2014 Fund Administration Survey

Welcome to the 11th annual Fund Administration Survey brought to you by R&M FundServices.net. 

INTRODUCTION
We are pleased to present key results from this leading survey of fund accounting and administration services.  The survey measures customer satisfaction by means of questionnaires completed by fund managers around the world.  Up until 2011, the survey focused exclusively on the performance of providers servicing funds domiciled in the United Kingdom.  Its remit is being expanded and now extends to leading European domiciles.

RESULTS
This year's survey sees strong performance by most providers, the re-appearance of BNY Mellon in the overall ranking and a further fall in score for State Street.

State Street's score in the overall ranking is some 0.61 below the table average.  With a year-on-year fall of 0.43, the firm drew some criticism from clients, with one noting: "We are happy with Fund Administration services - though some of the processes are manual, the team is knowledgeable and proactive.  We are less happy with our Fund Accounting team and service level".  Another respondent, commenting on their approach and flexibility, said: "It is either the State Street way or No Way!"

BNY Mellon, who had failed to receive sufficient responses to qualify last year, re-entered the overall ranking.  An increased in score of 0.19 since 2012 sees them rise from bottom ranking in that year to 7th this year.  One respondent captures the general theme of comments with: "BNYM really needs to improve capabilities and general product knowledge of their relationship managers - at all levels".

Two providers in particular enjoyed some very positive comments.  "RBC has very flexible, precise and complete reporting.  We haven't had a single problem for several years." "HSBC have been very supportive around our operating model plans and have displayed a flexible and client focussed approach."

Societe Generale topped the table for the most improved provider, with a particularly strong performance in Luxembourg.  They were followed by JP Morgan, with a strong performance in Ireland.  Societe Generale also managed to demonstrate its cross-border appeal, qualifying for inclusion in tables for Luxembourg, France, Italy and Germany – for the latter three, the only provider to do so.  "The provider is proving able to support the evolution towards our target European operating model," was the verdict of one satisfied client.

In the UK, HSBC came top of the pack, with Northern Trust showing a gain in score to ward off BNY Mellon's attempt to move up to second place.  One Northern Trust client wrote: "There has definitely been an improvement in the service we are receiving from Northern Trust.  We would class this as a steady improvement, i.e.  moving from a 4 previously to a current 5 overall."

For BNP Paribas, one UK client noted "Poor strategic fund accounting platform lagging behind competitors," while another was much more positive with "BNP provide an excellent middle office service".

In Luxembourg, RBC came ahead of everyone else with a very strong score, with Societe Generale following close behind.  HSBC in Ireland achieved a particularly high score, with JP Morgan also putting on a strong performance. 
Overall Ranking
OVERALL RANKING OF CLIENT SATISFACTION

2014 2013 Provider Score
1 1
RBC Investor & Treasury Services      
6.46
2 2
HSBC Securities Services      
6.36
3 5
Societe Generale About Societe Generale Contact Societe Generale View the web site for Societe Generale
6.02
4 3
J.P. Morgan About J.P. Morgan Contact J.P. Morgan  
6.00
5 6
BNP Paribas About BNP Paribas Contact BNP Paribas View the web site for BNP Paribas
5.59
6 7
Northern Trust About Northern Trust Contact Northern Trust View the web site for Northern Trust
5.57
7 -
BNY Mellon About BNY Mellon Contact BNY Mellon  
5.53
8 4
State Street      
5.23
 
United Kingdom
2014 2013 Provider Score
1 1
HSBC Securities Services      
5.94
2 5
Northern Trust About Northern Trust Contact Northern Trust View the web site for Northern Trust
5.71
3 6
BNY Mellon About BNY Mellon Contact BNY Mellon  
5.68
4 3
BNP Paribas About BNP Paribas Contact BNP Paribas View the web site for BNP Paribas
5.57
5 4
State Street      
5.37
 
Luxembourg
2014 2013 Provider Score
1 1
RBC Investor & Treasury Services      
6.63
2 -
Societe Generale About Societe Generale Contact Societe Generale View the web site for Societe Generale
6.34
3 2=
J.P. Morgan About J.P. Morgan Contact J.P. Morgan  
5.79
4 2=
BNP Paribas About BNP Paribas Contact BNP Paribas View the web site for BNP Paribas
5.33
 
Ireland
2014 2013 Provider Score
1 1
HSBC Securities Services      
6.68
2 -
J.P. Morgan About J.P. Morgan Contact J.P. Morgan  
6.30
3 -
BNY Mellon About BNY Mellon Contact BNY Mellon  
5.43
4 2
Northern Trust About Northern Trust Contact Northern Trust View the web site for Northern Trust
5.35
 
France
Provider Score
Societe Generale About Societe Generale Contact Societe Generale View the web site for Societe Generale
6.18
 
Italy
Provider Score
Societe Generale About Societe Generale Contact Societe Generale View the web site for Societe Generale
5.82
 
Germany
Provider Score
Societe Generale About Societe Generale Contact Societe Generale View the web site for Societe Generale
5.78
 

THE FULL REPORT
Available now is the full survey report, drilling down to client satisfaction for each of 36 service elements and featuring gap analysis, performance charts, year-on-year comparative analysis and succinct commentary on strengths and weaknesses.
  Executive briefing
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Executive briefing