The economics workbench

Scale & sensitivity

Test the operating leverage. Find the assumptions that matter.

ScenarioBase case

Bottom-up annual model Same service scope

1 assumption to validate

Faster review is assumed, not proven. Validate review quality and deadline capacity before underwriting the time saving.

Scenario inputs

Set the assumptions

One portfolio. Two delivery models.
Every input is an assumption.

Funds served

Comparable recurring fund-years, not AuA. All selected funds share the same scope and complexity. Illustrative assumption. Range: 1–10000 funds.

funds

Annual incumbent fee

Annual recurring fee per comparable fund. Excludes pass-through amounts and one-off onboarding revenue. Illustrative assumption. Range: 5000–500000 EUR.

EUR

Infra One price discount

Applied to the same scope of work. Lower prices reduce revenue, not workload. Illustrative assumption. Range: 0–60 %.

Infra One system share

Share of routine baseline production effort assigned to agents or deterministic services. This is not a share of all work. Illustrative assumption. Range: 0–100 %.

System cases needing a person

Additional human exception episodes per system-routed case. Required review remains separate. Illustrative assumption. Range: 0–100 %.

Infra One review hours / fund

Qualified human review per fund-year, before peak staffing. Cannot fall below the configured review floor. Illustrative assumption. Range: 1–300 hours.

hours

Go deeper44 more inputs

Workload4

Baseline routine hours / fund

Unautomated effort across intake, books/NAV, capital activity and reporting. Both firms get the same work. Illustrative assumption. Range: 40–4000 hours.

hours

Workflow cases / fund-year

Weighted case equivalents, not a literal count of identical NAVs. Drives exceptions, handoffs and compute. Illustrative assumption. Range: 1–1500 cases.

cases

Human client service / fund

Retained relationship, coordination and client judgment hours in both firms. Illustrative assumption. Range: 0–500 hours.

hours

Incumbent review hours / fund

Human review in the modeled incumbent. Both firms share the same minimum floor. Illustrative assumption. Range: 1–300 hours.

hours

Review capacity5

Review floor / fund-year

Illustrative planning constraint, not a legal minimum or evidence of regulatory sufficiency. Illustrative assumption. Range: 1–200 hours.

hours

Jurisdictions

Each jurisdiction carries review staffing and non-payroll governance overhead in both firms. Illustrative assumption. Range: 1–15 jurisdictions.

jurisdictions

Minimum reviewers / jurisdiction

Illustrative coverage and segregation assumption, not a statement of legal requirements. Illustrative assumption. Range: 1–8 people.

people

Review peak-load buffer

Required review staffing multiplied by this buffer for concentrated reporting deadlines. Illustrative assumption. Range: 1–3 ×.

Reviewer utilization

Productive reviewer hours before the peak-load buffer. Not a quality certification. Illustrative assumption. Range: 20–90 %.

People & cost7

Annual paid hours

Hours before productive utilization. Paid leave, training and non-delivery time must fit within utilization assumptions. Illustrative assumption. Range: 1000–2300 hours.

hours

Production utilization

Productive share of paid hours for operators and client-service people. Illustrative assumption. Range: 30–95 %.

Loaded operator cost

Annual employer cost including benefits and employer taxes; applies equally to both firms. Illustrative assumption. Range: 20000–180000 EUR.

EUR

Loaded reviewer cost

Annual qualified reviewer employer cost; applies equally to both firms. Illustrative assumption. Range: 60000–350000 EUR.

EUR

Loaded client-service cost

Annual human client-service employer cost in both firms. Illustrative assumption. Range: 25000–200000 EUR.

EUR

Loaded engineering cost

All engineering and technical operations staff, including domain-rule maintenance. Illustrative assumption. Range: 30000–300000 EUR.

EUR

Loaded corporate cost

Management, sales, finance and other corporate headcount. These people count in revenue per employee. Illustrative assumption. Range: 30000–220000 EUR.

EUR

Orchestration3

Infra One residual-work speed

Productivity on routine work still executed by people. Does not accelerate exceptions, review or client service. Illustrative assumption. Range: 0.5–3 ×.

Hours per exception episode

Incremental human investigation and remediation. Common to both firms; repeated episodes can be captured in this duration. Illustrative assumption. Range: 0.25–16 hours.

hours

Human handling / system case

Human routing, validation triage and handoff time for each system-routed case, in addition to exceptions and sign-off. Illustrative assumption. Range: 0–60 minutes.

minutes

Technology5

Cost / system execution

Blended deterministic, model, validation and execution cost. Not an agent salary and not a vendor price quote. Illustrative assumption. Range: 0–100 EUR.

EUR

Executions per routed case

Expected attempts including retries and validation runs. Increases compute cost, not completed case volume. Illustrative assumption. Range: 1–5 ×.

Infra One engineering floor

Fixed engineering and technical-operations team, fully included in operating cost and headcount. Illustrative assumption. Range: 0–100 people.

people

Infra One funds / extra engineer

One additional engineer for every started block of this many funds, above the fixed floor. Illustrative assumption. Range: 10–2000 funds.

funds

Infra One software / fund

Annual non-payroll software, storage, data and infrastructure per fund; excludes execution spend. Illustrative assumption. Range: 0–15000 EUR.

EUR

Incumbent baseline8

Incumbent system share

The incumbent is not assumed to be entirely manual. Same weighted routine effort definition. Illustrative assumption. Range: 0–100 %.

Incumbent system exception rate

Incremental human exceptions among the incumbent's system-routed cases. Illustrative assumption. Range: 0–100 %.

Incumbent residual-work speed

Allows stronger incumbent tooling and operations rather than forcing a straw-man baseline. Illustrative assumption. Range: 0.5–3 ×.

Incumbent engineering floor

Fixed internal technology team in the modeled business. Illustrative assumption. Range: 0–100 people.

people

Incumbent funds / extra engineer

One additional engineer for every started block, above the incumbent's fixed floor. Illustrative assumption. Range: 10–2000 funds.

funds

Incumbent software / fund

Annual non-payroll software, storage, data and infrastructure per fund; excludes execution spend. Illustrative assumption. Range: 0–15000 EUR.

EUR

Incumbent corporate staffing

Corporate FTE as percentage of delivery plus engineering FTE; rounded up, minimum two people. Illustrative assumption. Range: 0–60 %.

Incumbent fixed non-payroll

Annual non-payroll overhead excluding separately modeled delivery technology and jurisdiction costs. Illustrative assumption. Range: 0–5000000 EUR.

EUR

Overhead4

Infra One corporate staffing

Corporate FTE as percentage of delivery plus engineering FTE; rounded up, minimum two people. Illustrative assumption. Range: 0–60 %.

Infra One fixed non-payroll

Annual insurance, premises, external advisers, sales spend and other non-payroll costs. Excludes costs already itemized. Illustrative assumption. Range: 0–5000000 EUR.

EUR

Non-payroll / jurisdiction

Annual incremental governance, external compliance and local-entity costs in each jurisdiction, for both firms. Illustrative assumption. Range: 0–1000000 EUR.

EUR

Infra One annual academy spend

Incremental non-payroll training and rule-building programme expense. Staff time is already covered by salary/utilization. Illustrative assumption. Range: 0–2000000 EUR.

EUR

Learning & growth6

Annual portfolio growth

Five-year scenario assumption, not demand evidence. Both firms receive the same fund volume. Illustrative assumption. Range: 0–100 %.

Annual exception-rate improvement

Relative yearly reduction in Infra One's exception rate, bounded by a 2% floor unless initially lower. Assumed, not measured. Illustrative assumption. Range: 0–60 %.

Infra One annual system-share gain

Percentage points per year; caps at 95% unless the starting assumption is higher. Illustrative assumption. Range: 0–15 pp.

Incumbent annual system-share gain

Allows incumbent improvement. Same cap convention. Illustrative assumption. Range: 0–15 pp.

Annual people-cost inflation

Applies equally to all salary categories. Non-payroll costs are held fixed in nominal EUR for this scenario. Illustrative assumption. Range: 0–15 %.

Annual fee change

Applies equally before Infra One's chosen discount. No acquisition spending or client churn modeled. Illustrative assumption. Range: -15–15 %.

Benchmark conversion2

USD per EUR

Illustrative comparison FX only, not a current or historic market rate. Does not change EUR model economics. Illustrative assumption. Range: 0.5–2 FX.

GBP per EUR

Illustrative comparison FX only. Benchmarks always retain their source currency and dates. Illustrative assumption. Range: 0.4–1.5 FX.

Benchmark FX does not change model economics.

Scale changes the equation

All-in annual cost per fund · fixed assumptions, changing volume

EUR / fund

IncumbentInfra One

Comparable funds served · logarithmic scale

Exact cost and staffing by scale

Funds	Incumbent / fund	Infra One / fund	Incumbent FTE	Infra One FTE
25	€154,158	€167,630	32	28
50	€96,058	€91,630	45	33
75	€76,691	€64,230	58	36
100	€68,408	€52,080	72	41
200	€58,283	€36,580	132	64
300	€55,891	€31,530	195	87
500	€53,208	€27,220	317	132
750	€52,158	€25,404	472	191
1,000	€51,363	€24,440	624	249
1,500	€50,944	€23,514	934	366
2,000	€50,588	€23,050	1,241	483
3,000	€50,303	€22,590	1,857	717
5,000	€50,089	€22,236	3,090	1,186
7,500	€49,975	€22,046	4,631	1,771
10,000	€49,926	€21,959	6,172	2,357

First operating break-even

Integer scan from 1 to 20,000 funds

Incumbent profitableCalculating…

Infra One profitableCalculating…

Infra One cost parityCalculating…

First integer crossing, not sustained break-even or a cash-runway forecast. Whole-person hiring steps can cause later reversals.

Five years, if the assumptions hold

Learning and growth scenario · not a forecast

Illustrative

Portfolio growth 30%People-cost inflation 3%Annual fee change 0%Infra One system gain +3 ppIncumbent system gain +2 ppException improvement 20%

Incumbent operating marginInfra One operating margin

Each paired cell: incumbent / Infra One
Year	Funds	Cost per fund	Human FTE	Operating margin
Year 1	500	€53,208€27,220	317132	33.5%62.2%
Year 2	650	€53,515€25,699	405158	33.1%64.3%
Year 3	845	€53,278€24,086	512186	33.4%66.5%
Year 4	1,099	€53,444€22,726	650219	33.2%68.4%
Year 5	1,428	€53,623€21,458	825257	33.0%70.2%

Year 1 is the current scenario. Review hours stay explicit. System shares cap at 95% unless initially higher; Infra One exception rates floor at 2% unless initially lower. Other non-payroll inputs stay fixed. Starting inputs are bounded; derived funds, salaries and fees can compound beyond those ranges.

What moves the margin?

One input at a time · Infra One operating margin

Not confidence intervals

Assumption	Low input	Base margin	High input
Price discount	66.0%at 0%	62.2%	57.5%at 20%
System share	57.9%at 70%	62.2%	66.3%at 90%
Review hours	64.8%at 36	62.2%	59.2%at 60
Fund volume	59.1%at 375	62.2%	63.2%at 625
Engineering floor	63.8%at 7	62.2%	60.8%at 17
Exception rate	63.5%at 2%	62.2%	60.7%at 22%

Ordered by margin range. Low/high refer to the input value, not to performance. All other current assumptions remain fixed.