Bain Capital Credit is a leading global credit specialist, managing approximately $60 billion in assets. Their strategies run from leveraged loans and high-yield bonds to private credit and structured products.
Their previous reconciliation environment had limitations in agility and flexibility. Those constraints became increasingly apparent as the firm expanded across products, asset classes and custodians. Manual matching ate into the team's capacity, leaving less time for the exception research and risk analysis they were best placed to do.
According to Director Ryan Connelly, "Files arrive from custodians in different formats, and every asset class and strategy carries its own nuances.”
A generic reconciliation tool simply wasn't going to work for us. We needed something that could be tailored to the specific characteristics of each data source and process.
They chose Duco to build a reconciliation and controls infrastructure that scales intelligently with the business. Our established presence among buy-side firms managing complex asset classes, including private credit, gave the firm confidence to explore further. After seeing live how the platform could meet those needs and the specific scenarios it had raised, they realised we were more than just a vendor.
We were looking for a partner who could grow with us.
Migrating this many funds and custodians is a significant undertaking. But the firm completed it in phases across six months. Our Professional Services team handled the build for the first two months, training the firm's own team alongside them. Their team was then able to take the lead, with Professional Services supporting where needed. Our Training and Enablement team were vital in getting the firm's 50-plus users up and running, with on-site visits and an extensive training library.
"The platform is genuinely intuitive. Once the team understood the core navigation, they were able to move quickly beyond the basics."
Our proprietary matching algorithm and no-code platform have driven a significant jump in automatch rates: now comfortably beyond 80% across counterparties, and in the 90s against multiple custodians. Against some counterparties with particularly nuanced data, match rates have increased 4x.
As long as the team can identify a repeatable theme in the data, they can build intelligent logic around it. That's what drives meaningful increases in automation.
The team can identify, test and deploy simple tweaks into production within a day or two, and more complex updates may take just a week.
Operations has moved from data assembly to analysis, risk management and decision support. Duco now sits at the foundation of a centralised data ecosystem, providing a trusted golden source for reconciliation and control data. Power BI and other visualisation tools sit on top. Firm management now has dashboards, automated reporting and operational metrics that have changed how it monitors performance and risk.
As Duco has increased automation, the team has been able to direct more energy toward true exception resolution, risk prioritisation, and root cause analysis, driving real operational value.
Connelly concluded, "Looking ahead, the potential of Duco's agentic AI capabilities is something we're genuinely excited to explore. The prospect of an operating model that continuously learns and improves is a compelling next chapter for us."