Identity-First Digital Fund Conversion and Unitholder Migration

Complete the end-to-end digital conversion of a listed closed-ended investment fund into an open-ended fund, enabling subscription, redemption and ongoing investor servicing. Migrate the holdings of approximately 60,000 unitholders while preserving recorded ownership and meeting critical regulatory milestones. Remove the need for every investor to have an existing CRM account at conversion by registering units against investor identity references. When an investor subsequently registers, completes KYC and activates an account, automatically link their previously registered units. Establish a scalable and controlled model for fund operations and digital investor access.

2026

Successfully completed the end-to-end digital conversion of a listed closed-ended investment fund into an open-ended investment model, migrating and reconciling 60,000 unitholder records. Of these, 59,000 holdings were registered using investor identity references without requiring existing CRM accounts, eliminating mass onboarding as a prerequisite for conversion. Following KYC completion and account activation, 6,000 successful automatic unit-to-account linkages were achieved. The new operating model also successfully processed 8,000 subscription and redemption transactions after conversion. These measurable outcomes demonstrate large-scale ownership continuity, operational automation, investor adoption and a scalable digital investment-servicing model.

The solution brought together the fund administration and unit-registry functions of the investment management platform; customer relationship management (CRM); digital registration and KYC workflows; identity-based unitholder matching and automatic unit-to-account linkage; market depository data exchange; subscription and redemption services; and data migration, reconciliation and exception-handling processes. Integration and operational reporting supported coordinated execution across these systems. Vendor-specific configurations, infrastructure details and sensitive interface information are intentionally excluded from this public description.

The project does not use solutions from the Global CIO catalog

The project combined a regulated fund conversion, time-sensitive delisting, a large historical unitholder population and changes to the investment operating model. The most difficult dependency was the mismatch between ownership records and CRM customer accounts: many investors held units without an onboarded customer profile. The team had to enable identity-based registration and later automated account linkage while preserving reconciliation, KYC controls and exception handling. Coordinating fund administration, depository data, CRM, digital channels and subscription/redemption processes required integrated testing, cutover planning and alignment among business, operations, compliance, IT and external parties.

Initial Situation and Strategic Challenge

A publicly listed, closed-ended investment fund was being converted into an open-ended investment product. The transition required more than a market delisting: it demanded a new operating model for unit ownership, subscription, redemption and customer servicing. Approximately 60,000 existing unitholders had to be accommodated, including investors who did not have a customer account in the fund manager's CRM. Requiring everyone to complete onboarding before conversion would have created a major dependency, operational bottleneck and risk to the timetable.

Implemented Solution

The project delivered an end-to-end digital conversion of the fund and its investor servicing processes. Its central innovation was an identity-first unit-registration model: existing units could be recorded against an investor's identity reference independently of a CRM customer profile. Where a customer account already existed, the holdings could be associated with the relevant account. For investors without one, their registered holdings remained available for automatic linkage when they later completed account registration, KYC and activation.

The implementation brought together investment-fund administration, unit records, market-depository information, CRM and KYC workflows, and subscription and redemption servicing. Data migration, matching, reconciliation and exception handling supported the transition. Business, operations, compliance, IT and external market and technology stakeholders coordinated the regulatory timetable, testing, cutover and production readiness.

Implementation Approach

The project separated two processes that traditionally depend on one another: recording legitimate historical fund ownership and establishing a fully onboarded, service-enabled customer relationship. This enabled the large unitholder population to be handled within the conversion timetable without creating artificial CRM accounts or forcing simultaneous onboarding. The approach also preserved the control point at which investors can access account-based services: successful KYC and account activation.

Business Transformation and Outcomes

The fund delisting and transition to an open-ended model were completed in 2026. The solution made a new subscription and redemption operating model available and established a digital path for unitholders without prior CRM records to gain visibility of their existing holdings after completing onboarding. Instead of treating unregistered investors as migration exceptions, the platform accommodated them by design.

This project demonstrates how regulated investment organizations can modernize products at scale while balancing continuity of recorded ownership, customer experience and controlled account activation.

Saudi Arabia. The project was delivered for a Saudi capital-market institution and a fund listed on the Saudi Exchange. It supported the domestic regulatory conversion and an existing population of approximately 60,000 unitholders. The digital service model supports eligible investors through the institution's approved onboarding and servicing channels; the submission does not claim deployment or regulatory approval in other countries.