2012 Fund Accounting & Adminstration Survey Results

Role reversal




The top two places were swapped this year as JP Morgan moved up to first, edging past last year’s winners BNP Paribas. The overall average declined very slightly from 5.77 to 5.76 and only five banks qualified for inclusion – HSBC opting to stay out this year. Every bank’s score declined apart from State Street who recorded an impressive gain of 0.32.

 Weakest area for JP Morgan was timeliness / accuracy of reconciliation process; ability to value derivatives, compliance monitoring and performance measurement. Strengths were ability to provide KPI’s / meet SLA’s, flexibility of basis of valuing unit prices and accuracy of reporting. Both BNP Paribas and JPM performed strongly on quality of personnel compared to the others.

 Weakest areas for BNP Paribas was performance measurement reporting, flexibility of reporting method and ability to handle complicated / new funds. Strengths were quality of personnel and ability to provide KPI’s and meet SLA’s.

 State Street’s strengths were quality of regulatory reporting, in the ability to handle different transaction types and ability to support a broad product range. Weaknesses were in particular timeliness of unit pricing, knowledge / experience of RM’s and their contactability and responsiveness of operational staff.

 Weakest area for Northern Trust was quality of regulatory reporting but scores were generally weak for accounting and valuation as well as error resolution, query handling, contactability of RM’s and operational staff. Strengths were ability to support a broad product range, competitiveness of fees, compliance monitoring and ability to handle fund transitions.

 A drop in performance for BNY Mellon with weaknesses in multi jurisdictional capability, the ability to handle different transaction types, the ability to handle fund transitions and the competitiveness of fees. Strengths were valuing derivatives (but only two clients responded), performance measurement reporting, compliance monitoring and contactability of RM’s.

 The survey was undertaken between May and July 2012. It concentrated on the services offered to UK based fund managers. A total of 49 responses was received.


R & M Surveys                                                                                September 2012

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