Unreconciled data is a silent threat to asset managers. When positions, cash, or transactions don’t match across systems, the result isn’t just operational noise – it can bring costly missteps, regulatory breaches, or missed trades. Reconciliation is more than a routine middle and back-office function; it’s a frontline defense against financial and reputational risk. Done well, reconciliation keeps the wheels of investment management turning smoothly. Done poorly – or too late – it exposes firms to mistakes with real market consequences.
Read more about how firms are building class-leading reconciliation models, and the challenges and industry trends we see across the space.
About the Authors
Andrew Rappuhn
Director
Andrew is a Director in Alpha FMC’s Operations Practice, based in New York. He has extensive experience leading operating model design, vendor & provider evaluations, and large-scale program transformation for managers ranging from < $100B to $5T+ in AUM. Andrew has partnered with firms exploring many of the industry's leading service providers and vendor technology, both for Institutional and Retail investment management.
Annette Szeliga
Manager
Annette Szeliga is a Manager in Alpha FMC's Operations Practice, based in Toronto. She has supported asset management clients through large-scale, multi-asset operating model transformations, with a focus on Data, Technology, Client Services, and Middle- and Back-Office functions. Her experience includes end-to-end implementation programs, target operating model design, and vendor evaluation / selection initiatives.