A conversation with John Reilly, Customer Onboarding Director at FundGuard, and Chris Cassara, Senior Manager at Meradia.
As investment operations face growing complexity, replacing legacy technology is only one piece of the puzzle. Achieving real and long-lasting transformation requires a holistic approach, bringing together the right platform, people, and processes. To unpack what this looks like in practice, John Reilly, Customer Success Director at FundGuard and Chris Cassara, Senior Manager at Meradia offer their perspectives on how technology and consulting expertise converge to help asset managers and servicers modernize their operating models.
Why is solely replacing legacy technology no longer enough for asset managers and servicers?
Chris (Meradia): In the past, systems all worked pretty similarly, so you didn’t have to rethink operations much. That’s changed. Now, when you replace legacy tech, you really have to take a step back and look at how it affects your whole operation. If you’re not adapting how your teams work, you’re missing the opportunity to improve efficiency and evolve.
John (FundGuard): Exactly. If you’re only focused on replicating current workflows on a new platform, you’ll miss the real value. Transformation should be about unlocking cost savings and operational efficiency. That starts with understanding your requirements, your future goals, and the capabilities of the modern system you’re moving to. That’s where collaboration with partners like Meradia is key. They really take the time to teach them the different features and functions, future proof the implementation, and take advantage of the new features that allow for that operational change and operational efficiency.
What does true operational transformation look like today and how does cloud-native, AI-driven technology, like FundGuard, shift how firms operate?
John (FundGuard): Modern technology makes a big difference. FundGuard is cloud-native and multi-tenant, which allows us to scale implementations faster and more efficiently. What used to take 12 to 18 months on legacy tech, we’re often doing in half that time. We can spin up environments quickly, deploy updates via CI/CD, and really shorten the time to value. It brings that transformational change closer to the present instead of some distant future.
Chris (Meradia): It’s about looking at technology, people, and processes together. You can’t isolate one piece, you have to consider every part. And newer tools, especially AI, give you the opportunity to also think a little differently about how you operate and implement changes or improvements in the processes quicker. So now you don’t have to necessarily have these really long, arduous projects to improve a reconciliation process or identify a problem in your data that you know continues to happen. You can react quicker and adapt your operations much faster.
What internal changes are essential for success and what can firms do to avoid the trap of “new technology, same old process”?
Chris (Meradia): As part of any transformation, there’s a need to reimagine your support model. If you simply replace an investment accounting system with a modern solution, but don’t adjust your operations or your operations team isn’t willing to adjust to maximize that new system, then you’re always going to find yourself kind of behind. Leadership has to drive the change and you need to look at your team’s skills, whether that means upskilling internally or bringing in new talent. Done well, that creates a culture of innovation where people are empowered to grow.
John (FundGuard): And you have to stay committed to the goals you set at the start. That means, in part, defining the right engagement model between the client, the platform provider, and the implementation partner. The client knows their business. We know the software. Meradia bridges those two and when everyone is aligned, we can get clients where they want to be.
How does Meradia approach operational transformation?
Chris (Meradia): When we approach a transformation, we’re looking at technology, people, and the process. Ideally, we help the client define a Target Operating Model and then figure out where the biggest change areas are. We aim for incremental wins along the way, so people feel progress. And we emphasize that this is a continuous journey. As tech evolves, you have to stay flexible and open to what’s next in the lifecycle of transformation.
How do FundGuard and Meradia complement each other in modernization efforts?
John (FundGuard): From our side, we bring product knowledge, a modern implementation framework, and experience with large-scale cloud-native projects. Meradia brings deep operational knowledge and consulting expertise. They understand our platform through the FundGuard certified partner program and know how to connect it to real business needs. That triangulation between the client, platform, and partner is what drives success.
Chris (Meradia): FundGuard provides the innovative tech, software and implementation framework. We make sure the client is using it the right way, leveraging the standard functionality and avoiding unnecessary customizations that cause problems later. That approach helps clients get value faster and sets them up for long-term success.
John (FundGuard): And our collaboration creates a feedback loop. Conversations with Meradia help us anticipate future client needs and think about new use cases. It keeps us proactive in how we build and refine the platform.
What trends should firms prepare for in the next 3–5 years?
John: (FundGuard): AI will of course be huge, both in operations and in how we accelerate implementation. But crucially is the industry’s ongoing acceleration towards cloud-native tech stacks. That’s what unlocks seamless integration and allows firms to take advantage of new capabilities as they evolve – creating real space for AI, automation, and innovation.
Chris (Meradia): Definitely AI but also data sharing. We’re seeing tools emerge that eliminate the need for manual file transfers and FTPs. That reduces friction and creates real operational gains. Adoption may still be slow for some, but the trend is clear.
What’s one piece of advice you’d give firms just beginning their transformation journey?
Chris (Meradia): Understand that this is the beginning of a journey. Transformation isn’t a one-time project. Be flexible. And for individuals impacted by change, it’s not about becoming obsolete. It’s about learning new tools and finding better, often more rewarding, ways to do your job.
John (FundGuard): Bring the right people to the table. Don’t try to do everything alone. A strong engagement model between your team, the software provider, and an implementation partner like Meradia, keeps you aligned and focused on the outcome. That’s what drives long-term impact.
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