is distinct from market risk: market risk is the loss from prices moving; liquidity risk is the inability to transact at or near fair value when cash is needed. SD-07.3 measures both the *asset side* — how quickly the holdings can be turned to cash — and the *liability side* — the redemption, capital-call and margin demands on the portfolio. For a private-markets programme it also measures the commitment and capital-call liquidity the continuously-priced view does not see.
Classify holdings by liquidity
Model the liability side
Measure commitment and capital-call liquidity
Run liquidity stress testing
Monitor against liquidity limits
SD-07.4 Concentration & Exposure Risk
Monitors how concentrated the portfolio's risk is — in single names, sectors, geographies, currencies, factors and, for private markets, vintage years. A portfolio can be diversified by name count and still have its risk dominated by a few sectors or a few factors; Concentration & Exposure Risk measures the true concentration, against the concentration limits. It runs on the aggregated, look-through exposure that SD-07.5 produces.
Aggregate exposure
Compute concentration metrics
Measure factor concentration
Measure vintage concentration
Monitor against concentration limits
SD-07.5 Look-Through Exposure Analysis
Decomposes the portfolio's fund and pooled holdings into their underlying constituents, so risk is measured against true exposure rather than fund labels. An institution that holds ETFs, mutual funds, fund-of-funds, multi-manager portfolios and derivatives cannot see its real single-name, sector or factor exposure from the vehicle names alone — it must look through each layer to the underlying assets. For a fund-investing institution, true risk only exists at look-through; this Service Domain is the input mechanism the concentration and risk measurement runs on.
Decompose pooled vehicles
Aggregate look-through exposure
Detect holdings overlap
Roll up nested exposure
Apply look-through thresholds
SD-07.6 Scenario Analysis & Stress Testing
Runs hypothetical and historical scenarios across the total portfolio to estimate what it would lose under conditions the standard risk measures do not capture. Value-at-risk describes the loss in a normal market; scenario analysis and stress testing describe the loss in an abnormal one — a repeat of 2008, a rate spike, a correlation breakdown. SD-07.6 designs the scenarios, runs them, and works the relationship backwards in reverse stress testing. It carries both measurement paradigms: market-shock scenarios for liquid holdings, and private-markets and cash-flow scenarios for illiquid ones.
Design and run historical scenarios
Design and run hypothetical scenarios
Run climate scenarios
Run sensitivity and shock stress tests
Run private-markets scenarios
Run reverse stress testing
Govern the scenario library
SD-07.7 Investment Risk Reporting & Limits Governance
Maintains the risk-limit framework and produces the consolidated risk reporting that turns the measurements of SD-07.1 to SD-07.6 into governance and action. The risk function does not only measure risk — it translates the firm's risk appetite into operative limits, detects and escalates breaches, and reports the consolidated risk picture to the portfolio managers, the risk committee and the board. This Service Domain owns that limit framework and that reporting.
Maintain the risk-limit framework
Operate hard and soft limits
Translate the risk appetite
Detect and escalate breaches
Produce risk reporting
Govern the risk-policy framework
SD-07.8 Climate Risk Analytics
Measures the portfolio's climate exposure — the carbon footprint, the physical- and transition-risk measures, and the position against a low-carbon transition pathway. Climate risk is an investment *exposure*, and measuring an exposure against appetite is the defining purpose of the investment-risk function: SD-07.8 is the climate-risk lens of BD-07, the analogue of SD-07.1 Market Risk and SD-07.2 Credit & Counterparty Risk for the climate dimension. The TCFD and ISSB frameworks place climate analytics under the Risk Management pillar for the same reason.
Carbon-footprinting
Emissions-data attribution
Physical-risk modelling
Transition-risk modelling
Net-zero pathway tracking
Climate-analytics distribution and reporting support
SD-08.1 Security Pricing
Sources, validates and applies a market price for every instrument that has one — whether a firm quoted price from an exchange or a contributed quote, or a vendor evaluated (matrix) price for an instrument that trades but not continuously. SD-08.1 is the capability that answers *what is the market saying this is worth*: it does not itself model a value — that is SD-08.2 — it selects, from the price sources the outside world supplies, the price the firm will use, and proves that price fit to use. The distinction that runs through BD-08: SD-08.1 produces a price the firm **sources and validates**; SD-08.2 produces a value the firm **models itself**. SD-08.1 is **not** raw market-data delivery — that is SD-13.4, which runs the vendor feeds; SD-08.1 takes that data and turns it into the firm's chosen, validated price for a position it actually holds.
Source and select the price
Apply evaluated and matrix pricing
Run price-tolerance and movement checks
Detect stale and missing prices
Apply fair-value adjustments for market timing
Maintain the price record
SD-08.2 Independent / Mark-to-Model Valuation
Produces a value for every instrument that has no usable market price — by modelling it. Where SD-08.1 selects a price the market supplies, SD-08.2 **builds** one: it discounts the instrument's cash flows, prices its optionality and decomposes its structure. This is the home of the firm's quantitative valuation library — the discount curves, the volatility surfaces and the pricing models. It is "mark-to-model", and the model, its inputs and its limitations are themselves the things the firm must govern (SD-08.4) and reserve against (SD-08.5). SD-08.2 is **not** private-asset valuation — that is SD-08.3, which values illiquid holdings on a periodic estimate rather than from market data — and it does not own the model inventory or the independent model validation, which are SD-14.4's.
Construct discount curves
Build volatility surfaces
Value OTC derivatives
Value structured and complex products
Value cash instruments without a price
Record model, inputs and version
SD-08.3 Private-Asset Valuation
Determines and reviews the fair value of holdings in private equity, private credit, real assets and infrastructure — assets with no market price and no daily quote, valued periodically on an estimate of what they would fetch in an orderly transaction. SD-08.3 is the capability for the hardest valuation problem the firm faces: a value that is an opinion, formed quarterly, on an asset that does not trade. For an LP allocator it is largely the **review and challenge of the GP's reported mark**; for a direct investor it is the **production of the mark itself**. SD-08.3 is **not** the modelling of liquid instruments — that is SD-08.2, which builds a value from market data — and it is not the GP-mark monitoring done as part of manager oversight (SD-03.6); SD-08.3 owns the firm's own fair-value conclusion for the private holding.
Run the periodic valuation cycle
Challenge the GP / sponsor mark
Apply the valuation methodologies
Coordinate third-party valuers
Back-test marks against realised exits
Document the valuation judgement
SD-08.4 Fair-Value Governance
Governs how the firm values everything it holds — the valuation policy, the pricing hierarchy, the methodologies, and the committee that adjudicates the hard cases. SD-08.4 owns the **rules** of valuation, not the production of any one mark. It exists because a valuation is only as trustworthy as the governance around it: every other BD-08 Service Domain operates inside the policy SD-08.4 sets, and a contested or hard-to-value mark is escalated to its pricing committee. This is the Service Domain that is **never delegable** — a firm may outsource valuation *production* to a fund administrator, but the valuation *policy and oversight* remain its own responsibility (SEC Rule 2a-5's "valuation designee" oversight, AIFMD Article 19). SD-08.4 is not valuation model governance — the enterprise model inventory and independent validation are SD-14.4's; SD-08.4 governs the valuation *policy and outputs*, not the model lifecycle.
Maintain the valuation policy
Operate the pricing / valuation committee
Classify the fair-value hierarchy level
Oversee pricing vendors and third-party valuers
Oversee a delegated valuation provider
Govern fair-value disclosure
SD-08.5 Valuation Adjustments & Reserves
Calculates and applies the adjustments that move a raw mark to the value the firm will actually report and hold — the difference between a model's mid-price output and a prudent, exit-aware valuation. SD-08.5 covers the **valuation adjustments** — the XVA family — and the **valuation reserves** — bid-offer, model-uncertainty, concentration and liquidity. It exists because a mid-market model price overstates realisable value: it ignores the cost of credit, funding and capital on a derivative, the bid-offer spread a real exit crosses, and the uncertainty in the model itself. SD-08.5 does not produce the raw mark — SD-08.1, SD-08.2 and SD-08.3 do — and it is not the credit- or counterparty-*risk* measurement of BD-07; SD-08.5 turns that exposure into a *valuation* number.
Calculate the XVA adjustments
Size bid-offer reserves
Size model-uncertainty reserves
Size concentration and liquidity reserves
Compute prudent-valuation additional value adjustments
Apply and record the adjustments
SD-08.6 Independent Price Verification & Price Challenge
Independently verifies that the prices and valuations the firm is using are right — by checking them against sources independent of the desk and the model that produced them — and runs the formal challenge of contested marks. **Independent Price Verification (IPV)** is a recognised control: a periodic, independent check that the front-office or model marks agree with externally sourced prices, distinct from the daily price-tolerance checks inside SD-08.1. SD-08.6 is the **independent verification layer** — it does not produce valuations, it tests the ones the other Service Domains produce, and it escalates unresolved differences to the SD-08.4 pricing committee. It is not the daily price-tolerance check of SD-08.1 (which is the producer checking its own input) and it is not records reconciliation (SD-12.10, which reconciles positions and cash, not prices).
Run independent price verification
Verify model valuations independently
Challenge counterparty and broker marks
Run consensus-pricing comparison
Produce the IPV report and exception log
SD-09.1 Performance Measurement
Calculates investment return — at instrument, holding, portfolio and total-fund level. Performance Measurement is the foundational analytics capability: it turns the raw record of what was held, what it was worth, and what cash moved (E-04, E-07, E-06) into a return figure. Every other domain in BD-09 builds on the numbers this one produces. It is the *general* return-calculation capability, applying across every asset class; the private-markets-specific metrics and methods are SD-09.8.
Calculate time-weighted return
Calculate money-weighted return
Strike period returns
Compute gross and net returns
Compute composite returns
Apply currency treatment
Reconcile return to the book of record
SD-09.2 Performance Attribution
Explains return — relative to a benchmark — by decision, factor and source. Where SD-09.1 produces *the* return figure, Performance Attribution decomposes it: how much of the result came from asset allocation, from security selection, from currency, from factor exposure, from manager skill. Attribution is what turns a return number into an account of *why*, and it is the evidence base for investment-process review and for manager evaluation. Attribution decomposes both sides of the active result: the *return* into its sources, and the *risk* that earned it — ex-post risk decomposition (contribution-to-risk), how much of realised tracking error came from which exposure, is the risk-side twin of the return decomposition, built on the same allocation / selection / factor cuts. It explains *where* return came from and *what risk produced it*; SD-09.3 Performance Appraisal judges *whether the return was worth the risk*.
Brinson attribution
Factor attribution
Fixed-income attribution
Currency attribution
Multi-level attribution
Ex-post risk decomposition
Private-market attribution
Reconcile attribution to total return
SD-09.3 Performance Appraisal
Evaluates whether a return was *good* — judged against the risk taken to earn it. Where SD-09.1 measures the return and SD-09.2 explains where it came from, Performance Appraisal is the third question: was the result skill or luck, and was the risk worth it. It is the discipline of risk-adjusted performance — the realised ratios and statistics that turn a return number into a verdict. The investment-performance body of knowledge treats measurement, attribution and appraisal as the three peer competencies of the discipline (the CFA Institute CIPM curriculum is structured this way); OpenIM models them as three Service Domains for the same reason.
Realised tracking error
Information ratio
Realised alpha
Total-risk ratios
Systematic-risk ratios
Downside-risk ratios
Drawdown statistics
Capture ratios
Skill-versus-luck assessment
SD-09.4 Benchmark Management
Selects, constructs and maintains the benchmarks portfolios are measured against. A return figure is meaningless without a comparator; Benchmark Management is the capability that decides and maintains the comparator. It is the *judgement and administration* side of benchmarks — which benchmark fits which mandate, how a custom or blended benchmark is built, keeping the assignment current — distinct from SD-13.5 Benchmark & Index Data Management, which holds and maintains the benchmark *as a data asset*.
Benchmark selection
Custom and blended benchmark construction
Policy-benchmark construction
Benchmark assignment
Benchmark rebalancing governance
Benchmark appropriateness review
SD-09.5 Investment Analytics & Insight
Produces the forward-looking and diagnostic analytics that inform investment decisions — factor and exposure analytics, what-if analysis, portfolio diagnostics, peer comparison. Where SD-09.1, SD-09.2 and SD-09.3 are the *ex-post* account of results (what return, from where, was it worth the risk), Investment Analytics & Insight is the *ex-ante and diagnostic* service: the analysis the front office uses to decide what to do next. It is the analytical workbench of the middle office.
Factor and exposure analytics
What-if analysis
Portfolio diagnostics
Ex-ante return and risk analytics
Goals-based forward-looking measurement
Peer and universe comparison
Interactive and self-service analytics
SD-09.6 GIPS & Performance Standards Compliance
Ensures performance is calculated and presented to recognised standards — principally the Global Investment Performance Standards (GIPS). Performance numbers carry weight only if they are produced and shown to a discipline an outside party can trust. SD-09.6 is that discipline: it governs the calculation methodology, maintains the composites that GIPS is built on, verifies performance claims, and is the point of contact for external verification.
GIPS composite definition and maintenance
Calculation-methodology governance
Performance-claim verification
GIPS-compliant presentation production
Error-correction policy
External verification liaison
Standards-change monitoring
SD-09.7 Private-Markets Cash-Flow Forecasting
Forecasts the future cash flows, NAV and return trajectory of a private-markets programme — the calls a fund will draw, the distributions it will return, the net cash position over time, and the J-curve the programme will trace. Where the rest of BD-09 measures what has already happened, Private-Markets Cash-Flow Forecasting is the forward-looking *projection engine*: it turns a set of commitments and their stage of life into a projected schedule. The naming is the private-markets analogue of SD-09.8 Private-Markets Performance Analytics — both are `PRIV`-tagged Service Domains carrying private-markets-specific machinery.
Capital-call forecasting
Distribution forecasting
NAV forecasting
Net-cash-flow projection
J-curve modelling
Pacing-model calibration
Scenario and stochastic projection
SD-09.8 Private-Markets Performance Analytics
Computes and benchmarks the performance metrics specific to private markets — the multiples, the public-market-equivalent comparison, the vintage-cohort positioning that a time-weighted return cannot express. Where SD-09.1 produces the general return figure, Private-Markets Performance Analytics is the specialised layer that builds on it: it knows that a private-markets investment is a dated cash-flow series against an illiquid, slowly-marked asset, and it produces the metrics that make sense of that shape. It is the performance language of the private-markets portfolio.
Compute the multiples
Compute IRR
Fund-level and deal-level metrics
Realised vs unrealised decomposition
Public-market-equivalent analysis
Vintage-cohort benchmarking
J-curve staging
Look-through performance
Fee and carry impact
SD-09.9 Hedge-Fund / Absolute-Return Performance Analytics
Computes and decomposes the performance metrics specific to hedge-fund and absolute-return strategies — the sub-strategy and pod-level return decomposition, the fund-of-hedge-funds look-through, the equalisation-accounting effects on the reported return, the side-pocket performance, and the high-water-mark and crystallisation read *as return constructs* — that a single time-weighted or money-weighted figure cannot express. Where SD-09.1 produces the general return and SD-09.8 produces the private-markets metric set, Hedge-Fund / Absolute-Return Performance Analytics is the specialised layer for the liquid-alternatives and multi-strategy shape: it knows that a hedge fund's return is the net result of several risk-taking books, an incentive-fee structure with a memory, and a share-class accounting machinery, and it produces the metrics that make that shape legible. It is the performance language of the hedge-fund and multi-strategy portfolio.
Sub-strategy and pod-level return decomposition
Fund-of-hedge-funds look-through performance
Equalisation-accounting performance effects
Side-pocket performance
High-water-mark and crystallisation as performance constructs
Net-of-incentive-fee return construction
Drawdown and capital-preservation analytics
SD-10.1 Investment Guideline Monitoring
Checks every portfolio against the rules it must obey — before a trade, through the day, and after — confirming that what the firm holds and trades stays inside the guidelines that bind it. SD-10.1 is the compliance *engine*: it runs the coded rules SD-10.2 maintains against the live portfolio and raises an alert when a rule is, or would be, breached. The rules it checks come from any source — a client investment-management agreement, a fund prospectus, a limited-partnership agreement, or the institution's own investment policy — and it runs at the cadence the portfolio's structure dictates: pre-trade and intraday for continuously-traded portfolios, at deal approval and periodically for closed-end private-markets vehicles. It is **not** the maintenance of the rules — that is SD-10.2 — nor the handling of a breach once raised — that is SD-10.8 — and it does not own the mandate the rules express, which is SD-01.2's.
Run the pre-trade compliance check engine
Run intraday / continuous monitoring
Run the post-trade / end-of-day sweep
Check private-markets guideline compliance at deal approval
Generate and route compliance alerts
Maintain the compliance audit trail
SD-10.2 Investment Restriction Coding & Rule Library
Turns the rules a portfolio must obey into a coded, machine-checkable library — the rule set SD-10.1 runs. Every binding constraint on a portfolio starts as prose: a clause in a client investment-management agreement, a paragraph in a fund prospectus, a limit in a limited-partnership agreement, a provision of securities regulation. SD-10.2 is the capability that interprets that prose, codes it as a logical rule, and maintains the library of those rules under governance. It exists because a guideline only becomes monitorable once it is coded — the gap between the legal text and the machine rule is where compliance is won or lost. It is **not** the monitoring itself — SD-10.1 runs the library — and it does not own the mandate the rules express, which is SD-01.2's; SD-01.2 owns the prose, SD-10.2 owns the machine rule. For the regulation-sourced rules it codes, it does not own the *regulatory interpretation* either — which regime applies and what it requires is SD-10.3's regulatory-domain judgement; SD-10.2 codes the interpreted requirement it is handed and keeps the coded form correct, but it does not judge the regulation.
Interpret the guideline source
Code the rule
Onboard a new mandate
Maintain the rule library
Tune for false positives
Govern rule changes
SD-10.3 Regulatory Investment Compliance
Owns the firm's interpretation of the securities and markets regulation that constrains *what a portfolio may hold and how it may be built* — and keeps that interpretation current. Where SD-10.1 runs the compliance engine and SD-10.2 codes the rules, SD-10.3 is the regulatory-domain authority that *determines what the regulation requires*: which external regime applies to a given portfolio, what each regime mandates as a checkable constraint, and how that determination changes as regulation evolves. The regimes are many — the UCITS eligible-assets and 5/10/40 diversification rules, the US Investment Company Act diversification and concentration tests, AIFMD leverage limits, MiFID II instrument-eligibility, exchange and statutory position limits, and short-selling regulation. SD-10.3's exclusive capability is the **regulatory currency and accuracy of the rule set**: it answers "what does this regulation require of this portfolio, today?" — the interpretive judgement that SD-10.2 then codes and SD-10.1 then checks. Neither of the other two SDs carries it: SD-10.2 codes whatever interpreted constraint it is handed without judging which regulation applies, and SD-10.1 runs whatever is coded without judging what the regulation means. SD-10.3 is the source of that judgement, and it answers for the portfolio's regulatory compliance to the regulator and the external auditor. It is **not** the running of the checks — that is SD-10.1's engine, which SD-10.3 consumes — nor the mechanical coding and library governance — that is SD-10.2's. It is **not** market-abuse surveillance — that is SD-10.7 — and it is not the firm's own regulatory obligations as a licensed entity, which are BD-14's.
Determine the regulatory requirement
Keep the regulatory interpretation current
Translate regulatory change into rule changes
Consume the engine for regulatory monitoring
Report regulatory compliance
SD-10.4 Restricted & Watch List Management
Maintains the restricted, watch and grey lists and enforces them across the firm's desks — the lists that say a security must not be traded, or traded only with clearance, because the firm holds information or a relationship that bars it. SD-10.4 exists because a firm that advises, lends, sits on a board or runs a deal acquires material non-public information (MNPI) and conflicts that must be walled off from its trading. It maintains those lists, places names on and off them, and enforces the information barriers that keep MNPI from reaching the desks. It is **not** the sanctions screening of issuers against external regulatory lists — that is SD-10.6 — and it is not the personal-conduct controls over employees, which are BD-14's.
Maintain the restricted list
Maintain the watch and grey lists
Operate the control room / insider-list function
Enforce information barriers
Clear and release
SD-10.5 Side-Letter & Fund-Term Compliance
Tracks and enforces the negotiated obligations a fund owes its investors under side letters and fund terms — the most-favoured-nation elections, the excuse and exclusion rights, the bespoke reporting and notification clauses, the fee and co-investment provisions an LP negotiated outside the main fund agreement. SD-10.5 exists because a private-markets fund does not have one set of terms — it has the limited-partnership agreement plus a stack of side letters, each granting a particular investor something specific, and those promises must be tracked and kept. It is the compliance capability for the *contractual* obligations a fund carries to its investors, distinct from the *regulatory* and *mandate* compliance the rest of BD-10 handles.
Maintain the side-letter obligation registry
Process MFN elections
Enforce excuse and exclusion rights
Track bespoke reporting and notification obligations
Confirm side-letter compliance
SD-10.6 Sanctions & Prohibited-Issuer Screening
Screens the issuers, counterparties and investee assets the firm deals with against sanctions and prohibited-party lists — confirming the portfolio does not hold, and the firm does not trade with, a sanctioned or prohibited entity. SD-10.6 exists because a sanctioned issuer is, functionally, a barred security: holding it is a compliance breach and, often, a legal one. It screens the things the *portfolio* touches — issuers, trading counterparties, private-markets investee companies — against the OFAC, EU, UN and OFSI lists. It is the portfolio-side of financial-crime control. The firm-side financial-crime function — investor and LP know-your-customer checks, AML transaction monitoring — is firm-wide compliance, BD-14's, not BD-10's.
Screen issuers
Screen counterparties
Screen private-markets investees
Maintain the prohibited-party lists
Report screening results
SD-10.7 Trade Surveillance & Market-Abuse Monitoring
Monitors the firm's own trading for market abuse — insider dealing, market manipulation, spoofing, layering, front-running and the misuse of material non-public information. Where the rest of BD-10 checks the portfolio against rules about *what it holds*, SD-10.7 watches *how the firm trades* for abusive patterns. It is a behavioural, pattern-detection capability — a distinct discipline and technology class from the rule-versus-position checking of SD-10.1 — and it exists because a firm that trades can, deliberately or not, abuse the market, and the regulator (through the Market Abuse Regulation and its equivalents) requires the firm to surveil for it. It is **not** the conduct monitoring of individual employees' personal-account trading, which is firm-wide conduct compliance, BD-14's.
Surveil for insider dealing
Surveil for market manipulation
Surveil for front-running and allocation abuse
Investigate surveillance alerts
File suspicious-transaction reports
Meet issuer-side obligations
SD-10.8 Compliance Breach Management & Remediation
Manages a compliance breach from the moment it is raised to the moment it is closed — triaging the alert, classifying the breach, escalating it, driving the correction and recording the resolution. Where SD-10.1 and SD-10.7 *detect*, SD-10.8 *responds*. It exists because detecting a breach is not handling it: a raised alert must be investigated, classified by cause and materiality, put in front of the portfolio manager, corrected, and — critically — assessed for whether it triggers a disclosure obligation to a regulator or a client. SD-10.8 is the Service Domain that owns that response and the breach record. It is the compliance-side analogue of SD-12.10's reconciliation-break handling and SD-07.7's limit-breach escalation, distinguished by the *source* of the breach: a guideline or a regulatory rule.
Triage the alert
Classify the breach
Escalate to the portfolio manager and compliance governance
Drive the correction
Assess the disclosure obligation
Record and report the resolution
SD-10.9 ESG & Sustainability Compliance
Runs the product-level sustainability-compliance discipline — the second-line capability that maps a portfolio against the SFDR / Taxonomy article classifications, enforces ESG mandate constraints, gates periodic sustainability disclosure packs against the underlying data, and monitors the stewardship-code obligations the firm's voting and engagement record must meet. SD-10.9 is the BD-10 sibling of SD-10.3 Regulatory Investment Compliance — it carries the *sustainability* regulatory and contractual rule set as a distinct compliance capability, because the rule set (SFDR Article 6 / 8 / 9 classification, the Principal Adverse Impact regime, EU Taxonomy alignment, the UK Stewardship Code, US SEC ESG-disclosure rules) is a coherent body distinct from the securities-regulation rule set SD-10.3 owns and the conventional mandate-constraint rule set SD-10.1 / SD-10.2 carry.
Map portfolio against SFDR / Taxonomy article classifications
Monitor ESG mandate compliance
Run product-level ESG disclosure controls
Stewardship-compliance enforcement
Manage ESG-compliance breach response
SD-11.1 Cash Management
Knows and positions the cash of every fund and portfolio under management — across every account and every currency — and puts idle cash to work. SD-11.1 is the present-tense treasury capability: it answers *where is the cash, today*, runs the sweeps and nostro movements that keep it positioned, funds the day's settlements, and places surplus balances so cash earns rather than sits idle. Modern buy-side cash management is alpha-aware — cash is an asset with a yield, not only a settlement balance. It is **not** the *forecasting* of future liquidity needs — that is SD-11.2 — and it does not own the booking and reconciliation of cash, which are SD-12.2 and SD-12.10's; SD-11.1 makes the cash decision and instruction, operations records it.
Position cash
Manage sweeps and nostro accounts
Fund the day's settlements
Place surplus cash
Instruct cash movements
SD-11.2 Liquidity Management
Forecasts the liquidity the funds and portfolios will need and ensures it is funded. Where SD-11.1 acts on the cash that exists, SD-11.2 plans the cash that *will* exist: it projects inflows and outflows, identifies the funding gaps, sizes the liquidity buffer, and confirms coverage of the obligations the institution must meet — redemptions, benefit payments, capital calls, margin calls. It is the forward-looking half of treasury. It is **not** the *measurement* of liquidity risk or the *classification* of holdings into tiers — that is SD-07.3, which produces the per-holding liquidity classification, quantifies the risk and sets the limit — and it is not the *strategy* of total-portfolio liquidity tiering, which is SD-01.11; SD-11.2 funds near-term needs against the SD-07.3 tier classification, within the strategy SD-01.11 sets and the limits SD-07.3 monitors.
Forecast liquidity
Identify and close funding gaps
Size and maintain the liquidity buffer
Confirm obligation coverage
Run treasury liquidity scenarios
SD-11.3 FX Execution & Share-Class Hedging
Executes the currency transactions the funds and portfolios need, and runs the operational share-class-hedging programme. SD-11.3 is the treasury *execution* layer for FX: it converts currency for trade settlement and income repatriation, and it runs the rules-driven hedging of currency-hedged share classes — mechanically hedging a hedged share class's currency exposure back to the share-class currency each NAV cycle. It is **not** the currency-*overlay decision* — deciding a portfolio's net currency exposure and hedge ratio is a portfolio-construction capability, BD-05's SD-05.4 Overlay & Hedging Management, executed through BD-06; SD-11.3 executes the FX the front office and the share-class structure require, it does not decide the exposure.
Execute settlement FX
Execute income and cash-flow FX
Run the share-class-hedging programme
Manage hedge roll and rebalancing
Net FX exposure for execution
SD-11.4 Margin & Collateral Operations
Runs the daily margin-and-collateral cycle — calculating what is owed, calling and responding, and moving the collateral that satisfies it. SD-11.4 is the operational engine of collateral management: it calculates variation and initial margin on cleared and uncleared positions, issues and responds to margin calls, checks proposed collateral against the eligibility schedules, settles the collateral movement, processes substitutions, and resolves disputes and fails. Margin is the obligation; collateral is the asset that satisfies it; SD-11.4 runs the workflow that connects them. It is **not** the firm-wide optimisation of *which* collateral to post — that is SD-11.5 — and it does not initiate the derivative or financing trade that creates the exposure, which are SD-06.6's and SD-11.8's.
Calculate margin
Issue and respond to margin calls
Check collateral eligibility
Settle collateral movements
Process substitutions
Resolve disputes and fails
SD-11.5 Collateral Optimisation & Inventory Management
Manages the firm's collateral as an inventory and decides, across the whole book, which asset to post where — at the lowest funding cost. Where SD-11.4 runs the per-relationship daily cycle, SD-11.5 takes the firm-wide view: it maintains the collateral inventory, decides the cheapest-to-deliver allocation against each obligation, allocates across triparty agents, and manages the reuse and rehypothecation of collateral. It exists because collateral is a scarce, fungible, fundable resource — posting the wrong asset, or posting a costly asset where a cheaper one would do, is a direct and avoidable funding cost. It is **not** the daily margin-call cycle — that is SD-11.4, which settles the movements SD-11.5's allocation decides.
Maintain the collateral inventory
Decide cheapest-to-deliver allocation
Allocate across triparty agents
Manage reuse and rehypothecation
Analyse the sources and uses of collateral
SD-11.6 Fund Finance & Capital-Call Liquidity
Manages the financing of a private-markets fund and the liquidity to meet its capital calls. SD-11.6 is the private-fund treasury capability: it arranges and manages the subscription (capital-call) credit lines, NAV facilities and hybrid facilities a fund uses, and it ensures the cash is there to fund the capital calls the fund draws against its commitments — whether from the facility, from realisations, or from the LP's own resources. Fund finance has grown into a large, distinct discipline with its own instruments and lifecycle. It is **not** the *pace* of commitments — that is SD-01.10 Commitment Pacing, which decides how fast to deploy — and it is not the operational *processing* of a capital call, which is SD-12.8; SD-11.6 arranges the funding, SD-12.8 processes the call, SD-01.10 sets the pace.
Arrange and manage subscription credit lines
Arrange and manage NAV and hybrid facilities
Manage facility drawdown and the borrowing base
Fund capital calls
Monitor facility covenants and cost
SD-11.7 Bank Account & Mandate Administration
Administers the bank accounts, signatory mandates and bank relationships through which the funds' and portfolios' cash moves. SD-11.7 owns the account *structure* — opening and closing accounts, mapping portfolios and funds to accounts, maintaining the signatory mandates and the authority over each account, and administering the standing settlement instructions and payment rails. It is the infrastructure layer beneath SD-11.1's cash management. It is **not** custodian-asset or custodian-cash oversight — that is SD-12.5 Custody & Safekeeping Oversight — and it is not cash reconciliation — that is SD-12.10; SD-11.7 administers the accounts, operations oversees and reconciles what flows through them.
Open and close bank accounts
Maintain the account structure
Administer signatory mandates
Administer standing settlement instructions
Manage bank relationships
SD-11.8 Securities Finance & Funding
Runs the firm's funding and financing book — the use of repo, securities lending and credit facilities to fund the firm's investing, and the securities-lending programme that lends the funds' assets for incremental return. SD-11.8 owns the securities-finance capability on the **principal side**: the decision to run a securities-lending programme and its design, the operating-model choice (agent / principal / direct), the funding book and its maturity ladder, the choice of funding source, prime-brokerage funding, the negotiation and execution of the firm's own repo and securities-financing trades, the oversight of the lending agent, and the reinvestment of the cash collateral the programme generates. There is no separate front-office securities-financing desk in the model — the financing trade is treasury's act of running the funding book. SD-11.8 is **not** the operational loan book — loan open, recall and return processing, per-loan collateral and lending-revenue accounting are SD-12.13 Securities Lending Operations — and it is not the collateral-and-margin cycle against the financing, which is SD-11.4.
Run the funding book
Choose the funding source
Negotiate and execute financing trades
Operate the securities-lending programme
Reinvest cash collateral
Manage prime-brokerage funding
Oversee the lending agent
SD-12.1 Investment Book of Record (IBOR)
Maintains the real-time, intraday view of positions, cash and exposures the front office trades and manages against. The IBOR is one of the two books of record the buy-side keeps: the *current, transaction-aware* statement of what every portfolio holds, updated as orders fill and events occur, available start-of-day and refreshed through the day. It exists so portfolio managers, traders and risk see a position that reflects every committed trade now — not the accounting-basis position struck for the prior close. It is **not** the official accounting book — that is SD-12.2 ABOR — and it is not where the value of a holding is determined — that is SD-08. The IBOR keeps the position; SD-08 prices it; SD-12.2 keeps its accounting-basis twin.
Position keeping
Transaction posting
Start-of-day position generation
Intraday position update
Cash and exposure projection
Pending-activity tracking
Position-data distribution
SD-12.2 Accounting Book of Record (ABOR)
Maintains the official, accounting-basis book of holdings and balances — the authoritative ledger from which net asset value, financial reporting and audit are produced. Where the IBOR (SD-12.1) is the real-time view the front office trades against, the ABOR is the *official record*: positions and balances kept on accounting rules, posted to a general ledger, and struck at a periodic book close. It exists because the firm's official numbers must rest on a controlled, accounting-disciplined book — not the intraday trading view, which is correct for trading but not struck for reporting. It is **not** the IBOR, and it is not fund-level NAV striking — that is SD-12.9, which maintains the books of funds the institution *operates*; SD-12.2 maintains the accounting book of the institution's own portfolios.
Accounting-basis position keeping
General-ledger posting
Income and expense accrual
Cost-basis and lot accounting
Trade-date / settlement-date accounting
Book close
Adjusting and correcting entries
SD-12.3 Trade Confirmation & Matching
Confirms and matches the economic and operational details of a trade with the counterparty or broker, so both sides agree what was traded before it moves to settlement. A trade is executed on the desk; before the firm will settle it, it must be *agreed* — quantity, price, settlement date, instrument and settlement instructions reconciled against the counterparty's record of the same trade. SD-12.3 is that agreement step. It exists as a distinct capability because an unconfirmed or mismatched trade settling is the most common cause of a settlement fail, and the matching step is operationally separate from both execution and settlement. It is **not** trade execution — that is SD-06.2 — and it is not settlement itself — that is SD-12.4; SD-12.3 sits between them, turning an executed trade into a settlement-ready, agreed one.
Trade affirmation
Confirmation matching
Allegement resolution
Mismatch and discrepancy management
Standing settlement instruction enrichment
Central matching / CTM submission
Confirmation status reporting
SD-12.4 Trade Settlement
Completes the exchange of securities and cash that finishes a trade — instructing the custodian or settlement agent, matching the instruction against the counterparty, and seeing the trade through to settled or, where it fails, through fail management. A trade is not done when it is executed and confirmed; it is done when securities and cash have actually changed hands, days later, through a different infrastructure. SD-12.4 is that final step. It exists as a distinct capability because settlement runs through custodians and central securities depositories, happens on a contractual date (T+1 in most major markets), and *fails* in ways execution does not — carrying cost, counterparty exposure and regulatory penalty. It is **not** confirmation — that is SD-12.3, which produces the matched trade SD-12.4 settles — and it is not custody oversight — that is SD-12.5. SD-12.4 processes the settlement event; SD-12.5 oversees the assets once settled.
Settlement instruction generation
Instruction transmission and matching
DvP / RvP processing
Settlement monitoring
Fail management
Settlement-penalty processing
Buy-in administration
SD-12.5 Custody & Safekeeping Oversight
Oversees the safekeeping of the institution's assets at custodians, depositories and other asset-holding agents — confirming that what the custodian holds matches what the firm believes it owns, controlling the safekeeping accounts, and managing the operational interaction with the custodian and, where one is appointed, the depositary. The firm rarely holds its own assets; they sit with a custodian. SD-12.5 is the capability that *oversees* that arrangement at the asset level. It exists because custody is an asset-safety control, not a clerical one — the firm must independently know its assets are there, correctly recorded and unencumbered. It is **not** trade settlement — that is SD-12.4, which processes the event that moves assets in and out — and it is not the commercial management of the custodian as a vendor — that is SD-17.8. SD-12.5 watches the assets; SD-17.8 manages the contract.
Custodian-holdings oversight
Safekeeping-account control
Depositary interaction
Asset-segregation verification
Sub-custodian and network oversight
Custody-event support
Holdings-statement validation
SD-12.6 Corporate Actions Processing
Processes the events an issuer initiates on its own securities — dividends, splits, mergers, rights issues, tender offers — capturing each event, validating it against the firm's holdings, running the election where the holder has a choice, and calculating the entitlement. A corporate action is the issuer acting; the investor is a passive recipient or, for voluntary events, a choosing one. SD-12.6 is the capability that processes that flow. It exists because a corporate action is not a trade — it is not executed, has no counterparty, and its terms and timing are set by the issuer — and it carries a hard date discipline and an election deadline that a missed step turns into a real loss. It is **not** income receipt — when a dividend's cash actually arrives, booking it is SD-12.7 — and it is not proxy voting — a shareholder meeting is captured here as an event, but the vote is SD-12.12. SD-12.6 processes the corporate event through to its terms; SD-12.7 receives the cash; SD-12.12 votes the meeting. SD-12.6 also monitors and files securities class-action and litigation-recovery claims: a settlement is not an issuer event, but it is an entitlement event against a holding, monitored and filed on the same operational rails, so it sits here rather than warranting a thin Service Domain of its own.
Event capture and validation
Key-date management
Entitlement calculation
Election processing
Mandatory-event processing
Outcome posting
Complex-event handling
Securities class-action monitoring and claims filing
SD-12.7 Income & Distribution Processing
Processes investment income and distribution cash as it is received — coupons on debt, dividends on equity, income on other holdings, and the cash leg of a private-market distribution — booking the receipt, running the accrual, and applying withholding tax. Income arrives continuously across the book, on a forward-known or expected schedule, and the firm must recognise it, accrue it between cash dates, collect it, and account for the tax withheld. SD-12.7 is that capability. It exists because income receipt is a distinct, schedule-driven operational flow — separate from the events that *announce* income and separate from the events that *create* a distribution. It is **not** corporate-actions processing — SD-12.6 processes the dividend or coupon *event* and its terms; SD-12.7 books the *cash* when it pays — and it is not capital-call-and-distribution processing — SD-12.8 captures and classifies a fund distribution event (PM-08); SD-12.7 is the income-and-cash receipt engine the distribution cash then flows through. SD-12.7 owns income cash and its accrual; SD-12.6 owns the corporate event; SD-12.8 owns the fund-commitment event.
Coupon and dividend receipt
Income accrual
Distribution cash booking
Withholding-tax application
Income claim and shortfall management
Income reconciliation
Income classification
SD-12.8 Capital Call & Distribution Processing
Processes the operational mechanics of the two cash events of a fund commitment — the capital call the fund draws against the commitment, and the distribution the fund returns to its LPs. When a fund issues a capital-call notice or pays a distribution, the LP must process it: read the notice, validate it against the commitment, fund the drawdown or capture the inbound distribution, classify it, and update the commitment record. SD-12.8 is that capability. It exists because the call-and-drawdown mechanic of a fund commitment is a private-markets-only event type with no public-markets equivalent, driven by unstructured manager documents and a short notice window. It is **not** the funding *decision* — arranging the cash to meet a call is SD-11.6 Fund Finance & Capital-Call Liquidity — and it is not income receipt — SD-12.8 *captures and classifies* the distribution event (PM-08); the booking of the distribution cash through the income-receipt engine is SD-12.7. SD-12.8 owns the fund cash *event*; SD-11.6 owns the funding decision; SD-12.7 owns the cash receipt.
Capital-call notice processing
Drawdown funding mechanics
Distribution capture
Distribution-type classification
Distribution-waterfall capture
Recallable-distribution tracking
Commitment-position update
SD-12.9 Fund Accounting & NAV
Strikes the net asset value and maintains the fund-level books for the funds and vehicles the institution itself operates — as a manager, a general partner, or the sponsor of a pooled vehicle. Fund accounting takes the priced holdings of an operated vehicle, applies the fund's income and expense accruals, nets fees, and divides by units in issue to produce the official NAV. SD-12.9 is that capability. It exists because an institution that *operates* funds — not merely invests in them — must keep those funds' books and strike their NAV, a fund-administration capability distinct from keeping its own investor-side ledger. It is **not** the institution's own accounting book — that is SD-12.2 ABOR, the investor-side ledger; SD-12.9 keeps the operated fund's books — and it is not holding-level valuation — SD-08 determines the value of an individual holding; SD-12.9 aggregates those values into a fund-level NAV. An institution that operates no funds of its own leaves SD-12.9 dormant.
NAV calculation
Expense and fee accrual
Fund-level bookkeeping
Capital-account maintenance
NAV review and sign-off
Income equalisation and unit pricing
Pricing-point and dilution adjustment
Fund wind-down and terminal close
SD-12.10 Reconciliation
Reconciles the firm's records against each other and against the outside world — positions, cash and transactions checked between the internal books, the custodian, the fund administrator and the counterparty, with every difference identified, investigated and resolved. Records held in different places, on different bases, drift apart; reconciliation is the control that catches the drift before it becomes a wrong number in a report or a NAV. SD-12.10 is that capability. It exists because reconciliation is the firm's central data-integrity control across the entire operating model — it is what makes the book of record *trustworthy* rather than merely *current*. It is **not** the maintenance of any one book — SD-12.1 and SD-12.2 maintain the books; SD-12.10 checks them against each other and against external records — and it is not data-quality governance in general, which is SD-13.7. SD-12.10 reconciles records; SD-13.7 governs data quality across the estate.
Position reconciliation
Cash reconciliation
Transaction matching
IBOR / ABOR reconciliation
Break identification and ageing
Break investigation and resolution
Reconciliation reporting and control attestation
SD-12.11 Expense, Fee & Carry Processing
Calculates and verifies the fees, performance fees and expenses across the investment operation, in whatever form the holding takes — the management fee an external manager has charged, the performance fee on a separately managed account or a hedge-fund book, the ongoing charges and expenses allocated to a pooled or retail fund, and the carried interest on a private-markets commitment — together with the rebates and offsets that reduce them. Fees are economically material and frequently computed wrongly or opaquely; SD-12.11 is the capability that produces the right number and checks the number a manager has billed. It exists because fee verification is a genuine control — the investor that does not independently recompute the fee takes the manager's figure on trust — and because computing a performance fee from a high-water mark or carried interest from a distribution waterfall is a non-trivial calculation in its own right. It is **not** the accrual of fees into a NAV — SD-12.9 accrues; SD-12.11 calculates and verifies the amount SD-12.9 books — and it is not the negotiation of fee terms, which is front-office. SD-12.11 produces and checks the amount; SD-12.9 books it; the terms come from the mandate, the prospectus or the fund agreement.
Management-fee calculation and verification
Performance-fee calculation
Expense allocation
Fee-rebate and offset processing
Fee and expense reconciliation
Carried-interest and waterfall calculation
Clawback assessment
SD-12.12 Proxy Voting & Stewardship Operations
Operates the proxy-voting process and supports the firm's active stewardship — processing meeting ballots, applying the voting policy, executing votes, and maintaining the record of voting and engagement. Holding listed equity carries a voting right, and stewardship codes increasingly expect that right to be exercised deliberately and the exercise disclosed. SD-12.12 is the operational capability behind that. It exists because proxy voting is a real, deadline-driven operational flow with a material governance dimension — and because it has a hard interaction with securities lending that has to be managed. It is **not** the capture of the meeting event — SD-12.6 captures a shareholder meeting as a `seev`-family event; SD-12.12 votes it — and it is not the recall of a lent security — SD-12.13 executes recall; SD-12.12 is the voting decision that triggers a recall. SD-12.12 owns the vote and the engagement record; SD-12.6 owns the meeting event; SD-12.13 owns the loan book.
Ballot processing
Voting-policy application
Vote execution
Share-recall coordination
Engagement tracking
Vote and engagement disclosure
Conflict and split-vote handling
SD-12.13 Securities Lending Operations
Manages the lending of the firm's securities to generate incremental return — running the loan book, managing the borrowers and the collateral against each loan, processing recalls, and accounting for the lending revenue. A long-term holder of liquid securities can lend them to borrowers (typically short-sellers and market-makers) for a fee, taking collateral against the loan. SD-12.13 is the **operational loan book** behind that programme. It exists because securities lending is both a revenue line and an operational-risk domain — collateralisation, borrower default, and the recall-before-record-date interaction with voting — that is too often treated as a custodian black box. It is **not** the programme decision, the lending-agent oversight or the cash-collateral reinvestment — those are SD-11.8 Securities Finance & Funding, the principal-side treasury capability — and it is not the voting decision a recall serves — that is SD-12.12. SD-11.8 decides and funds; SD-12.13 operates the book; SD-12.12 decides a vote needs the security back.
Loan-book management
Borrower management
Lendable-supply and utilisation management
Loan collateral management
Recall processing
Lending-revenue accounting
Corporate-action and dividend handling on loaned securities
SD-12.14 Derivatives Lifecycle Processing
Processes the post-trade lifecycle of OTC and cleared derivatives — the events that happen to a derivative contract after it is booked and before it terminates: resets and fixings, novations and assignments, portfolio compression, the clearing lifecycle, and termination or unwind. A derivative is not a settle-and-forget instrument; it lives for months or years and generates a continuous stream of contractual events that must each be processed. SD-12.14 is that capability. It exists because the derivatives post-trade lifecycle is a distinct, separately-tooled operational discipline — materially unlike the cash-equity settle-once lifecycle — with its own ISDA CDM lineage. It is **not** the negotiation and initiation of the trade — that is SD-06.6, the front-office Derivatives & OTC Trade Management — and it is not the collateral and margin against the relationship — that is SD-11.4 Margin & Collateral Operations. SD-12.14 processes the *contract* lifecycle; SD-06.6 brings the contract into being; BD-11 handles the collateral consequence.
Reset and fixing processing
Periodic-payment processing
Novation and assignment
Clearing lifecycle processing
Portfolio compression
Amendment and partial-termination processing
Termination and unwind
Lifecycle-event reconciliation
SD-12.15 Transfer Agency & Investor Dealing
Maintains the fund investor register and processes the dealing of fund units — the subscriptions, redemptions and switches of an open-ended fund's investors. SD-12.15 is the transfer-agency capability: it keeps the register of who owns units in each fund, processes investor subscription, redemption and switch orders against the dealing cut-off and the struck NAV, settles the subscription and redemption cash, pays the distributions, and issues the contract notes and statements. Fund administration is fund accounting plus transfer agency; SD-12.15 is the transfer-agency half, the sibling of SD-12.9 Fund Accounting & NAV. It exists because the open-ended fund's investor dealing is a distinct operational discipline with no equivalent elsewhere in BD-12 — SD-12.8 processes the *closed-end* capital-call and distribution events; SD-12.15 processes the *open-ended* registered-fund investor dealing. It is **not** the commercial client relationship — that is BD-15's client-management cluster; SD-12.15 runs the processing engine and the register, BD-15 owns the relationship. As the transfer-agency half of fund administration, it follows the same activation switch as its sibling SD-12.9: an institution that operates no funds of its own — a pure investor that only invests its own or its clients' capital — leaves SD-12.15 dormant.
Maintain the investor register
Process subscriptions and redemptions
Settle investor cash
Pay distributions
Issue contract notes and statements
Apply dealing controls
SD-12.16 Outsourced-Operations Oversight
The retained-organisation function — the operational oversight a firm keeps in-house when it delegates its middle and back office (fund accounting, NAV, reconciliation, the operations processing) to a third-party administrator. SD-12.16 is the capability that makes "accountability cannot be outsourced" operationally real: it runs a **shadow NAV** — an independent, parallel NAV calculation that checks the administrator's struck NAV — independently verifies the administrator's fee and expense calculations, reviews the administrator's reconciliations and break resolution, and evidences continuous, data-driven control over the delegated processing. It oversees the administrator's processing **output**: it does not do the processing, and it does not manage the contract — it checks the work.
Run the shadow NAV
Verify the administrator's fee and expense calculations
Review the administrator's reconciliations and break resolution
Monitor the administrator's exception queues and operational SLAs
Evidence and report operational control over the delegated processes
SD-12.17 Tax-Lot Accounting
Runs the per-client per-position tax-lot accounting discipline — opening and closing lots on every buy and sell under the selected lot-relief method, identifying and adjusting for wash sales, generating the per-client tax record, and supporting tax-loss harvesting. SD-12.17 is the operational tax-bookkeeping engine the wealth-manager industry runs at scale, and the institutional investor with taxable accounts runs at smaller scale. It carries the lot-level grain that the broader ABOR book (SD-12.2) does not — a position in a single instrument may sit across many tax lots, each with its own cost basis, acquisition date and lot-relief eligibility, and the tax outcome depends on which lot a sale draws against.
Maintain per-client per-position tax lots
Run wash-sale identification and adjustment
Generate the per-client tax record
Support tax-loss harvesting
Reconcile against the broker / custodian tax record
SD-13.1 Instrument & Security Master
Maintains the golden record of every instrument and security the institution holds, trades, prices or references. The Instrument & Security Master is the authoritative source for *what a holdable thing is* — a listed equity, a bond, a derivative, a fund interest, a loan, a directly-held real asset, cash — its identifiers, its static terms and its classification. Every domain that holds a position, prices it, values it or reports on it reads the instrument from here; the master exists so that those domains share one definition rather than each curating their own. It is the curated, slow-changing *golden record* — distinct from SD-13.4 Market & Reference Data Management, which sources the vendor feeds the master is populated from and the fast-moving market data (prices, rates) that is not master data at all.
Instrument onboarding
Identifier cross-reference
Instrument entity resolution
Alias management
Instrument-attribute maintenance
Instrument classification
Instrument lifecycle management
Master distribution
SD-13.2 Entity & Counterparty Master
Maintains the golden record of every legal entity the institution deals with — issuers, trading counterparties, brokers, external managers, custodians, administrators, portfolio companies, the institution's own group entities. The Entity & Counterparty Master is the authoritative *party master*: one record per legal entity, with the many capacities an entity acts in held as **roles** of that one record, not as separate masters. It owns the legal-entity hierarchy, the cross-reference to external identifiers, and the entity-resolution machinery that determines whether an incoming party is one the institution already knows. It is distinct from SD-13.1 (the instrument master, the holdable thing) and from SD-13.3 (the fund master, where a fund's *manager* is a legal entity owned here but the fund *vehicle* is owned there).
Entity onboarding
Role assignment
Counterparty cross-reference
Entity resolution
Alias management
Hierarchy maintenance
Entity classification
Master distribution
SD-13.3 Investment Vehicle & Fund Master
Maintains the golden record of investment funds and the legal vehicles that make them up. SD-13.3 serves two distinct facets of fund master data, determined by the institution's relationship to the fund:
Fund onboarding
Vehicle-hierarchy maintenance
Fund-terms registry
GP and management-company reference
Administrator and service-provider reference
Fund entity resolution
Manager-succession handling
Issued-fund registration
Dealing-terms and pricing governance
Regulatory-authorisation lifecycle
Product-record master distribution
Master distribution
SD-13.4 Market & Reference Data Management
Sources, validates and distributes the market and reference data the institution runs on — prices, yields, rates, FX, credit ratings, corporate-action notifications, instrument-reference and entity-reference feeds. Market & Reference Data Management is the *data-supply pipe*: it manages the relationships with data vendors, brings their feeds in, normalises them to one internal shape, applies first-line validation, and distributes the result to the domains that consume it. It is distinct from the master Service Domains it *feeds* — SD-13.1, SD-13.2 and SD-13.3 curate the slow-changing golden records, and SD-13.4 sources the vendor feeds those masters are populated from, as well as the fast-moving market data that is not master data at all and that valuation and risk consume directly.
Vendor-feed management
Feed ingestion and scheduling
Data normalisation
First-line data validation
Source hierarchy and golden-source selection
Reference-data distribution
Vendor-quality monitoring
SD-13.5 Benchmark & Index Data Management
Manages benchmarks and indices *as a data asset* — the index header, the effective-dated constituent membership and weights, the index level series, and the cross-reference to private-markets peer universes. A benchmark is meaningless as a comparator unless its composition is known through time; SD-13.5 is the Service Domain that holds it and keeps it current through rebalances and reconstitutions. It is the *data-management* side of benchmarks — distinct from SD-09.4 Benchmark Management, which *selects and constructs* the benchmark a portfolio is measured against. SD-09.4 decides which benchmark and defines any custom one; SD-13.5 holds and maintains the underlying data. A custom benchmark SD-09.4 constructs becomes an E-10 record SD-13.5 then maintains.
Index-header onboarding
Index-constituent loading
Rebalance and reconstitution processing
Index-level series management
Custom-benchmark maintenance
Benchmark cross-reference
Index-data validation
SD-13.6 GP & Manager Report Ingestion
Captures, structures and validates the unstructured reporting an institution receives from the external managers and GPs it has committed capital to — capital-account statements, quarterly reports, capital-call and distribution notices, portfolio-company updates. It is the *unstructured-data on-ramp* for the entire private-markets book: where public-markets data arrives structured from feeds (SD-13.4), private-markets data arrives as PDFs and spreadsheets, in every manager's own format, and must be *read* before it can be used. SD-13.6 is the capability that turns those documents into structured, validated data. It is one of OpenIM's named frequently-omitted Service Domains — routinely treated as a data-entry afterthought rather than a governed capability. It is the *extraction* capability; SD-13.11 Document & Content Management is the *repository* the documents live in, and BD-12 *processes the operational event* SD-13.6's extracted data describes.
Report intake and registration
Document parsing and data extraction
Extraction validation
Entity and fund resolution
Exception and steward queue management
As-of and provenance tagging
Structured-data handoff
SD-13.7 Data Quality & Governance
Defines and enforces data quality, ownership and stewardship across the institution's investment data. Where the other BD-13 Service Domains *produce* data — masters, feeds, extractions, metrics — SD-13.7 is the capability that holds them all to a standard: it sets the quality rules, names the data owners and stewards, runs the workflows that detect and remediate issues, and maintains the lineage that makes a data point traceable to its source. It is a *governance* Service Domain — it does not source, curate or interpret data itself; it governs how the domains that do are run. It is the BD-13 analogue of an investment-compliance function: a control layer over the data estate.
Data-quality rule definition
Data-quality monitoring
Data ownership and stewardship assignment
Issue detection and remediation workflow
Data-lineage tracking
Data-policy and standards governance
Data-governance forum operation
Data-quality reporting
SD-13.8 Semantic & Metric Layer
Maintains the governed definitions of metrics and the semantic layer over the institution's investment data — the single, agreed answer to "what does this number mean and how is it calculated." A figure such as time-weighted return, TVPI, active risk, exposure or AUM is only comparable across the firm if it is defined once; SD-13.8 is the Service Domain that holds that definition. It is the *definitional* layer: it owns the metric definition, the calculation logic and the certified datasets, but it does *not* compute the metric in production — BD-09 computes performance, BD-07 computes risk, BD-12 computes accounting figures, each to the definition SD-13.8 governs. One metric, defined once here, computed by whichever domain owns the result.
Metric definition
Calculation-logic governance
Semantic-layer maintenance
Certified-dataset publication
Metric catalogue and glossary
Metric-lineage and dependency management
Definition-conflict resolution
SD-13.9 ESG & Sustainability Data
Sources and manages environmental, social, governance, sustainability, climate and impact data on the institution's holdings, issuers and managers. SD-13.9 is to ESG and climate data what SD-13.4 is to market data — the data-management capability that brings in ESG scores, ratings, controversy flags, impact metrics and issuer- and asset-level emissions data from multiple providers, normalises them, validates them and distributes them. It is a *data-management* Service Domain: it manages ESG and climate data as an asset. It does not *produce analytics* over that data — carbon-footprinting, transition-risk modelling and net-zero pathway analysis are SD-07.8 Climate Risk Analytics' — and it does not make the investment judgement that consumes the data, which sits in the front office and in portfolio diagnostics (SD-09.5). Climate data is part of SD-13.9's remit, not a separate Service Domain: emissions data, climate indicators and the climate-scenario input data are sourced and managed here, exactly as ESG scores are.
ESG-data vendor management
ESG-score and rating ingestion
Climate- and emissions-data ingestion
Controversy and incident monitoring
Impact-metric tracking
Sustainability-attribute management
ESG-data normalisation and reconciliation
ESG-data validation and coverage tracking
ESG-data distribution
SD-13.10 Investment Reporting & Dashboards
Produces the institution's *internal* investment reporting — the portfolio reports, management dashboards and ad-hoc analytical output through which investment staff and management see the portfolio. SD-13.10 is the reporting surface the firm uses to look at *itself*: holdings reports, performance and risk dashboards, allocation views, the ad-hoc query service. It is distinct from the *external, accountable* reporting owned by BD-16 — owner & investor reporting (SD-16.2), regulatory filings (SD-16.3), financial disclosure (SD-16.4) — which has its own audience, format and assurance obligations and which *consumes* SD-13.10's data and the SD-13.8 metric definitions. SD-13.10 reports figures; it does not *compute* performance, risk or accounting numbers — those come from BD-09, BD-07 and BD-12, calculated to the governed definitions of SD-13.8.
Standard investment reporting
Management dashboard delivery
Ad-hoc query service
Report definition and template management
Report distribution and scheduling
Self-service enablement
Reporting-to-external handoff
SD-13.11 Document & Content Management
Manages the institution's investment documents and content — the repository, the deal rooms, the indexing, the versioning and the retention. Much of what an institutional investor knows arrives and lives as documents: manager reports, capital-account statements, LPAs and side letters, IC papers, trade confirmations, prospectuses, research notes, board minutes. SD-13.11 is the Service Domain that *holds and governs* those documents as artefacts — it is the repository. It is distinct from SD-13.6 GP & Manager Report Ingestion, which *extracts structured data* from a document: SD-13.11 stores and governs the document; SD-13.6 mines it. A capital-account statement lives in SD-13.11's repository, is registered with its metadata here, and is read by SD-13.6 there.
Document repository management
Document metadata registration
Document indexing and search
Deal-room management
Version control
Access control and information barriers
Retention and disposal enforcement
Document-to-record linking
SD-13.12 Data Platform & Integration Services
Provides the data-engineering, pipeline and integration services beneath the institution's investment data estate — the infrastructure layer the rest of BD-13 runs on. SD-13.12 *moves and lands* data: it operates the pipelines that carry data from source systems and vendors into the data store, integrates the institution's investment systems with each other and with external parties, and runs the warehouse / lakehouse the data sits in. It is deliberately separated from the data-*curation* capabilities — it does not own a master, define a metric or interpret a figure. SD-13.12 is the substrate; the other twelve BD-13 Service Domains are capabilities that run on it. The separation keeps platform engineering and data stewardship from being conflated.
Data-pipeline operation
System integration
Data-warehouse / lakehouse management
Data-store and environment provisioning
Pipeline observability and SLA management
Interface and contract management
Platform security and resilience
SD-14.1 Enterprise & Operational Risk Management
Manages the risk of running the firm — the **enterprise risk** the institution carries as a business, and the **operational risk** in its processes, people, systems and third parties. SD-14.1 is the **Chief Risk Officer's function**: it sets the firm-level risk appetite, maintains the enterprise risk register, runs the operational-risk discipline — risk-and-control self-assessment, loss-event capture, key risk indicators — and escalates risk events to governance. Operational risk is the risk of running the firm, not the risk in the portfolio. It is **not** investment risk — BD-07 measures the risk in the portfolio — and it is not compliance or financial crime, which are SD-14.2 and SD-14.3; the three are the firm's plural second line, not one function.
Set and maintain risk appetite
Maintain the enterprise risk register
Run operational-risk assessment
Capture loss events and key risk indicators
Run risk scenarios and escalate
SD-14.2 Corporate Compliance & Conduct
Runs the firm's compliance as a licensed entity, and governs the conduct of its people. SD-14.2 is the **Chief Compliance Officer's function**: it operates the firm's compliance programme, runs the regulator relationship's compliance dimension, scans the regulatory horizon for change, and governs employee conduct — the code of ethics, personal-account dealing, conflicts of interest, gifts and entertainment, and outside business interests. The personal-account-dealing and conflicts capability monitors the *employee*, not the portfolio. It is **not** investment compliance — BD-10 checks the portfolio against the rules it must obey — and it is not financial crime, which is SD-14.3; corporate compliance and financial crime are run by different officers (the CCO and the MLRO) and are distinct second-line functions.
Operate the compliance programme
Scan the regulatory horizon
Govern employee conduct
Run personal-account dealing
Manage senior-accountability and attestations
SD-14.3 Financial Crime Prevention
Protects the firm from financial crime — money laundering, terrorist financing, sanctions breach, bribery and corruption. SD-14.3 is the **Money Laundering Reporting Officer's function** — a statutorily distinct appointment from the compliance officer: it runs the firm's anti-money-laundering programme, the know-your-customer and customer-due-diligence checks on the firm's investors and counterparties, the screening of those parties against sanctions lists, the monitoring of cash flows for money-laundering typologies, and the suspicious-activity reporting the law requires. It is **not** the sanctions screening of *portfolio issuers* — that is SD-10.6, which screens what the portfolio holds; SD-14.3 screens the firm's *customers and counterparties*. The subject decides the owner: the firm's customers (SD-14.3) versus the portfolio (SD-10.6).
Run investor and counterparty KYC
Screen against sanctions lists
Monitor transactions
Report suspicious activity
Run anti-bribery and corruption
SD-14.4 Model Governance & AI Governance
Governs the lifecycle, validation and responsible use of the models and AI systems the firm runs. SD-14.4 owns the firm-wide model and AI inventory, the independent validation of models before and during use, and the governance of how AI is used across the firm. The buy-side runs models everywhere — risk models, valuation models, alpha models, allocation optimisers — and increasingly AI systems; a flawed model used unchallenged is a firm-level risk. SD-14.4 is the independent governance over them. It does not *build* or *use* the models — the front office, BD-07 and BD-08 do that; SD-14.4 independently governs and validates them.
Maintain the model and AI inventory
Validate models independently
Govern the model lifecycle
Govern AI use
Report model and AI risk
SD-14.5 Cyber & Information Security
Protects the firm's information assets and systems from cyber and information-security threats. SD-14.5 runs the firm's security function — threat monitoring and response, access management, security testing, and the protection of the firm's data. At an investment manager this is not a generic IT-security function: it carries an investment-management-specific weight — the protection of the **investment book of record** and of **material non-public information**, and it operates under financial-services-specific regulation (the EU Digital Operational Resilience Act — DORA, Regulation (EU) 2022/2554 — and its ICT-risk-management requirements, the SEC cybersecurity rules for advisers). It is **not** operational resilience and business continuity — that is SD-14.6, which keeps the firm running through disruption — though the two work closely; SD-14.5 defends the systems, SD-14.6 keeps the business services available.
Monitor and respond to threats
Manage access and identity
Run security testing
Protect the firm's data
Govern the security framework
SD-14.6 Operational Resilience & Business Continuity
Keeps the firm's important business services running through disruption — and able to recover when they fail. SD-14.6 carries two linked disciplines under one capability. **Operational resilience** is the umbrella — identifying the firm's important business services, setting impact tolerances for them, mapping the people, processes, technology and third parties each depends on, and testing the firm's ability to stay within tolerance through severe-but-plausible disruption. **Business continuity** is the recovery component within it — the continuity and disaster-recovery plans that restore a service after it fails. It is **not** operational *risk* — that is SD-14.1, which identifies and assesses what could go wrong; SD-14.6 makes the firm *resilient* to it. Detection and recovery are different disciplines: SD-14.1 identifies the operational risk, SD-14.6 keeps the business service available through it.
Map important business services
Set and test impact tolerances
Maintain business-continuity plans
Run resilience and continuity testing
Respond to and learn from disruption
SD-14.7 Internal Control & Assurance
Designs and monitors the firm's internal-control framework, and gathers the management assurance that the controls work. SD-14.7 owns the *control framework* — the structured set of controls across the firm's processes — maintains it to a recognised standard, runs the control attestations, and reviews the control-assurance reports the firm's service providers supply. It is management's own assurance that the firm is in control. It is **not** independent third-line assurance — that is SD-14.8 Internal Audit, which independently tests whether SD-14.7's framework is effective — and it is not the commercial management of the service providers, which is SD-17.8; SD-14.7 reviews a provider's control-assurance report, SD-17.8 manages the provider relationship.
Design the control framework
Monitor and test controls
Run control attestation
Review service-provider assurance
Run control-failure root-cause-trend analysis and control-improvement feedback
Report control status
SD-14.8 Internal Audit
Provides independent assurance to the governing body that the firm's controls, risk management and governance are working. SD-14.8 is the **third line** of the three-lines model: it is independent of the functions it audits, it reports functionally to the audit committee, and it gives the board an objective opinion on whether the firm's control environment can be relied on. It is **not** the design and operation of the controls — that is SD-14.7 Internal Control & Assurance (the first/second-line management activity) — and it is not the second-line risk and compliance functions (SD-14.1 to SD-14.3). Internal audit independently assures that the other lines work; it does not run them.
Plan the audit programme
Conduct audits
Report findings
Track remediation
Provide assurance to the governing body
SD-14.9 Legal & Contract Management
Manages the firm's legal agreements across the investment lifecycle, and provides the legal function the firm runs on. SD-14.9 owns the contracts — drafting and reviewing them, holding them in a governed repository, tracking the obligations they carry, and managing disputes — and provides the firm's legal advice and legal-risk management. The agreements span the whole model: the limited-partnership agreement, the investment-management agreement, side letters, NDAs, the ISDA Master Agreement and Credit Support Annex, clearing agreements, leases, service contracts. It is **not** the *negotiation* of an investment's commercial terms — that is the front office's (SD-04.6 closes a deal) — and it is not contractual *compliance* monitoring — SD-10.5 tracks side-letter obligations against the portfolio; SD-14.9 owns the agreement as a legal document.
Draft and review agreements
Maintain the legal-document repository
Track contractual obligations
Manage disputes and litigation
Provide legal advice
SD-15.1 Investment Product Strategy
Decides which strategies and vehicles the firm offers — the product roadmap. SD-15.1 answers *what should the firm sell*: it generates and assesses product ideas, sets the product roadmap, decides whether to build, buy or partner for a capability, and shapes the firm's product range against client demand and the competitive landscape. A product the firm cannot sell is wasted capability; a gap in the range is lost flow. It is **not** the *building* of a product — that is SD-15.2 — and it is not investment strategy, which is BD-01 (the strategy *of a portfolio*); SD-15.1 is the strategy of the *product range*.
Generate and assess product ideas
Set the product roadmap
Make the build / buy / partner decision
Shape the product range
Analyse the competitive and demand position
SD-15.2 Product Development & Launch
Designs, structures, prices and brings a new fund or strategy to market. Where SD-15.1 decides *what* to offer, SD-15.2 *builds and launches* it: it designs the product, selects the legal vehicle and structure, sets the fee and pricing, secures any seed capital, and executes the launch. It is **not** the ongoing governance of the product once live — that is SD-15.3 — and it is not the legal drafting of the fund documents, which is SD-14.9; SD-15.2 owns the product-build decision, SD-14.9 drafts the agreements it needs.
Design the product
Select the vehicle and structure
Set the pricing
Secure seed capital
Execute the launch
SD-15.3 Product Governance & Lifecycle Management
Governs the firm's products across their life — the product-approval process, the periodic product review, and the rationalisation of the range. SD-15.3 owns the *product-governance regime*: it operates the product-approval gate every new or materially changed product passes through, defines and reviews each product's target market, runs the periodic reviews that test whether a product still delivers value, and manages the end of a product's life — mergers, closures, share-class changes. It exists because a product is a regulated, ongoing obligation, not a one-off launch: the MiFID II product-governance regime and the UK Consumer Duty make the manufacturer answerable for the product through its life. It is **not** the *building* of the product (SD-15.2) and it is not investment-compliance monitoring of the portfolio (BD-10).
Operate the product-approval process
Define and review the target market
Run periodic product review
Manage product rationalisation
Govern the product register
SD-15.4 Distribution Strategy & Channel Management
Defines the firm's distribution model and manages the channels it reaches the market through. SD-15.4 decides *how* the firm's products get to investors — direct institutional, intermediated and wholesale, platforms and the ETF ecosystem — manages the economics of each channel, and drives geographic and market expansion. It is **not** the *selling* into a channel — that is SD-15.7 Institutional Sales — and it is not marketing, which is SD-15.5; SD-15.4 sets the channel strategy, the others execute within it.
Set the distribution strategy
Manage the channels
Manage channel economics
Drive market and geographic expansion
Analyse distribution performance
SD-15.5 Marketing, Brand & Content
Runs the firm's brand, marketing and client-engagement content. SD-15.5 builds and maintains the firm's brand and reputation, runs marketing campaigns and events, produces the thought leadership and content that engage clients and prospects, and runs the firm's digital presence. It is **not** the *approval* of promotional material against the financial-promotion rules — that control is SD-15.6 — and it is not the sales conversation, which is SD-15.7; SD-15.5 produces the material, SD-15.6 clears it, SD-15.7 carries it.
Manage the brand
Run campaigns and events
Produce thought leadership and content
Run the digital presence
Manage marketing analytics
SD-15.6 Marketing-Material & Financial-Promotion Approval
Reviews and approves all client-facing promotional material before it is issued — the operational pre-issue control that keeps the firm's marketing fair, clear and not misleading, and compliant with the financial-promotion regime. SD-15.6 is a control capability: every piece of marketing material, every financial promotion, every pitch document passes through its review and sign-off. It exists because a financial promotion is regulated speech — the SEC Marketing Rule and the FCA financial-promotion rules hold the firm answerable for every claim and every performance figure. It is **not** the *production* of the material — that is SD-15.5 and SD-15.7. It is **not** investment compliance, BD-10 — BD-10 monitors the *portfolio*, SD-15.6 monitors the *outgoing communications*. And it is **not** the firm's CCO function — that is **SD-14.2 Corporate Compliance & Conduct**, which *sets* the conduct-compliance standard SD-15.6 *applies* on every specific item. The Marketing Review Committee (or equivalent body) — typically compliance-staffed but operationally embedded in the distribution flow — is SD-15.6's; the CCO and the regulator-facing compliance programme are SD-14.2's. SD-15.6 sits in BD-15 because the capability runs *operationally* inside the distribution workflow.
Review promotional material
Approve and sign off
Govern performance and claims presentation
Maintain the promotion register
Manage the approval standards
SD-15.7 Institutional Sales & Business Development
Runs the firm's sales pipeline — prospecting, pitching and winning the mandates and the capital. SD-15.7 is the front line of the commercial function: it identifies and qualifies prospects, manages the sales pipeline from lead to mandate, runs the pitch and the finals process, and wins the mandate or the allocation. It is **not** the RFP / DDQ response capability — that specialist discipline is SD-15.8 — and it is not the closed-end fundraise, which is SD-15.10; SD-15.7 owns the sales relationship and the pipeline.
Identify and qualify prospects
Manage the sales pipeline
Run the pitch and finals
Win the mandate
Manage the sales relationship
SD-15.8 RFP & DDQ Management
Sources, writes, reviews and maintains the firm's responses to requests for proposal, requests for information and due-diligence questionnaires. SD-15.8 is the recognised, separately-staffed discipline behind a mandate bid: a prospective institutional client or its consultant issues an RFP or a DDQ, and the firm must answer it accurately, completely and on deadline. It maintains the **answer library** — the curated, approved, current answers to the recurring questions — and assembles each response from it. It is **not** the sales relationship — that is SD-15.7, which owns the opportunity SD-15.8's response supports — and it is not the operational due diligence *of* a manager, which is the buyer's side, SD-03.3.
Source and triage RFPs and DDQs
Maintain the answer library
Assemble the response
Review and approve the response
Manage the response calendar
SD-15.9 Consultant & Gatekeeper Relations
Manages the firm's relationship with the investment consultants and gatekeepers who shape which managers win institutional mandates. SD-15.9 exists because, for much of the institutional market, the investment consultant is the gatekeeper — a manager rated and recommended by the major consultants wins flow; one that is not does not. It manages the consultant relationships, keeps the consultant databases current with the firm's data, and works the manager-research and ratings process. It is **not** the sale to the end client — that is SD-15.7 — and it is not the *buyer's* use of a consultant; an asset owner that hires a consultant to select managers is on the BD-03 side. SD-15.9 is the *manager's* side of the consultant relationship.
Manage consultant relationships
Maintain the consultant databases
Support the manager-research process
Track ratings and buy-list status
Manage consultant intelligence
SD-15.10 Fund Capital Raising
Runs the GP-side fundraise for a closed-end fund — bringing limited partners into a fund from launch to final close. SD-15.10 is the private-markets fundraising capability: it builds the fundraising materials (the private-placement memorandum, the pitch), runs the data room, manages the LP pipeline, negotiates the commercial terms, and drives the fund to its first and final close. It is the **GP / manager side** of the transaction whose **LP / allocator side is BD-03** — one firm's fundraise is another's fund-commitment decision. It is **not** continuous open-ended distribution — that is SD-15.4 / SD-15.7 — and it is not the fund's investing, which is BD-04.
Prepare the fundraising materials
Run the fundraising data room
Manage the LP pipeline
Negotiate commercial terms
Drive to first and final close
SD-15.11 Client & Investor Onboarding
Onboards a new client or investor — turning a won mandate or a closed commitment into a live, operational relationship. SD-15.11 runs the onboarding journey: negotiating and executing the investment-management agreement or the subscription, opening the account, and coordinating the cross-functional onboarding that makes the new client investable. It is **not** the financial-crime KYC and AML check — that is SD-14.3, which SD-15.11 triggers and consumes — and it is not the mandate's *codification* into objectives and constraints, which is SD-01.2; SD-15.11 owns the commercial and operational onboarding, SD-01.2 codifies the mandate it produces.
Negotiate and execute the agreement
Open the account
Coordinate cross-functional onboarding
Trigger and consume the KYC check
Confirm onboarding readiness
SD-15.12 Client Advice & Suitability
Assesses the suitability and appropriateness of what a client is sold or holds, and runs the regulated advice process. SD-15.12 is the **regulated suitability gate**: it profiles the client's objectives, risk tolerance and circumstances, assesses whether a product or portfolio is suitable for that client, and runs the advice process under the suitability rules. It is a wealth-manager activation — an institutional manager executes a mandate, it does not advise. Its scope is the suitability *control*, deliberately: the wealth manager's broader value proposition — comprehensive financial planning, estate and wealth-transfer planning, goals-based advice — is **SD-15.15 Financial & Wealth Planning**, a separate Service Domain; SD-15.12 gates what an SD-15.15 plan recommends. It is **not** investment-guideline compliance — BD-10 checks the *portfolio* against the rules it must obey — and it is not the mandate definition (SD-01.2); SD-15.12 advises the *client* on what suits them.
Profile the client
Assess suitability and appropriateness
Run the advice process
Review suitability over time
Govern the advice standard
SD-15.13 Client Relationship Management & Servicing
Manages the ongoing relationship with the firm's clients and investors — keeping them served, satisfied and retained. SD-15.13 owns the client relationship after onboarding: it is the relationship-management function, it handles client and investor queries and requests, it manages the client experience, and it works client retention. It exists because winning a client is not keeping one — the ongoing relationship is where assets are retained or lost. It is **not** the onboarding (SD-15.11) and it is not the commercial reporting to the client — that is SD-15.14, though the two work closely.
Manage the client relationship
Handle client queries and requests
Manage the client experience
Work client retention
Manage upsell and cross-sell
SD-15.14 Client & Investor Reporting
Produces the discretionary, relationship-driven reporting and communication the firm gives its clients and investors. SD-15.14 is the *commercial* reporting capability: the bespoke client reports, the investor portal, the relationship reviews and the client communication the firm produces to inform, engage and retain its clients. It is distinct from accountability reporting: **SD-16.2 Owner & Investor Reporting** produces the *mandatory* periodic report the firm *owes* the parties it answers to; SD-15.14 produces the *discretionary, commercially-motivated* reporting the firm *chooses* to produce to serve the relationship. It is **not** internal investment reporting (SD-13.10), and it does not compute the numbers — it consumes them.
Produce bespoke client reporting
Run the investor portal
Run relationship reviews
Manage client communication
Govern the client-reporting standard
SD-15.15 Financial & Wealth Planning
The wealth manager's comprehensive-planning value proposition — the multi-year financial plan, the estate and wealth-transfer strategy, behavioural advice and family governance that coordinates the client's asset allocation, retirement and decumulation, liquidity needs, and insurance and risk strategies into one coherent view of the household's financial life. SD-15.15 is the *advisory-delivery* discipline that wraps around the client's goal hierarchy: it builds the financial plan, plans the estate and the multigenerational wealth transfer, advises on after-tax wealth maximisation, delivers behavioural advice and bias mitigation, and supports family governance. It is the wealth manager's core capability — and it is dormant for the asset owner, which manages its own capital for its own beneficiaries, and for the hedge fund, which has no household-planning relationship with its investors.
Produce the comprehensive financial plan
Run estate and wealth-transfer planning
Deliver behavioural advice and bias mitigation
Support family governance
Advise on after-tax wealth strategy
Conduct the planning review
SD-15.16 Complaint & Client-Case Management
The regulated handling of client and investor complaints and cases — acknowledging a complaint, investigating it, issuing the final response within the regulated deadline, providing the Financial Ombudsman Service referral rights, and retaining the records — together with complaint root-cause analysis: categorising complaints by cause, trending them, and identifying the recurring or systemic problems to put right. SD-15.16 is a **first-line conduct control**, prescribed by the FCA DISP sourcebook and raised in standing by the UK Consumer Duty — both already cited across the OpenIM model. It is wider than the closing of a single complaint: the value of the capability is the loop from individual case to root cause to systemic remediation.
Handle formal complaints
Manage client cases and disputes
Run complaint root-cause analysis
Identify and remediate systemic problems
Produce complaints management information
Feed conduct and outcomes evidence
SD-16.1 Corporate & Fund Governance
Operates the firm's governance bodies — and supports the governing bodies of the funds the firm runs. SD-16.1 is the capability that makes the firm's decision structures work: it runs the board and the committees, prepares their packs, keeps the calendar, takes the minutes, records the decisions, and maintains the governance framework — the terms of reference, the delegations, the committee structure. It also supports the governing bodies of the *vehicles* the firm manages — a fund board, a UCITS ManCo board, a set of independent directors, a limited-partner advisory committee. It is **not** the *investment* decision a committee makes — that is the front office's (SD-04.5 runs the investment-committee decision; SD-01.x sets the mandate) — SD-16.1 operates the committee *as a governance body*, it does not take the investment call.
Operate the board and committees
Prepare governance packs and record decisions
Maintain the governance framework
Support fund governance bodies
Run board-effectiveness and governance review
SD-16.2 Owner & Investor Reporting
Produces the periodic accountability report to whoever the firm answers to — its owners, its beneficiaries, the shareholders of the funds it runs, or its limited partners. SD-16.2 is one capability with many audiences: a sovereign-wealth fund reports to its government, a pension scheme to its trustees and members, a third-party manager to fund boards and shareholders, a private-markets GP to its LPs. The capability is the same — gather the performance, stewardship and accountability data, format it to the audience's standard, distribute it, and handle the queries — only the report template differs. It is **not** the *internal* investment reporting the firm uses to look at itself (that is SD-13.10), and it is **not** the commercial investor-relations and fundraising function — winning investors, the data room, the sales relationship — which belongs to BD-15 Distribution, Product & Client Management (SD-15.13 / SD-15.14). SD-16.2 is *accountability* reporting; it answers to those the firm is accountable to.
Produce the owner / beneficiary report
Produce the investor / LP report
Handle accountability queries
Run the owner / investor meeting
Govern the reporting package
SD-16.3 Regulatory Reporting & Filings
Produces and submits the firm's mandatory regulatory returns and filings, and runs the regulator relationship. SD-16.3 is the capability that meets the firm's obligation, as a licensed entity, to report to its regulators — the corporate and prudential returns (capital adequacy, the firm's own conduct returns) and the investment and fund regulatory returns (Form PF, AIFMD Annex IV, MiFIR transaction reporting, Form 13F, short-selling disclosures). It owns the *filing* — the return's preparation, submission and the regulator liaison; the *data* the return is built from comes from BD-12 and BD-13. It is **not** investment-compliance monitoring — that is BD-10, which checks the portfolio against the rules — and it is not the firm's statutory financial statements, which are SD-16.4.
Prepare the corporate and prudential returns
Prepare the investment and fund regulatory returns
Submit and track filings
Run the regulator relationship
Maintain the regulatory-filing inventory
SD-16.4 Financial Reporting & Disclosure
Produces the firm's own statutory financial statements and external disclosures — the management company's, or the institution's, annual report and accounts. SD-16.4 is the capability that closes the firm's books and reports its own financial position to the outside world, to the applicable accounting standard, with an audit opinion. It is **not** fund accounting — the *funds'* financial statements and NAV are SD-12.9 — and it is not the regulatory returns, which are SD-16.3. SD-16.4 produces the *firm's* accounts; the firm's books and the funds' books are two separate ledgers with two separate audit opinions.
Run the financial-statement close
Prepare the annual report and accounts
Prepare external disclosures
Support the external audit
Govern the accounting policy
SD-16.5 Sustainability & Stewardship Governance
Governs the firm as a sustainability actor — its own sustainability strategy, its entity-level sustainability disclosure, and its compliance as a stewardship-code signatory. SD-16.5 is the firm-level sustainability capability: it owns the firm's sustainability strategy and policy, produces the entity-level regulatory sustainability disclosures, maintains the firm's stewardship-code signatory status, and manages the firm's own climate and net-zero commitments and its own operational footprint. It exists because sustainability is now a firm-level governance and disclosure obligation in its own right, distinct from investing. It is **not** ESG *integration* into security selection and portfolio construction — that is the front office's — nor ESG and climate *data* (SD-13.9) nor climate-risk *analytics* (SD-07.8) nor proxy voting and stewardship *operations* (SD-12.12); SD-16.5 governs the firm as a sustainability actor and signatory, it does not invest.
Own the firm's sustainability strategy
Produce entity-level sustainability disclosure
Maintain stewardship-code compliance
Manage the firm's climate commitments
Govern the firm's operational footprint
SD-17.1 Corporate Accounting & Controllership
Keeps the management company's own books and closes its period. SD-17.1 is the firm's record-to-report capability: it runs the corporate general ledger, posts the corporate accounting entries, reconciles the control accounts, and operates the period close that produces a complete, signed-off trial balance. It is the controllership function — the discipline that makes the firm's accounting records correct, complete and auditable. It is the firm keeping its own books, as distinct from keeping its clients'.
Maintain the corporate general ledger
Run the period close
Reconcile and substantiate accounts
Operate the accounting control framework
Support the external audit
SD-17.2 Financial Planning & Analysis
Plans and analyses the firm's own finances. SD-17.2 is the firm's FP&A capability: it builds the corporate budget and the forecast, produces the management accounts, runs the variance analysis against plan, allocates cost across business lines and funds, analyses the firm's profitability, and runs the corporate capital planning. It is the firm deciding where its money will go and understanding where it went.
Build the budget and forecast
Produce the management accounts
Run variance analysis
Allocate cost
Analyse profitability
Run corporate capital planning
SD-17.3 Corporate Treasury
Manages the management company's own money. SD-17.3 is the firm's corporate treasury: it manages the firm's own cash and working capital, runs the corporate banking relationships, raises and services the firm's corporate debt and credit facilities, manages the intercompany funding across the firm's legal entities, and keeps the firm solvent and liquid. It is the firm managing its own money, as distinct from managing its clients'.
Manage corporate cash and working capital
Run corporate banking
Manage corporate debt and facilities
Manage intercompany funding
Forecast corporate liquidity
SD-17.4 Investment & Portfolio Tax
Manages the tax of the portfolios, the funds and the investors. SD-17.4 is the investment-tax capability at the strategic layer: it pursues the withholding-tax reclaims, sets the tax-characterisation framework and the lot-relief-method election that govern how investment gains, income and distributions are characterised for tax, runs the tax-aware accounting at the portfolio and fund layer, manages the double-taxation-treaty positions, structures the funds and vehicles for tax, and produces the FATCA / CRS investor tax reporting. It is the tax that follows the money the firm invests, not the tax the firm itself owes.
Manage withholding tax and reclaims
Set the tax-characterisation framework and run tax-aware accounting
Manage treaty and tax-residency position
Structure funds and vehicles for tax
Run investor tax reporting
SD-17.5 Corporate Tax
Manages the management company's own tax as a corporate entity. SD-17.5 is the corporate-tax capability: it manages the firm's corporation tax, computes and provisions the tax charge, runs the VAT and indirect-tax obligations, manages the transfer pricing across the firm's legal entities, and files the firm's own tax returns. It is the tax the firm owes as a business, not the tax that follows the money it invests. **Indirect tax and transfer pricing are Service Operations within this Service Domain, not Service Domains in their own right** — OpenIM's hierarchy is deliberately shallow, and both belong to the firm's single corporate-tax function.
Manage corporation tax
Run VAT and indirect tax
Manage transfer pricing
File the firm's tax returns
Manage tax authority relations
SD-17.6 Talent & Human Capital
Recruits, develops, compensates and retains the firm's staff. SD-17.6 runs the firm's human-capital function. At an investment manager this is not generic HR: the firm's people *are* its capability, and the function carries investment-management-specific weight — the **remuneration codes** that govern how variable pay is structured and deferred, the **senior-managers and certification regime** that requires the firm to certify staff as fit and proper, and the particular problem of compensating and retaining investment talent (carried interest, deferred compensation, the alignment of pay with the risk taken). It is **not** the firm's governance of *conduct* — the code of ethics and personal-account dealing are SD-14.2; SD-17.6 manages the people, SD-14.2 governs how they must behave.
Recruit and onboard
Develop and manage performance
Administer compensation
Run the certification regime
Manage retention and the people risk
SD-17.7 IT Strategy & Enterprise Architecture
The firm's capability to set the *direction* of its technology estate — its strategy, target-state architecture, capability and application-portfolio shape, and the technology and platform standards every other IT capability operates within. SD-17.7 is the **plan layer** of the firm's CTO / CIO function. The modern investment manager runs technology as a first-class enterprise capability, not a derivative of the investing functions; SD-17.7 sets *what the estate should be*; SD-17.9 Application Portfolio & Engineering *builds it*; SD-17.10 IT Operations & Workplace *runs it*.
Set technology and platform strategy
Govern the architecture standards
Own the application-portfolio shape and roadmap
Set the enterprise-architecture capability map
Govern architecture decisions
SD-17.8 Vendor, Outsourcing & Service-Provider Oversight
Oversees the firm's outsourced providers and vendors — the fund administrators, custodians, data vendors, technology providers and other third parties the firm depends on. SD-17.8 is the *commercial and relationship-level* oversight of those providers: the due diligence before appointment, the service-level agreement, the ongoing performance and risk review, the concentration and exit-risk assessment. The buy-side firm outsources heavily — administration, custody, data — and the regulator holds it responsible for what it outsources; SD-17.8 is that oversight. It is **not** the *operational, asset-level* oversight of a custodian — that is SD-12.5, which watches the assets — SD-17.8 manages the contract and the relationship; SD-12.5 watches what the provider holds.
Run service-provider due diligence
Manage service-level agreements
Review provider performance and risk
Assess outsourcing and concentration risk
Manage provider exit and transition
SD-17.9 Application Portfolio & Engineering
The firm's capability to *build* the technology it runs — the application portfolio's executing artefacts, the software-development lifecycle, software-engineering practice, and the build / test / release pipeline. SD-17.9 is the **build layer** of the firm's CTO / CIO function. It executes against the strategy and architecture SD-17.7 sets, and produces the running artefacts SD-17.10 operates. It is the elemental capability "the firm builds software"; the standards it builds to, and the production platforms it deploys to, belong to its peers.
Manage the application portfolio inventory
Run the software-development lifecycle
Operate the engineering platforms
Manage build, test and release
Govern engineering practice
SD-17.10 IT Operations & Workplace
The firm's capability to *run* the technology it has built — IT infrastructure and cloud platforms, IT service management, day-to-day production operations, end-user services and workplace technology. SD-17.10 is the **run layer** of the firm's CTO / CIO function. It receives deployable artefacts from SD-17.9 Application Portfolio & Engineering and operates them against the architecture standards SD-17.7 sets. SD-17.10 is universal — every archetype runs technology; the weight on this Service Domain scales with the engineering-significance of the firm's estate (heaviest for index managers at platform-systemic scale and quantitative hedge funds; substantial for every other archetype).
Operate IT infrastructure and cloud platforms
Run IT service management
Run production operations
Provision and support end-user technology
Manage workplace technology
E-01 Legal Entity
The universal party master. Every organisation OpenIM holds a record of is a Legal Entity — the investing institution itself, the issuers of the securities it holds, its trading and service counterparties, the managers it allocates to, its custodians, its index providers, the private companies it holds through funds. There is one master for all of them, and what distinguishes them is the **role** each plays, not a separate entity.
E-02 Instrument / Asset
The universal "thing an investor can hold." Every position (E-04) is a position in an Instrument / Asset. The entity spans the full span of what an institutional investor holds — listed equity, government and corporate debt, structured credit, listed and OTC derivatives, fund interests, loans, real assets held directly, cash and money-market instruments.
E-03 Portfolio / Mandate
The container. An institutional investor's capital is organised into portfolios — and a portfolio is governed by a mandate that sets its objective, its benchmark and its constraints. Every holding (E-04) sits in a portfolio.
E-04 Holding / Position
What the investor owns: a position in an instrument or asset (E-02), within a portfolio (E-03), at a point in time. The entity every exposure, risk and performance calculation ultimately reads from. Held at two grains — the real-time **IBOR** view and the official accounting-basis **ABOR** view.
E-05 Transaction
The universal investment event — anything that changes a holding. A trade, a fund subscription, a capital call, a distribution, a corporate action, a transfer. The event record from which positions (E-04) are derived and cash flows (E-06) arise.
E-06 Cash Flow Event
A dated movement of cash between the investor and a portfolio, instrument, fund, vehicle or counterparty. The granular cash record that performance is computed from.
E-07 Valuation
A point-in-time value of a holding (E-04) — and the record of *how* that value was arrived at. Every holding is valued; the difference across asset classes is the method, not the entity.
E-08 Price & Market Data
Observed market data for an instrument (E-02) — prices, yields, rates, spreads, FX. The observable inputs that value liquid holdings and feed risk and analytics.
E-09 Asset Class
The asset-class taxonomy — the reference structure that classifies what an institutional investor invests in, across public and private markets.
E-10 Benchmark / Index
A benchmark or index, and its constituents, held as managed reference data. The comparator a portfolio or holding's performance is measured against.
E-11 Classification Type & Value
The extensible taxonomy behind time-varying classifications — the definition of *what classifiers exist* and *what values are valid within each*. The reference data that E-12 Classification History records against.
E-12 Classification History
The bi-temporal record of time-varying classifications on a holding, investment or deal record — which department holds it, its credit rating, its sector, its strategy, its geography, its pipeline stage — with every change dated, so an aggregation is correct at *any* point in time, not only now.
E-13 Entity Alias
A name a master record has been seen under. The structure that makes entity resolution work — fed by the resolution feedback loop, read by it on the next cycle.
E-14 External Identifier
A cross-reference from a master record's golden key to an identifier in an external system or data vendor. The structure that lets OpenIM enrich and reconcile against the outside world without surrendering its own key.
E-15 Document Metadata
The metadata and provenance of a source document — a manager report, a capital-account statement, an LPA, an IC paper, a trade confirmation, a prospectus. Links a source document to the durable record it concerns.
E-16 Risk Limit
A configured constraint on risk — the threshold a measured risk must stay within. The limit framework an institutional investor governs itself by: market-risk limits, credit and counterparty limits, concentration limits, liquidity limits.
E-17 Scenario
A defined stress or hypothetical scenario — a named set of market shocks and assumptions applied across the portfolio to ask "what would happen if." The definition a stress test or scenario analysis runs against.
E-18 Limit Breach
An event: a measured risk crossed a Risk Limit (E-16). The record of the breach, its severity, and its resolution.
E-19 Risk Measurement
A point-in-time risk result — a VaR figure, an exposure, a sensitivity, a stress-test loss — and the record of how it was produced. The risk analogue of Valuation (E-07): a measured number, stored, with its method and confidence.
E-20 Performance Result
A stored point-in-time return figure — a portfolio's return for a period, on a stated basis — with the inputs, methodology version and provenance behind it. The performance analogue of Valuation (E-07) and Risk Measurement (E-19): a computed number, stored, with how it was produced.
E-21 ESG Measurement
A point-in-time ESG, sustainability or emissions data point for a subject — a score, a rating, an emissions figure, a taxonomy-alignment percentage — from a named provider, with its as-of date and methodology. The ESG analogue of Price & Market Data (E-08): an observed, multi-provider, time-series data point.
E-22 Metric Definition
The governed definition of a metric — its formula, inputs, conventions and variant forms, owned and versioned. The single authoritative statement of *how a number is defined*, that the stored results computed to it (E-20, E-19) reference.
E-23 Extraction Record
The versioned record of what was parsed from a source manager document — the extracted fields, their validation status and confidence, and a reference to the source document (E-15). The provenance entity for data captured from unstructured manager reports.
E-24 Reconciliation Break
An event: two records of the same thing disagree. The owned, aged record of a reconciliation difference — the two sides, the difference, its cause, and its resolution lifecycle.
E-25 Account
The account structure portfolios are held and settled through — custody and safekeeping accounts on one side, bank and cash accounts on another, and register/nominee accounts for fund-distribution intermediaries on a third. One shared account master, key-partitioned by `account_type`, aligned to the FIBO Account concept.
E-26 Collateral Position
The generic record of collateral posted or received against a relationship — the asset, the direction, its valuation and haircut, its eligibility, and the counterparty. The shared collateral abstraction that derivatives margining (DR-04) and securities lending (PB-10) both reference.
E-27 Liability Profile
The actuarially-projected stream of future benefit or claim payments a liability-relative strategy is built against — the projected cash flows and their sensitivity to interest rates and inflation. The subject a liability-driven or insurance strategy targets, made first-class.
E-28 Risk Budget
A risk allowance allocated to a strategy, pod or portfolio manager — the allocated amount, its basis, and the allocation lifecycle. Distinct from a Risk Limit (E-16): a deliberate share of a finite risk pool handed to a team, not a ceiling a measured risk must stay within.
E-29 Allocation Plan
A versioned plan that governs how capital is allocated — a strategic asset allocation, a reference-portfolio and factor risk budget, or a commitment-pacing plan — so a decision traces to the plan in force when it was taken. Key-partitioned by `plan_type`.
E-30 Goal
A client's investment objective — a target value to reach by a target date, at a priority, with a required probability of success. The unit the goals-based paradigm allocates against: a household has many goals, each funded by its own sub-portfolio.
E-31 Goal Progress Measurement
A stored point-in-time measure of the probability of meeting a goal — the figure SD-09.5 computes for a goal, on a stated basis, with the assumptions and provenance behind it. The goals-based analogue of Risk Measurement (E-19) and Performance Result (E-20): a computed number, stored, with how it was produced.
E-32 Tax Lot
The per-(client, instrument, acquisition-tranche) tax-lot record — the lot-level grain underneath a holding, carrying its cost basis, acquisition date, lot-relief eligibility and wash-sale-adjustment history. Append-only on the lot grain; supersession by lot-close.
E-33 Financial Plan
The structured, versioned multi-year financial plan a wealth manager builds and maintains for a household — the comprehensive advisory artefact the planning review consumes, with the goal hierarchy, the cash-flow model, the retirement and decumulation strategy, the insurance and risk-protection strategy and the estate / wealth-transfer strategy organised into one stored record.
E-34 Investment Authorisation
The Investment Committee's authorisation record — the recommendation memorandum the committee saw, the decision, the conditions, the authority-and-mandate verification and the dissent. One concept, two co-equal owning routes: the fund-commitment IC (SD-03.9) and the direct-investment IC (SD-04.5).
E-35 Complaint Record
The regulated complaint record — the complaint, the acknowledgement, the investigation, the final response, the FOS-referral note, the redress, the root-cause categorisation and the systemic-finding flag. The FCA DISP record an inspection runs against, and the Consumer-Duty outcomes-evidence record.
E-36 Oversight Exception
The structured exception record from the firm's oversight of an outsourced administrator — the shadow-NAV difference, the fee-calculation variance, the reconciliation-process gap, the breach-resolution lag — with its severity, monetary impact, investigation and resolution. The audit-trail record evidencing continuous control over delegated processing.
E-37 ESG Compliance Result
A stored point-in-time ESG-compliance result — the SFDR Article 6/8/9 classification, the EU Taxonomy alignment percentage, the PAI indicators, the mandate ESG-screen pass/fail, the stewardship-code disclosure conformance — for one subject, as of one date, on a stated methodology version. The ESG analogue of Risk Measurement (E-19) and Performance Result (E-20): append-only, with provenance.
E-38 Internal Credit Rating
The firm's own methodology-driven internal credit rating — the issuer or instrument, the rating, the rating methodology version, the analyst, the committee date, the change reason and the watch status. Versioned through rating-change events; the firm's independent credit view, distinct from and cross-checked against the external rating agencies.
DR-01 Listed Derivative
An exchange-traded derivative — a future or an exchange-listed option — held by an institutional investor for hedging, overlay management, cash equitisation or efficient exposure. A standardised, fungible contract traded on an organised exchange and cleared through that exchange's central counterparty.
DR-02 OTC Derivative
A bilaterally negotiated over-the-counter derivative — an interest-rate, cross-currency or equity swap, a forward, or an OTC option — held by an institutional investor for hedging, overlay management or as an instrument in its own right. Unlike a listed derivative, the contract is privately negotiated between two parties and its terms are bespoke.
DR-03 Master Agreement & Collateral Terms
The bilateral legal framework governing an institutional investor's OTC derivative relationship with a counterparty — the ISDA Master Agreement, its Schedule, and the Credit Support Annex (CSA) or equivalent credit-support document that sets the collateral terms. One DR-03 record per (investor, counterparty) master-agreement relationship.
DR-04 Margin & Collateral Balance
The operational margining position of a derivatives relationship — the collateral posted and received, and the initial and variation margin owed, against a master-agreement set (DR-03) or a clearing relationship (DR-05) at a point in time. The entity that answers "how much collateral are we exposed for, and is the relationship adequately margined right now."
DR-05 Clearing Relationship
The relationship through which an institutional investor's centrally cleared derivatives are cleared — the central counterparty (CCP), the clearing broker the investor accesses it through, and the clearing account that holds the cleared positions. One DR-05 record per (investor, clearing broker, CCP) clearing arrangement.
FO-01 Fund Product
The fund as a product the manager *issues* — the collective investment vehicle the manager registers, prices and distributes. FO-01 is the golden record of an issued fund from the issuer's perspective, the manager-side complement to PM-01 Fund & Vehicle (which models the same fund from the *allocator's* commitment view). Where PM-01 records `committed_capital_usd` — the investor's commitment to a specific vehicle — FO-01 records the product-lifecycle, dealing-terms and regulatory-authorisation attributes that govern how the fund operates as an offered, priced and distributed product.
FO-02 Share / Unit Class
The class grain at which a fund's economics attach — one FO-01 fund issues many classes. Each class carries its own ISIN, fee schedule, distribution policy, currency and investor category. FO-02 is the authoritative reference record of a share or unit class as the issuing manager maintains it: the class the investor subscribes to, the class the NAV per unit is struck for, the class whose fee is accrued and disclosed, and the class whose currency-hedging programme — for a hedged class — is configured.
FO-03 Investor Unitholding
The per-investor, per-share-class record of units held in an open-ended fund — the open-ended parallel to PM-06 LP Commitment.
FO-04 Dealing Order
A subscription, redemption, transfer or switch instruction submitted by or on behalf of an investor in an open-ended fund — the event at which the investor register moves.
FO-05 Fund Distribution Event
The fund's formal declaration and payment of income or capital gains to its own unitholders — the open-ended-fund-to-unitholder distribution lifecycle (declaration / ex-date / record date / pay date), with the per-unit income amount and equalisation treatment.
FO-06 Fee Accrual
The computed fee figure of record for a fund or share/unit class over a period — the amount that management, performance or expense fees accrued to, as calculated by the fee-and-expense processing function, with full provenance back to the in-force fee definition that produced it. The difference between the gross accrual and the net charge after expense-cap, fee-waiver and reimbursement application makes the disclosed ongoing charges figure (OCF) reconstructable from stored artefacts. The OCF (the UCITS KIID / PRIIPs KID cost-disclosure figure: management fee plus OCF-eligible operating expenses, performance fees and transaction costs excluded) and the TER (total expense ratio, an older and broader disclosure measure with a different scope) are distinct; FO-06 supports reconstruction of both but they are not synonymous.
FO-07 Investor Tax Statement
The issued-and-filed tax reporting document the fund or its transfer agent produces for an investor at the close of a tax year — the filed artefact of record for investor-level tax reporting obligations (1099-DIV/B, K-1, 1042-S, UK tax vouchers, FATCA/CRS per-investor classification reports, and equivalents).
FO-08 Service-Provider Appointment
The first-class record of which E-01 Legal Entity is appointed to which FO-01 Fund Product in which service-provider role, and over which dates. One row per (fund-product, service provider, role): a fund with a custodian, a depositary, an administrator, a transfer agent, a trustee, an auditor, a prime broker, a ManCo/AIFM and an investment manager carries nine appointment rows, each with its own lifecycle.
FO-09 Omnibus Account
The account record an intermediary — a distributor, platform, nominee, or sub-transfer agent — holds at the fund's register. The fund sees a single registered position per share class per intermediary; the intermediary keeps the per-investor accounts behind its own register. FO-09 is the fund-side account master for that relationship: the account identification, the underlying unit-class link, and the servicing fee terms (12b-1 distribution fee, sub-TA fee, revenue-share, platform fee) the manager pays the intermediary for investor servicing within the omnibus.
FO-10 ETF Creation/Redemption Order
The primary-market dealing event in which an authorised participant (AP) creates or redeems a block of ETF shares by exchanging an in-kind basket of underlying securities (FO-11 ETF Creation Basket) for fund shares, or the reverse. One order record per creation or redemption instruction submitted by an AP against a specific ETF share class.
FO-11 ETF Creation Basket (Portfolio Composition File)
The daily-published composition record that specifies exactly what an authorised participant must deliver (or will receive) when creating (or redeeming) one creation unit in an ETF — the set of `(instrument, quantity)` line items plus the cash balancing component that together constitute the in-kind exchange for one creation unit on a given dealing date.
FO-12 ETF Authorised-Participant Agreement
The standing, dated record of a broker-dealer's or market-maker's right to create and redeem ETF creation units against a specific fund product — the AP Agreement relationship between the fund (FO-01) and an authorised participant (E-01). One record per (fund, AP) with its own lifecycle: the AP is authorised from `authorised_date`, may restrict or terminate its access (`terminated_date` nullable), and may operate under defined settlement-basis permissions.
PM-01 Fund & Vehicle
The golden record of an investment fund and the legal vehicles that make it up — the primary commitment vehicle for an investor that invests through external managers. Includes the **Fund Family / Group** grouping that ties the related vehicles of a single raise together.
PM-02 GP / Management Company
The external manager an investor commits capital to in the private-markets model. Well-known as an entity, but structurally subtle.
PM-03 Fund Administrator
A fund administrator, and the operational metadata of dealing with one. A **counterparty master**, not a lookup table.
PM-04 Portfolio Company
The underlying operating company an investor holds exposure to — directly, through one or more funds, or both. The unit of **look-through exposure**, and the hardest master in OpenIM.
PM-05 Legal Vehicle / SPV
The legal structure through which an investor holds a private investment — the layer between the fund investment (PM-09) and the cash flows. Cash flows are recorded at vehicle grain and aggregate up to the investment.
PM-06 LP Commitment
A commitment of capital by a limited partner to a fund (PM-01). The foundational private-markets relationship: the LP pledges an amount, the fund draws it down over time through capital calls (PM-07).
PM-07 Capital Call
A drawdown event against a commitment (PM-06) — the fund calling part of the capital the LP pledged.
PM-08 Distribution
A return of capital or gain from a fund (PM-01) to its LPs — the cash-in side of the private-markets relationship.
PM-09 Fund Investment
A fund's holding in something it has deployed capital into — a portfolio company, or, for a fund-of-funds, another fund. One row per (fund, holding) pair. The entity that connects a fund (PM-01) to what it holds, and the unit at which look-through exposure is computed.
PM-10 Fund Terms
The economic terms of a fund as set by its Limited Partnership Agreement (LPA) — hurdle, management fee, carried interest, clawback, preferred return. Modelled as **computation-as-data**: each term is a first-class entity carrying a *definition* the platform can evaluate, not a scalar the platform hopes is right. Versioned by effective date.
PM-11 Manager Succession Event
A change in the manager entity behind a fund — a merger, rebrand or acquisition. Links a predecessor GP / management company (PM-02) to a successor, with a typed event and an effective date.
PM-12 Benchmark Cross-Reference
The mapping between an investor's own funds and the external benchmark and peer-universe identifiers used to evaluate them.
PM-13 Investor Capital Account
The manager-side per-investor capital account in a fund the institution *operates* — the running record of one investor's contributions, distributions, allocated income and gain, and closing balance. The ILPA Capital Account Statement made first-class.
PM-14 Direct Loan
A directly-originated private loan — the borrower, the facility terms, the covenants, the drawn / undrawn position, the interest accrual, the workout state. The post-close lifecycle entity for direct private credit, modelling the loan as it lives between origination and either repayment or recovery.
PM-15 Deal / Investment Opportunity
The first-class record of a direct-investment opportunity — the deal — from the moment it is sourced to the moment it either dies or converts into a post-close record on the book. One row per opportunity; the record the BD-04 deal chain works on.
PB-01 Listed Equity
A share in a company admitted to trading on a regulated exchange or multilateral trading venue — the equity-class instrument an institutional investor holds directly or through a separately managed account.
PB-02 Debt Instrument
A tradable debt security — a government, supranational, agency or corporate bond, a note or a money-market instrument — held directly or through a separately managed account.
PB-03 Order
An instruction to buy or sell a listed instrument — the first event of the trade lifecycle, raised by the investment decision and routed to the trading desk and the market.
PB-04 Execution
A fill — a quantity of an order traded in the market at a price, on a venue, at a time. The event that actually moves a position.
PB-05 Allocation
The apportionment of an executed trade across the portfolios and accounts it was traded for — the step that turns a market fill into per-portfolio positions.
PB-06 Settlement Instruction
The instruction to exchange securities for cash and complete a trade — the final stage of the trade lifecycle, sent to a custodian or settlement agent and matched against the counterparty.
PB-07 Corporate Action
An event initiated by a security's issuer that changes the security, the holding in it, or both — a dividend, a split, a merger, a rights issue, a tender offer.
PB-08 Income Schedule
The forward calendar of contractual or expected income payments on an instrument — the coupon stream of a bond, the dividend stream of an equity — held as dated reference data.
PB-09 Index Constituent
A membership of an instrument in a market index — the instrument, its weight, and the period that membership and weight were effective, as the index rebalances and reconstitutes.
PB-10 Securities Loan
A per-loan record of a lent security — the borrower, the quantity, the fee, the term, the recall status, and the collateral held against it. The loan as a relationship with its own lifecycle, which a holding's lent flag cannot carry.
PB-11 Proxy Vote
A per-(meeting, resolution, portfolio) record of a vote cast at a shareholder meeting — the recommendation, the vote cast, and its rationale. The structured, auditable form of the firm's voting record that stewardship-code disclosure requires.
RA-01 Direct Real Asset
The golden record of a physical asset an investor holds **directly** — a building, a toll road, a wind farm, a forest — owned outright or through a joint venture / SPV, rather than through a fund.
RA-02 Asset Operating Record
The periodic operating data of a real asset (RA-01) — occupancy, throughput, generation, net operating income — the data that drives the asset's value and performance. One record per asset per reporting period.
RA-03 Lease / Tenancy
A lease over a real-estate asset (RA-01) — the contract between the investor as landlord and a tenant that produces the asset's income. One record per lease; the set of leases over an asset is its tenancy schedule.
RA-04 Development Project
The construction or development lifecycle of a real asset (RA-01) — the period before the asset is operational, and, for infrastructure, the concession that frames its whole life. One record per development undertaking on an asset.
RA-05 Asset Appraisal
An appraisal-based valuation of a directly-held real asset (RA-01) — a professional opinion of value produced by a qualified valuer to a recognised standard. The real-assets specialisation of how a real asset's value is determined.
OpenIM Capability Map
The buy-side capability map: each Business Domain Grouping containing its Service Domain Capabilities. The reference-model capability decomposition, expressed as an ArchiMate view.