2010 Fund Accounting & Administration Survey Results

This year sees HSBC bouncing back to top position in the annual survey among UK asset managers of fund accounting and administration services, conducted by R&M Surveys, the specialist asset servicing management consultants. Overall scores improved significantly (by 0.46) and the only bank to see its results decline was BNP Paribas. Northern Trust, BNY Mellon and State Street all recorded increases and with the inclusion this year of JP Morgan all the major investor services banks now appear in the survey with the notable exception of Citibank who did not actively participate.


The growing importance of these services to fund managers is clear as more and more rely on their provider to be an integral part of their investment support platform, whether it be for on or off shore funds. Respondents include many of the IMA’s top 30 managers by assets under management – e.g. Aberdeen, Gartmore, Henderson, Insight, Invesco, Schroders, Standard Life.

Managers increasingly rely on the advice and support they get from their providers particularly when expanding their product range under UCITS III and in looking to broaden their geographic horizons under UCITS IV. Knowledge of complex financial instruments and markets is vital and with quieter markets in the last 12 months providers have had an opportunity to beef up their resources in these critical areas. 44% of respondents said that their provider had improved its service levels over the last 12 months.


Comments from respondents included the following:

“The overall relationship with BNY Mellon has improved over the last twelve months. The number of errors across the business has reduced and NAV errors in particular have reduced. A focus on the client relationship and the establishment of an embedded risk team has improved the overall offering.”

“Northern Trust are in the very vanguard of UCITS III administration. They set a high standard from the start that has been maintained.”

“All staff involved in the funds at JP Morgan are very professional, well trained and knowledgeable about the industry and our funds. Have established excellent working relationships with the client.”


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