Six chairs · one named client · the channel

Six people cover the entire product library

Not one persona per product. The corpus shows the same firms buying across every theme — what changes is who is personally on the hook when it fails.

⚠ Pre-human

No human has read a word of this. Machine output, published raw so the reasoning can be attacked before anyone polishes it. Judge the chain, not the copy — if a numbered step is wrong, say which.

Why six and not ninety-eight

Maples, SuMi Trust, CACEIS, CSC and Grant Thornton each appear in every theme — depositary, NAV, EMIR, ASIC, transfer agency, private markets. The 98-item library is a catalogue one buyer shops repeatedly. What varies is accountability.

The one named client with a complete story

Josh Yeo, Chief Operating Officer, Channel Capital. Brisbane. Eight boutique investment managers, A$18bn (2021) → A$22bn (2022). Channel's core role is Responsible Entity — the Australian ManCo, the legally accountable operator. The boutique picks the stocks; Josh carries the licence.

Before	After
Excel and macros, every day, to deadline. Load balances, run the module, download, paste into a workbook, save to trigger a macro pulling yesterday's breaks.	Statements arrive overnight and are already loaded when the team logs in.
Eight custodian portals across four manager groups to find missing transactions. Then repeat for futures clearers, then IBOR against fund manager systems, then stock borrow.	One screen. No custodian or broker portals.
Free-text comments on each break, written differently by whoever was on the desk.	Auto-match and auto-break rules run within minutes; the team opens the day on exceptions.
ASIC oversight brought in-house in 2022 added two workbooks and a third of v-lookups — 1–2 hours every day.	300+ reconciliations a day. 99% of positions matched. 79% straight through, no human touch. 83% of cash auto-matched or auto-flagged.

The product in one line: the machine does the 79% that is identical on both sides and hands a person the 21% that isn't.

Two caveats. The case study admits Channel arrived "with clean, ready-to-ingest data sets" and that this was "a notable exception, as most clients typically rely heavily on our technology at this ingestion set-up stage" — their onboarding was easier than normal. And Channel merged with Fidante in June 2026 to form Channel Group, A$150bn. The story describes a company roughly seven times smaller than the one that exists now. Money saved is not published anywhere, and no price appears across 423 records.

The six

#	The person	What they carry	Proof state
01	ManCo / RE COO Josh Yeo, Channel Capital	The fund is operated correctly. He didn't calculate the NAV; he's responsible for it being right.	Complete. Full before/after, real numbers.
02	Head of Depositary Oversight Clive Bellows, Northern Trust; CSC	Independently proving the fund holds what it claims. Strictly liable for loss of assets.	Face on film, no number. Do first — the ground is uncontested.
03	COO, fund administrator John Bohan, Apex; Joan Kehoe, Alchelyst	The same job for hundreds of funds, at a margin, for clients who can leave. Growth is the threat.	Two faces on film, no numbers. Argue unit economics.
04	Head of Regulatory Reporting Nobody named	Every derivative trade reported — complete, on time, matched. EMIR, SFTR, ASIC, MAS, HKMA, CSA.	Best numbers, zero humans. 5%→20%, 57%→97%, 37 clients, 41.6bn data points. The one that needs a client call.
05	Transfer agency lead Peter Callaghan, SuMi Trust	Investors' money reaching the right people at the right price.	Face on film + the only client-stated T+1 outcome in the category.
06	Private markets ops FundBank; FINBOURNE	Capital calls, PCAP, LP reporting — where the source is a PDF with no standard layout.	Half a persona. Hold until the Capital Call agent has a number.

Persona 04 is the ask. Largest product line — 149 corpus mentions, 37 clients on EMIR alone — and not one named human attached to any of it. Personas 02, 03 and 05 can be finished from four customer videos that already exist and sit untranscribed. 04 is the only one that cannot be solved from the archive. Best candidates: Muzinich, Innocap, Three Rock, or Maples (29 mentions, the deepest EMIR relationship in the corpus).

The channel

Type	Who	The catch
Embedded	Apex. Listed on Apex's own technology-platforms page. White-labelled inside an administrator's service.	Volume without a sales cycle — and invisibility. ChatGPT now describes Fund Recs as "Apex Group's software." That's the OEM tax showing up in AI answers.
Pre-integrated	FINBOURNE, DTCC, REGIS-TR, Snowflake, LSEG, MSCI. 34 named connectors.	Credibility and shorter onboarding, not lead flow.
Distribution	Deloitte, Grant Thornton, BDO. Deloitte has automated custody reconciliation inside the fund audit since 2019, with two partners on record.	The most underused asset in the business. No partner deck, no margin sheet, no enablement, no integration guide. The partnerships page is a lead-gen form.

Two proof stories exist and neither is on the partnerships page: CSC automating Cash Flow Monitoring and Asset Register across their European depositary teams, presented jointly with Fund Recs at Irish Funds; and Deloitte inside the audit process.

Built by Equalsfive from public sources only, 31 August 2026. No human has reviewed the copy on this site. Evidence base: content-corpus.jsonl — 1,205 records. Grades: measured counted or quoted · inferred derived from a small sample · domain industry practice, unverified.