Setting the Stage for Your Mandate

• Briefly describe the separate account mandate you are considering and the primary business driver behind it.
• How many existing separate account mandates of this type does your investment team currently oversee? Options: None, 1-5, 6-20, More than 20
• Who are the final approvers and which committees must sign off before the account can be funded? Options: Investment committee, Board/trustees, CIO only, Risk/compliance committee, Procurement
• Walk me through the last manager selection your team completed for a customized mandate, including the timeline and the single biggest sticking point.
• Which performance metrics and reporting formats does your committee consider non-negotiable? Options: Custom benchmark returns, Tracking error, Attribution by sector/issuer, Position-level holdings, Daily P&L
• How urgent is this mandate on your calendar, and what is the operational consequence if funding is delayed by more than four weeks? Options: Critical, cannot be delayed, Important, some flexibility, Low urgency, Unsure

When Constraints Dictate Strategy

• If regulatory or liability constraints forced you to shrink the investable universe by 30 percent, where would that pressure show up first in performance or governance?
• Which of your statutory or policy rules most frequently triggers manager exceptions or waivers? Options: Duration limits, Issuer exposure caps, Credit quality minimums, Currency restrictions, ESG or sanction exclusions
• Who owns approval of those waivers and how long does that approval typically take? Options: Portfolio manager, Head of risk, Compliance officer, Legal counsel, Board/trustees
• Describe a recent example when a constraint required materially reworking a mandate, and the operational cost that followed.
• How many external or regulator-facing approvals are required for a new mandate or for material guideline changes? Options: None, 1-2, 3-5, More than 5
• Identify the single constraint that would make you stop moving forward with an external manager.

How You Want the Account to Behave

• What single tracking error or reporting gap would cause your investment committee to reject a live separate account?
• Describe your ideal benchmark construction, including rebalancing cadence and permitted instruments. Options: Custom index with periodic rebalance, Replicated index, Custom index with overlays, Manager-defined benchmark
• List the sectors, issuers, or instrument types you would always exclude and the reason for each exclusion.
• How should ESG overlays, tax constraints, or currency hedging change trade execution or portfolio construction in practice?
• Who on your team needs position-level transparency daily versus monthly, and for what purpose? Options: Portfolio managers, Risk team, Performance measurement, Compliance, Consultants
• Rate the importance of customized reporting versus standardized data feeds for your ongoing oversight. Options: Critical, Important, Nice to have, Not important

Operational Handoffs That Break Deals

• When custody or settlement failures occur, which operational failure hurts you most and why?
• List the internal and external systems that must be connected before go-live and name the owner for each connection. Options: Portfolio accounting, Custody/settlement API, Performance measurement, Compliance engine, Reporting warehouse
• Select the custodial model your organization uses today. Options: Single global custodian, Multiple custodians, In-house settlement engine, Outsourced operations provider
• Do you have named integration owners and can they allocate dedicated testing time within a four week window? Options: Yes, named and available, Yes, named but limited availability, No, not yet named, Unsure
• If the seller required more than 40 hours of your team's integration support over the onboarding period, would that be feasible? Options: Yes, Possible with reprioritization, No

Who's in the Room to Say Yes

• Identify the stakeholder most likely to veto this mandate at the last minute and explain what would trigger that veto.
• Walk me through the approval steps from portfolio manager to trustee level and the typical duration of each step.
• Estimate the number of committee meetings required and list the materials typically needed for final approval.
• Who needs model-level output versus summary reporting during the decision process, and why? Options: Portfolio management, Risk, Compliance, CFO/finance, Trustees/board, Consultants
• If the committee asks for a pilot, what specific success criteria would cause them to approve the full mandate quickly?

Competitive Landscape and Your Alternatives

• If your incumbent matched fees and reporting exactly, what single reason would still compel you to move to a new manager?
• Select all alternative solutions you are actively evaluating. Options: Current incumbent separate account manager, Internal team build, Commingled fund with overlays, Multi-manager solution, Boutique specialist manager, Other
• Has anyone on your team proposed building this capability internally rather than appointing an external manager? Options: Yes, actively pursuing internal build, Yes, discussed but not committed, No internal build proposed, Unsure
• If you stayed with your current approach, list the performance, cost, and integration outcomes that would have to be true to keep it in place.
• Who is advising you and how heavily will their recommendation weigh in the final decision? Options: Primary consultant, Multiple consultants, Internal-only decision, Other advisor mix
• Name the external manager features that would most sway you away from an internal build. Options: Dedicated PM team, Daily position transparency, Custom benchmark capability, Lower total cost, Faster integration support, Other

Integration and Data Readiness

• If a required API or position-level feed is unavailable in a usable format, could your program still meet its funding date? Options: Yes, Only with schedule delay, No, it would block go-live, Unsure
• Select the systems that require integration and indicate whether APIs or file feeds are currently available. Options: Portfolio accounting, Custodian settlement, Performance measurement, Compliance rules engine, Reporting warehouse, None available
• Who will own each technical connection and can they provide test credentials within four weeks? Options: Yes, owners and credentials ready, Owners identified, credentials pending, No owners assigned, Unsure
• Rate the cleanliness of your trade and position data over the last six months. Options: High quality, few exceptions, Moderate, some gaps, Poor, requires remediation, Unknown
• Are there regulatory or contractual constraints that limit sharing position-level or trade-level data with an external manager? Options: Yes, legal restrictions, Yes, regulator reporting limits, No constraints, Unsure
• If data owners decline to provide daily position feeds, would that stop the engagement? Options: Yes, deal stops, No, alternate cadence acceptable, Depends on other mitigations

Pricing, Contract and Go-No-Go

• If you had to accept a fixed service schedule with no custom exceptions, would that prevent you from signing? Options: Yes, Maybe, depends on fee, No
• Choose one fee structure preference for the separate account. Options: Flat basis points, Tiered AUM bands, Performance fee with hurdle, Blended fixed plus performance, Other
• List any mandatory legal clauses, indemnities, or procurement conditions that must appear in manager agreements.
• Who negotiates terms on your behalf and what is the typical negotiation lead time? Options: Internal legal, Procurement, External counsel, Combination
• Is there a procurement approval threshold that triggers additional review layers? Options: Yes, monetary threshold, Yes, strategic threshold, No additional threshold, Unsure
• If the seller met your fee target and all operational requirements, what single outstanding barrier could still prevent signing?

Concrete Next Steps and Timelines

• If everything aligned today, what is the earliest practical go-live date your team could commit to? Options: Within 2 weeks, Within 1 month, Within 2-3 months, 3+ months
• Choose the milestones that must be completed before you will fund the account. Options: Legal sign off, Custody connection, Data feed validation, Pilot period, Funding approval
• Who will be the designated single point of contact for interactions with the seller and what are their core availability constraints?
• How quickly can you provide sample data sets, legal redlines, and custodian contact details if requested? Options: Within 3 business days, Within 1-2 weeks, Within 3-4 weeks, Longer
• If the pilot delivers the expected tracking error and execution quality, could your team sign the mandate within 30 days? Options: Yes, Maybe with expedited review, No
• Describe the risks that would push your funding date beyond your target window.

• Separate-Account Solution Walkthrough

• Confirm the current state and cost
• You confirm the proposed account structure maps directly to your stated investment objectives and restriction set.
• Provide current benchmark specification, reporting template, and any issuer/sector exclusion lists.
• You confirm the governance and control model addresses the compliance and approval gaps you flagged.
• Proposed account structure mapped to your objectives
• Provide current custodian connectivity details and the primary performance measurement format used by your team or consultant.
• Draft a proposed account mandate and provide a sample position-level report mapped to the provided reporting template.
• You confirm the sample reporting fields and delivery cadence match the format required by your performance and custodian systems.
• Governance and control model proof
• Run a test feed mapping using one representative account or sample extract and deliver results for validation before the follow-up session.
• You agree the remaining evidence needed to finalize the mandate and a timetable for delivery.
• Reporting and systems mapping
• Validate alignment with your needs
• Confirm the decision timeline and the names of committee attendees required for mandate sign-off.
• Agree the final evidence list and next steps

• Separate-Account Solution Walkthrough
• Solution Experience Deck
• Solution Brief: Separate-Account Structure and Reporting

• meeting
• slides
• document

• Assumption and Scope Confirmation
• Custody and Settlement Controls Diagnostic
• Compliance Rule Mapping and Exception Handling Workshop
• Integration Readiness and Operational Acceptance Criteria

• Prepare the operational handoff pack that includes reconciliation templates, runbooks, and contact lists.
• An agreed exception handling matrix that lists tolerances, escalation steps, and decision owners.
• A reporting specification that defines required fields, cadence, and delivery endpoints for compliance reports.
• Publish the compliance ruleset and exception handling matrix for formal acceptance.
• Provide sample report templates and field mapping documentation for integration testing.
• List audit trail fields and retention schedule to be implemented in monitoring systems.
• Confirm integration endpoints and data feeds
• A signed integration readiness checklist listing endpoints, test cases, and data format agreements.
• A test plan with clear pass fail criteria and reconciliation tolerances for each test case.
• A documented go no go decision rule and the list of artifacts required for operational handoff.
• Publish the integration readiness checklist and test plan to initiate technical testing.
• Schedule the integration test window and confirm access credentials for each endpoint.
• Restate engagement objectives and success criteria
• A scoped engagement sheet listing custodians, systems, and consultant participants accepted by all parties.
• A deliverable list with clear acceptance criteria and the decision required to move to implementation validation.
• A dated data request and meeting schedule that enables the diagnostic workshops to proceed.
• Produce and circulate the signed scope sheet listing in-scope custodians, systems, and required artifacts.
• Provide the requested sample data extracts and access details for each integration endpoint before the next session.
• Confirm attendees and finalize dates for the custody, compliance, and integration workshops.
• Walk the custody and settlement end to end
• An agreed custody and settlement control map that documents current workflows and control points.
• A prioritized gap list with remediation options and an estimated effort level for each item.
• A decision on which remediation options to pursue in the integration phase.
• Draft the custody and settlement control map and circulate it for confirmation.
• List prioritized remediation items with required configuration changes and estimated timelines.
• Confirm the set of settlement test scenarios to be executed during integration testing.
• Review the buyer's policy and regulatory constraints
• A documented compliance ruleset with each rule mapped to an implementation point and enforcement method.
• Confirm parties, systems, and data flows in scope
• Map policies to operational controls
• Validate control points and exception handling
• Review test cases and success criteria
• Compare seller operational model to buyer requirements
• Define deliverables and decision points for the due diligence phase
• Set reconciliation rules and tolerance thresholds
• Define exception handling and escalation paths
• Agree go no go criteria and post-test handoff
• Confirm reporting and audit trail requirements
• Prioritize gaps and remediation options
• Set timeline, required attendees, and data requests

• Execute Account Opening and Custody Setup
• Apply Client-Specific Sector and Issuer Restrictions
• Configure Custom Benchmark and Attribution
• Deliver Dedicated Portfolio Management and Trading
• Deliver Daily Position-Level Transparency Feed
• Activate Real-Time Compliance Monitoring Rules
• Implement ESG Integration and Exclusion Rules
• Execute Currency Overlay and Hedging Strategies
• Manage Duration Targeting and Rebalancing
• Handle Trade Execution and Settlement Management
• Process Corporate Actions and Proxy Voting
• Deliver Customized Performance and Risk Reports
• Integrate Reporting with Custodian and PM Systems
• Provide Account-Level Fee Billing and Transparency
• Implement Tax-Aware Trading and Reporting

Execute Account Opening and Custody Setup

• Provide the custodian identifiers you expect to use (BIC/SWIFT, account number) and attach a sample account statement if available.
• Which account opening and KYC documents does your custodian require (for example W-8/W-9 equivalents, beneficial owner list, legal opinion)?
• Specify the initial funding amount, settlement currency and whether funds will arrive via a single deposit or multiple sweeps.
• Confirm the target settlement cycle and acceptable settlement method for your market exposures (e.g., T+2 DVP, T+1, cash-settlement) and whether ISO 20022 messaging is required. Options: T+2, T+1, Other
• What evidence will validate successful custody connectivity (for example receipt of test MT940/ISO20022 statements, three successful test settlements, and signed custodian tech accession)?

Apply Client-Specific Sector and Issuer Restrictions

• List the sector and issuer restrictions to enforce, referencing the security identifiers you will provide (ISINs, CUSIPs) or the issuer LEIs for aggregation.
• Which issuer-level concentration limits or single-issuer exposure caps apply (specify percent of portfolio or nominal thresholds)?
• Specify required credit-rating floors by rating agency or rating equivalence (for example S&P BBB- or better) and whether internal rating mappings are supplied.
• Indicate how corporate group/parent-subsidiary aggregation should be handled for limits (for example aggregate by parent LEI or by legal entity).
• Are there regulatory or sanctions-based issuer blocks to enforce (for example lists you require us to consume and refresh on a cadence)? If yes provide the source and update frequency. Options: Yes - will provide source and cadence, No

Configure Custom Benchmark and Attribution

• Attach or upload the custom benchmark definition including constituents, weights, rebalancing rules and the preferred file format for index files.
• Which tracking-error or active-risk tolerances should be monitored and reported (for example maximum ex-ante tracking error in basis points)? Options: <=25 bps, <=50 bps, <=100 bps, Custom
• Specify the attribution breakouts you require (for example sector, issuer, duration, currency) and whether you use GICS or a custom sector mapping. Options: Sector, Issuer, Duration, Currency, Custom mapping
• Indicate the expected frequency and delivery format for benchmark and attribution outputs (daily CSV, monthly API push, quarterly PDF) and any field-matching rules. Options: Daily CSV, Monthly PDF, API JSON, Other
• Who will own benchmark maintenance and provide reconstitution files on your side (title or team) and what is the expected lead time for changes?

Deliver Dedicated Portfolio Management and Trading

• Describe the portfolio management and trading contact and escalation path for this mandate (name, role, contact method) for intra-day trade questions.
• Which pre-trade controls and execution protocols must be applied for block trades and best execution (for example pre-trade limit checks, manager approval, venue restrictions)? Options: Pre-trade limit checks, Manager pre-approval, Venue restrictions, Other
• Specify target turnover, permitted trade sizes and minimum liquidity constraints (for example minimum daily ADV percent or minimum lot sizes).
• Indicate the trade allocation method for simultaneous executions across accounts (pro rata, time-stamped pro rata, targeted fills) and acceptable allocation timing. Options: Pro rata, Time-stamped pro rata, Targeted fill, Other
• State the required trade confirmation timing and preferred format for your treasury and accounting teams (for example same-day trade blotter CSV or FIX execution reports). Options: Same-day CSV, FIX Execution Reports, End-of-day summary

Deliver Daily Position-Level Transparency Feed

• Which position feed format does your portfolio system require (flat CSV with ISIN/CUSIP, FIX Position Report, API JSON) and do you need compressed or encrypted delivery? Options: CSV (ISIN/CUSIP), FIX Position Report, API JSON, Other
• Specify the exact fields required on the feed (for example ISIN, quantity, market value, cost basis, FX rate, settlement status) and any GL mapping rules.
• Indicate the required feed cadence and SLA (for example daily EOD by 06:00 UTC, hourly intraday updates, or real-time positions) and acceptable delivery window. Options: Daily EOD, Hourly intraday, Real-time, Other
• Which security identifier standard should we normalize to on the feed (for example ISIN normalized, or supply mapping file for CUSIP/SEDOL translations)? Options: Normalize to ISIN, Deliver original IDs with mapping file, Other
• What acceptance evidence will confirm feed integration (for example sample file receipt, field-level mapping signoff, and >=99.5% record match for a 30-day test period)?

Activate Real-Time Compliance Monitoring Rules

• List the compliance rules you require in real time referencing the mandate or Investment Policy Statement clause (for example issuer concentration, sector caps, rating floors, ESG exclusions).
• How should alerts be routed and prioritized when a rule is breached (for example soft alert to PM, hard trade hold to trading desk, or automatic trade block)? Options: Soft alert to PM, Hard block to trading desk, Email escalation, API webhook
• Specify tolerance thresholds that trigger pre-trade versus post-trade alerts (for example 1% issuer pre-trade block, 0.5% sector drift post-trade notification).
• State the reconciliation cadence and exception remediation ownership for compliance breaches (for example daily review by compliance analyst, escalation to Head of PM within 24 hours).
• Do you require timed audit logs and compliance report exports in a specific format for regulator review (for example CSV with timestamped rule hits and actor IDs)? Options: Yes - CSV export, Yes - API access, No

Implement ESG Integration and Exclusion Rules

• Attach your ESG policy or list the excluded activities and the taxonomy you use (for example thermal coal exclusion, tobacco, UN Global Compact violations).
• Which ESG data attributes must be used to enforce exclusions or tilts (for example carbon intensity threshold, controversy score, ESG rating provider flags)?
• Specify whether ESG overlays should be applied as hard exclusions, soft tilts, or voting and engagement requirements and whether carve-outs are permitted. Options: Hard exclusion, Soft tilt, Voting/engagement required
• Indicate the refresh cadence required for the exclusion list and who will supply updates (for example you, your consultant, or a third-party data file). Options: Daily, Weekly, Monthly, On demand
• What reporting fields are required to demonstrate ESG compliance in board or consultant reports (for example list of excluded ISINs, percent of AUM impacted, engagement summary)?

Execute Currency Overlay and Hedging Strategies

• State the currencies to be hedged and the permitted instruments for the overlay (for example forwards, futures, currency swaps).
• Which hedge ratios are required (for example 100% core hedge, 50-75% tactical), and what tolerance bands are acceptable? Options: 100%, 75-100%, 50-75%, Custom
• Specify counterparty and credit criteria for FX forwards (for example minimum credit rating, requirement for CSA, netting agreements) and acceptable settlement venues.
• How frequently should FX hedge positions be rebalanced and what triggers are used (time-based schedule, exposure threshold, or on cash flows)? Options: Daily, Monthly, On cash flows, Threshold-based
• Indicate the accounting and hedge-effectiveness reporting format you require (for example IFRS hedge accounting inputs, or a custom effectiveness CSV for your finance team). Options: IFRS, Custom format, No hedge accounting required

Manage Duration Targeting and Rebalancing

• What is the target modified duration for the mandate and the acceptable deviation band in basis points?
• Specify whether duration targeting is tactical (daily trading to target) or strategic (scheduled monthly/quarterly rebalances) and provide rebalancing triggers. Options: Tactical - daily, Strategic - monthly, Strategic - quarterly, Threshold-based
• Which duration metric should be used for calculations and reporting (Modified duration, Effective duration, or Macaulay) and what source of yield curves should be used? Options: Modified, Effective, Macaulay
• Explain how callable features and option-adjusted exposures should be treated in duration calculations and attribution.
• Who on your governance side must sign off rebalances that move duration beyond tolerance (provide role/title) and what SLA is required for that signoff?

Handle Trade Execution and Settlement Management

• List the pre-approved execution venues and brokers for this account and indicate any venue restrictions for block trades.
• Specify the required trade allocation timing and method for multi-account executions (for example immediate allocation or end-of-day pro rata). Options: Immediate allocation, End-of-day pro rata, Other
• Which settlement instruction formats does your custodian accept (for example DVP instructions, standing settlement instructions, MT564) and will you supply standing instructions?
• Describe your failed-settlement exception process including owner, resolution SLA and cash cover rules for late settlement.
• Do you require trade confirmations and settlement reports via FIX, SWIFT MT messages, SFTP file drops, or an API webhook? Indicate preferred methods. Options: FIX, SWIFT (MT), SFTP file, API webhook

Process Corporate Actions and Proxy Voting

• Attach your proxy voting policy or provide the voting guidelines that must be applied to corporate actions.
• Which corporate actions require instructed elections (for example tender offers, spin-offs) and who on your side is authorized to provide election instructions (title or role)?
• Specify any blackout windows or restricted securities subject to voting embargoes and how embargoed holdings are flagged in reporting.
• How should corporate action income and election processing be reported to your accounting system (indicate format and required fields)?
• Do you require voting confirmations and a historical voting export for compliance purposes and what retention period do you require for that data? Options: Yes - CSV, Yes - API, No

Deliver Customized Performance and Risk Reports

• Which performance measures and reporting frequency must be included for board and consultant reporting (for example monthly time-weighted return, quarterly IRR)?
• Specify the risk metrics you require (for example VaR, tracking error, sector exposure, credit exposure) and the preferred calculation window or lookback.
• Attach sample report templates or consultant specifications that we must match for field names, ordering and formatting.
• Which delivery channels do you prefer for reports and what access controls are required (secure portal, SFTP, API push, or encrypted email)? Options: Secure portal, SFTP, API push, Email
• What SLA do you require for report delivery and data accuracy (for example reports available by D+2 with 99.9% data accuracy)?

• Master Services Agreement (MSA)
• Statement of Work (SOW)
• Investment Management Agreement (IMA)
• Fee Schedule Addendum
• Operational Schedule (Custody, Settlement & Reporting)
• Service Level Agreement (SLA)
• Data Processing Agreement & Data Sharing Consent (DPA)
• Account Opening, KYC/AML & Authorised Signatory Forms
• Mandate Execution & Operational Signature Schedule
• Regulatory Compliance Addendum (Data Residency / SOC 2)

• Go-live Health Check (weeks 1-4)
• First Measurement Review (weeks 4-10)
• Acceptance Gate Meeting (around day 90)
• Quarterly Performance and Reporting Review
• Annual Performance and Reporting Success Review

• Publish the quarterly performance and reporting pack with outstanding issue tracker.
• Publish the formal acceptance record or conditional-acceptance letter with remediation items and dates.
• Open remediation tickets for each failed criterion with target resolution dates and verification steps.
• Document the incumbent wind-down steps and archive or migrate required data according to the agreed plan.
• Quarterly performance summary vs custom benchmark
• Confirm tracking error remains within agreed tolerance or has an approved mitigation plan.
• Verify reporting delivery timeliness meets the SLA or has an agreed remediation schedule.
• Ensure open operational tickets are progressing toward resolution and assign escalation where needed.
• Re-confirm agreed success criteria and named owners
• Create or update remediation tickets for any SLA breaches with milestone checks.
• Schedule follow-up verification checkpoints for high-impact remediation items.
• Full-year performance attribution
• Confirm annualized excess return versus the custom benchmark and the acceptability of average tracking error over the year.
• Resolve or schedule final closure dates for any remaining data or operational issues.
• Confirm the shared channel and owner for ongoing issue reporting and backlog management.
• Publish the annual performance pack and the final operational-issues closure plan.
• Document the agreed shared channel and escalation path for future reporting or performance issues.
• Schedule the next quarterly review and any interim verification checkpoints for outstanding items.
• Confirm all custodian and reporting connections are live or have documented remediation plans.
• Produce a prioritized list of critical open issues with owners and target resolution dates.
• Verify that the core user cohort has access and basic usage is occurring.
• Publish a go-live health summary including connectivity status and incident list for async review.
• Create remediation tasks for critical incidents with target resolution dates.
• Collect and share system logs or feed error exports needed for troubleshooting.
• Publish the first-period performance pack and the diagnostic summary for the acceptance gate.
• Present first-period performance vs custom benchmark
• Determine whether tracking error is moving toward the tolerance specified in Account Configuration & Restrictions.
• Confirm reporting delivery timeliness and position-level completeness meet the agreed cadence or have remediation plans.
• Document root-cause analysis for any material gaps and assign corrective actions with dates.
• Create remediation tasks addressing data-feed or trade-timing issues with milestone dates.
• Confirm the data sources and calculation method for tracking error to be used at the acceptance gate.
• Restate acceptance criteria and numeric targets
• Produce a documented acceptance decision for the deployment with a named signatory if enterprise-level sign-off is required.
• For any failed criteria, agree remediation tasks with owners and hard resolution dates.
• Confirm the incumbent system's decommissioning or retention plan to prevent dual-running.
• Reporting delivery and SLA review
• Annual reporting accuracy and audit findings
• Present outcome data against each acceptance criterion
• Present reporting delivery metrics
• Deployment and connectivity validation
• Diagnose root causes for any gaps
• Operational incidents and ticket burn-down
• Long-running operational items and enhancements backlog
• User onboarding and early adoption signals
• Document pass/fail per criterion and capture formal acceptance
• Agree next-quarter corrective actions and maintenance items
• Agree the cadence and owner for ongoing issue management
• Agree corrective actions and timeline to acceptance gate
• Agree remediation plan for any failed criteria
• Open issues and incident triage
• Agree immediate remediation actions and timelines
• Incumbent system wind-down confirmation