Powerful technology for complex assets and account for mortgage-backed securities

Arkansas Treasurer of State

Established in 1836, the Arkansas Treasurer of State now has over $9 billion in assets under management. As part of its daily processes, the office accepts over $70 million in deposits from various local, state, and federal sources, processes about 3,000 checks, and reports on over 3,000 accounts representing the funds of almost 200 state agencies, boards, and commissions.

• Headquarters Little Rock, Arkansas
• Assets Under Management $9B
• Website https//www.dfa.arkansas.gov/

The Arkansas Treasurer of State handles deposits and accounts from various sources, including state agencies, boards, and commissions. They chose Clearwater for its ability to support complex assets and account for mortgage-backed securities, as well as automating repetitive processes and reducing manual work for daily accounting and reporting tasks, particularly for floating rate instruments.

• $9 billion in AUM
• 3,000+ accounts representing nearly 200 organizations
• 1 day to close books

Challenges

• Needed to meet specific standards set forth by the state, including a monthly distribution – meaning they needed to close and lock their books on business day one
• System to support complex assets and the ability to account for mortgage-backed securities
• Wanted to automate repetitive processes and reduce time spent on manual work for daily accounting and reporting tasks, especially around floating rate instruments

Results

• Daily reconciled portfolio data and reporting across compliance, performance, and risk
• Removed manual work from daily operations, enabling the team to be more efficient and reduce time spent closing books at period-end
• Audits are facilitated via pre-configured, audit-ready Clearwater reports, reducing the overall time spent investigating items
• Using automated processes decreased key-person risk

“Clearwater worked closely with us to provide a solution for our needs. They solved our pain points around our monthly distribution and provided a solution that handles our alternative assets. We now have a partner that not only understands our processes and outcomes, but also provides a scalable platform for growth. ”

Grant Wallace, Former Deputy Treasurer, State of Arkansas