Pioneering a Greenfield State Street Alpha Implementation

As the first-ever Greenfield Alpha implementation to go live, we didn’t just integrate systems – we set the industry standard for State Street’s revolutionary platform.

The Challenge

A global investment manager faced a pivotal moment in their evolution. With portfolio management, dealing, and operations functions spread across New York, Switzerland, and Tokyo, they needed to break into new markets, expand their asset class coverage, and meet increasingly sophisticated client demands. As the first Greenfield Alpha client to go live, they required a transformative operating model that could seamlessly integrate State Street’s full Alpha offering – including Charles River Development (CRD), Alpha Data Platform (ADP), and outsourced middle and back-office operations.

Our Approach

Liqueo took command of this groundbreaking implementation, delivering:

End-to-end operating model design spanning front office to back office operations
Strategic programme leadership across all business areas including Front Office, Middle Office, Back Office, and Compliance
Deep technical expertise in CRD implementation, providing both technical and functional configuration
Critical liaison role between the client and State Street/CRD
Pioneering collaboration with State Street to develop market-ready solutions across Charles River, ADP, performance and risk, and back-office operations

The Results

Market-Defining Implementation: As the first Greenfield Alpha client, this implementation set the benchmark for future State Street Alpha deployments. The operating model we designed now forms the foundation of what you see in the market today.
Transformative Operating Model: We revolutionised the client’s operations by seamlessly integrating Front Office, ADP, data store, custody, risk and performance, client reporting, and batch processing. Our influence extended beyond the client, helping shape State Street’s own operating model.
Product Innovation Partnership: Liqueo played a pivotal role in elevating ADP’s market readiness, contributing to the first successful iteration of the product. This achievement extended to building out Custody and TA operating models for both the client and State Street, creating new vectors of business opportunity.
Operational Excellence: Our expertise delivered multiple critical initiatives:
- Successful custodian migration from RBC (Caceis) to State Street
- Creation and execution of upgrade frameworks for both CRD and ADP, delivered on time and within budget
- Development of sophisticated performance and attribution capabilities, establishing operating models and interfaces with third-party tools (including MSCI integration) now utilised across multiple clients

The success of this implementation showcases Liqueo’s unique ability to combine deep technical expertise with practical delivery excellence. By taking total ownership of the operating model build and leading all analysis and implementation aspects, we enabled our client to achieve new levels of efficiency and scalability while helping State Street bring a market-ready solution to the industry.