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Admin Survey April 2011

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There is no denying it, 2010 was a tough year, according to our fund administration survey respondents. Nicholas Pratt finds out what sizeable challenges they faced.

There is no denying it, 2010 was a tough year, according to our fund administration survey respondents. Nicholas Pratt finds out what sizeable challenges they faced.

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    Admin Survey April 2011 Admin Survey April 2011 Document Transcript

    • FUND ADMINISTRATION Hard work at the coal face There is no denying it, 2010 was a tough year, according to our fund administration survey respondents. Nicholas Pratt finds out what sizeable challenges they facedFund managers’ demand for product flow According to Catherine Brady, head of the European Union and the United States,placed pressure on custodian banks and fund services Emea (Europe, Middle East such as Ucits IV, Solvency II and theother providers of fund administration and Africa) at Citi, the principal challenge Alternative Investment Fund Managementservices throughout 2010 as the industry of last year was managing the new flow Directive.grappled with squeezed revenues. of product needs from asset management Fund administrators’ revenues were also Regulation and a general rise in complexity clients in the post-crisis environment, as under threat, says Tim Keaney, chiefwere also challenges. But at least fund flows well as understanding and interpreting executive officer at BNY Mellon Assetwere up, Fund Europe’s annual survey shows. the wave of new regulations coming from Servicing. “The persistent low interest rate46
    • environment globally challenged all services such as FX overlay and FX funds support clients seeking distributioncustodians’ net interest revenue. Securities were important. For others there was a opportunities in emerging markets. And inlending and FX revenues remain renewed focus by clients on managed 2011, it is highlighting the continuedsignificantly below historic highs. accounts. Several administrators reported a improvements of these links, between “At the same time our clients continued to great demand for reporting services, whether Europe and emerging markets, in support ofbe challenged by ever-greater complexity – that be cross-border tax reporting (JP cross-border distribution via Ucits, as annew instruments, investment models, Morgan), online transfer agency reporting area of concentration. As Geoffrey Cook,distribution, and regulatory reform. This in (Northern Trust), Ucits risk reporting (BNY partner at Brown Brothers Harriman, says:turn challenged us to keep building the Mellon) or even environmental, social and “Particular decisions relating to the locationflexible and scaleable solutions they need, governance (ESG) reporting (State Street). and use of management companywhich required significant dollar For those administrators focused more on passporting and a review of the applicationreinvestment in intellectual capital and new alternative managers, plenty of business was of product bifurcation between Ucits andtechnology. Meanwhile, margins continued concentrated on the sophisticated Ucits non-Ucits will become critical.”to be squeezed as clients sought to reduce market as well as the redomiciling of fundstheir own costs.” from offshore to onshore. There was also a Issues and challenges for 2011 Some administrators talk of a growingNet inflows confidence as markets rise again. On the positive side, net inflows were up “Existing clients are starting to look tofor the year. The survey shows that the total create more innovative products andnet inflow figure was $619.92bn ‘The persistent low services again,” says Andre le Roux, head of(€880.29bn). (This excludes State Street, interest rate business development at Maitland.which did not split out its administration Furthermore, clients want to get their newinflows from its custody inflows. State environment globally products to market as quickly as possible.Streets combined inflows were $2,036bn). challenged all Consequently, administrators will find thatAll but one of the respondents reported they need to innovate at a pace far greaterpositive net inflows. custodians’ net than in the past. There were 1,828 mandates won and 1,974 interest revenue’ While there is some optimism in terms ofretained in 2010. There was a wide variation prospects for 2011, there is also a recognitionin terms of asset size, client type and product among fund administrators that thetype. The size of these mandates varied from challenges of 2010 will persist into this year,€0.094bn (Swedbank) to €202bn (Bank of not least the regulatory burden. “We mustNew York Mellon). And the client types need to provide lines of liquidity for hedge continue to keep pace with the evolvingincluded the traditional (US mutual funds, funds and funds of hedge funds as noted by client complexity and challenges paralleledglobal fund managers, insurance companies Deutsche Bank AFS. “Raising capital in by regulatory challenges and ensure weand multi-national pension plans) to the 2010 was certainly very difficult for the small capitalise on the opportunities to provide aalternative (hedge funds, funds of funds and to mid-size manager which has in turnprivate equity). lengthened the launch time of new funds,” But the biggest variation was in the product says Mike Hughes, the managing director.types requested by both the traditional andalternative clients. For example, fund Destinationsmanagers were increasingly looking for In terms of destinations, the most notablemulti-asset strategies and exchange-traded development was the focus onfunds while the alternative hedge funds were wider international distribution asseeking real estate funds, commodity trading administrators looked beyond the traditionaladvisers, bank debt and managed accounts. confines of Europe. This included both the established markets such as theProduct development United States as well as theWith such a wide array of investment popular emerging markets instrategies evident in the new mandates won Asia, the Middle East andby fund administrators, it was no surprise South America.that 2010 saw a large increase in the Developing links to thesedevelopment of new services and products. markets is going to be a keyIn fact, so wide-ranging was the list of focus for administrators in 2011.products provided that it is difficult to pick Citi, for example, cited that a keyany major trends. focus during 2010 was the establishment of For some administrators, FX-related links between Europe and Asia in order to 47
    • FUND ADMINISTRATIONresult, both for our clients and for ourselves,” of outsourcing other non-core aspects ofsays Marcel Guibout, Emea mutual fund their business [in addition to Ucits IVadministration product head at JP Morgan ‘We anticipate an requirements],” says Pierre Cimino, memberWorldwide Securities Services. of the executive committee at Caceis. The implementation of Ucits IV is likely to increased demand for The France-based administrator is notproduce several such opportunities, says alternative Ucits and alone in this as many asset servicingGuibout, such as the production of the Key providers look to expand their outsourcingInvestor Information Document (Kiid) and for more complex services beyond the traditional back-any other operational issues that might arise product types in the office functions, such as traditionalin the early years of adoption. fund administration, and more into middle- This view is supported by Rob Wright, regulated environment, office functions such as valuations andglobal head of product and client segments in particular real estate reporting. This explains the focus onat RBC Dexia Investor Services. “The advanced performance and risk reportingimplementation of Ucits IV will bring and private equity’ (Swedbank), as well as the development ofsignificant change and challenges to the support services for securities lending,fund management industry and this collateral management, counterparty riskheightened regulation – particularly in management and also over-the-counterareas such as risk monitoring and derivatives trading and the challenges thatcompliance – may help protect and greater use of central counterparties, andmaintain the reputation of Ucits funds and a greater need for independent valuations,increase their market attractiveness, will bring. feparticularly alternative investment managerslooking to further develop fund products thatare Ucits-compliant.” Administrators focused on the hedge fundmarket will continue to see the smaller fundsstruggle for capital, says Deutsche Bank’sHughes, despite the fact that hedge fundindices have enjoyed a good start to 2011.“Smaller managers have started to get sometraction as well. However, the challenge forthem to grow will be significant given capitalis flowing in a waterfall from the $5bn fundsdownwards to the sub-$100m funds.” For those alternative funds that do manageto raise capital, it is likely that the main areaof demand will be in the alternative Ucitsspace, says André Valente, who heads fundservices business development, clientrelationships and marketing at UBS. “Weanticipate an increased demand foralternative Ucits and for more complexproduct types in the regulated environment,in particular real estate and private equity.”OutsourcingGiven the pressures facing fund managers interms of regulation and reporting, alliedwith market conditions that are still creatingrelatively little in terms of returns or capitalflows, it is no surprise that administrators arelooking to promote the benefits ofoutsourcing to the market. “Another challenge in 2011 is convincingthe asset management industry of the benefits48
    • SURVEY RESULTSWeights and measuresTwenty-one companies responded to Funds Europe’s annual survey.Here is an indication of how they performed over 2010. ASSETS UNDER ADMINISTRATION MANDATES WON & RETAINED IN 2010 AT 31 DECEMBER 2010 (RANKED HIGHEST TO LOWEST) (IN ALPHABETICAL ORDER) COMPANY Global (€billion) Funds domiciled COMPANY Won in 2010 Retained in 2010 in Europe only, €bn JP Morgan WSS 5,440 768 Alceda 15 65 BNY Mellon 2,679 1,102 BBH 91 n/d Caceis 1,150.2 1,128.3 BNP Paribas n/d n/d Citi 1,082 501 BNY Mellon 237 236 RBC Dexia 795 n/a Bank of Ireland 6 65 BBH 775 220 Caceis n/d n/d BNP Paribas 771 600 Capita n/d n/d Northern Trust 754 232 Custom House 40 all HSBC 749.8 428.3 Citi 167 26 Soc Gen 455 462.5 Deutsche Bank 30 120 UBS 313 233 HSBC 296 7 SEI 300 32 Ipes 8 72 Bank of Ireland 110 90 JP Morgan 118 n/a Maitland 57 0.5 Maitland 209 1,088 Custom House 44.7 14.7 Northern Trust 181 26 Capita 41.6 41.6 RBC Dexia 227 20 Deutsche Bank 40.8 11.5 SEI n/a n/a Ipes 30.5 30.5 Soc Gen 30 190 Swedbank 10.3 10.3 State Street n/a n/a Alceda 4 4 Swedbank 6 8 State Street n/a n/a UBS 60 31350
    • TOP THREE MANDATE WINS IN 2010 (bn)Company € Client type Product typeAlceda 1 Pension Plan SIF 0.25 Fund manager Ucits III 0.22 Fund manager Ucits III NAVS – AVERAGE PERBBH 120 Fund manager RICs, variable annuities, 529 plans, separate accounts MONTH IN 2010 33 Fund manager Sicav, FCP 7.5 Fund manager Ucits, Trust Company Av/monthBNP Paribas n/d n/d n/d HSBC 728,332BNY Mellon 202 Fund manager US mutual funds Soc Gen 682,259 98 Fund manager Global funds BNY Mellon 198,000 32.5 Fund manager Offshore funds State Street 179,919Bank of Ireland 3 Investment bank Structured products RBC Dexia 163,098 1 Asset manager Fund of funds BNP Paribas 87,000 1 Hedge fund Multi-asset Northern Trust 66,000Caceis n/a n/a n/a Bank of Ireland 35,000Capita n/d n/d n/d BBH 34,600Custom House 0.45 Hedge fund/managed account platform CTA Citi 25,890 0.12 Private equity Real estate UBS 16,809 0.1 Hedge fund/FoF Multi-asset Capita 3,814Citi n/a Insurance Offshore fund Custom House 3,016 n/a Alternative AM AI JP Morgan 2,817 6 Asset manager Offshore fund SEI 2,000Deutsche Bank 4.4 Investment bank Private equity FoF Swedbank 1,800 4.2 Investment bank Infrastructure Maitland 1,222 2.9 Hedge fund Bank debt Deutsche Bank 325HSBC 5 Private equity FoF Multiple Ipes 75 2.1 Hedge fund n/d 1 Fund manager n/d Caceis n/aIpes 0.87 Fund manager Private equity fund Alceda n/d 0.85 Fund manager Private equity buyout fund 0.45 Fund manager Private equity FoFJP Morgan 2.2 Investment manager Multi-asset NET FLOW DURING 2010 0.63 Asset manager Mutual fund 0.46 Asset manager Mutual fundMaitland n/d n/d n/d Company +/- €billionNorthern Trust 34 Investment manager Outsourcing Alceda +2 29 Investment manager Outsourcing BBH +351 16 Pension Outsourcing BNP Paribas +43RBC Dexia 7 Funds Transfer funds BNY Mellon n/d 3 Bank Funds Bank of Ireland -10 1 Insurance Custody Caceis +89.7SEI 3.65 Multi-strat credit Multiple Capita +3.5 1.45 Family office Multiple Custom House +7.1 0.59 Multi-product Multi Citi +92Soc Gen 3.66 Asset manager Private equity, hedge funds, real assets Deutsche Bank +20 3.39 Asset manager n/d HSBC +3.5 0.31 n/d n/d Ipes +5State Street n/d Pension plan Pension fund JP Morgan +17 n/d Bank overseeing pension fund Real estate fund Maitland n/a n/d Bank various Northern Trust +39Swedbank 0.29 Fund manager Multi-asset RBC Dexia n/d 0.24 Fund manager FoF SEI n/a 0.09 Fund manager Multi-asset Soc Gen +5.2UBS 17 Social security Multi-asset State Street n/a 8.5 Bank Multi-asset Swedbank 0.3 4 Pension fund Multi-asset UBS n/a 51
    • DIRECTORY Fund admin guide The necessary facts and figures of the administrators who responded to our survey €0.25bn / Fund manager / Ucits III €0.22bn / Fund manager / Jean-Marc Crepin (Luxembourg)ALCEDA Senior executives:Alceda Fund Management SA36 avenue du X Septembre Ucits III Managing director (MD)2550 Luxembourgtel: +352 248 329 1 Sean Pairceir (Dublin) Luxembourg, Germany, Switzerland Partner Representative offices (Europe) in:fax: +352 248 329 444email: info@alceda.luweb: www.alceda.lu Geoffrey Cook (Luxembourg) Tailor-made products Partner Specialist services or skills offered: Germany The Alceda Star Free CareerCountry of origin: 2010 product launches / developments: 4 years Concept Global AuA: €775bnOperating in Europe: Funds under administration at 31/12/10 World Education Index Certificate Domiciled in Europe: €220bn Michael Sanders (Luxembourg) The Mama Sustainability Fonds 01 Net flow during 2010: +€351bnSenior executives: Chief executive officer (CEO) Av. NAVs per month 2010: 34,600 Germany Mandates won in 2010: 91 2010 geographic focus: Helmut Hohmann (Luxembourg) Europe Chief communications officer (CCO) Americas €152.1bn / Fund manager / RICs Biggest-by-AuA client: Russia long/short equity Ucits III Variable annuities, 529 plans, separate 2011 product growth/development focus: Marc Kriegsmann (Luxembourg) Chief finance officer (CFO) Wind and solar power plants SIF accounts Service harbour in S Europe €0.026bn / Fund manager / RICs Smallest-by-AuA client: Uwe Krönert (Luxembourg) Asia 2011 focus on these geographies: Chief operating officer (COO) India United States €120.0bn / Fund manager / RICs, Top Three mandate wins in 2010: Global AuA: €4.0bn Variable annuities, 529 plans, separateFunds under administration at 31/12/10 Domiciled in Europe: €4.0bn accounts €33.0bn / Fund manager / Sicav, FCP BBH Net flow during 2010: +€2.0bn Brown Brothers Harriman Mandates won in 2010: 15 140 Broadway €7.5bn / Fund manager / Ucits, Trust Mandates retained in 2010: 65 New York 10005 USA Ireland, Luxembourg, Switzerland, UK Representative offices (Europe) in: tel: +1 212 493 1818 €1bn / Pension plan / SIFBiggest-by-AuA client: web: www.bbh.com ETF (exchange traded fund) services Specialist services or skills offered: USA €1bn / Pension plan / SIF REIF (real estate inv. fund) servicesTop three mandate wins in 2010: Country of origin: Operating in Europe: 35 years54
    • Private equity & alternative fund services collateral management, full suite of France, Ireland, Luxembourg, Poland. Offshore funds services performance and risk (ex-ante and ex-post) Derivatives processing solutions measurements and reporting, pooling, cross- Derivatives360 Specialist services or skills offered: Infomediary® connectivity solutions border fund distribution support (local and GASB reporting/compliance regional TA) Portfolio stress testing Securities lending Fair value pricing2010 product launches/developments: Global fund servicing model Eagle PACE Infomediary® Ucits IV Kiid reporting pack, Kiid / SRRI Access 2010 product launches/developments: monitoring dashboard, Kiid / SRRI simulation Investor analytics risk solutions Asia MasterSuite for pension funds: includes2010 geographic focus: Luxembourg reporting and net asset valuation (Nav) Dublin AlphaSuite for alternative asset managers Derivatives360 2010 product launches/developments: Ucits risk reporting Transfer agency connectivity (Infomediary®) Money market stress testing2011 product growth/development focus: Global transfer agency service Europe (esp Belgium and Netherlands) 2010 geographic focus: Fund distribution support services Asia Europe 2010 geographic focus: Middle East and Africa Asia Ucits funds support esp. in Asia Asia2011 focus on these geographies: 2011 product growth/development focus: Luxembourg Ucits IV master-feeder integrated service Dublin Reporting in preparation for Solvency II Distribution and marketing support 2011 product growth/development focus: Distributor workbench Europe Distribution support consultancy 2011 focus on these geographies: Asia (AlphaSuite Asia for asset managers) Derivatives lifecycle managementBNP PARIBASBNP Paribas Securities Services9 rue du Débarcadère Latin America Continuing development of93500 Pantin Derivatives360France New operating models for Ucits funds Transfer agency BNY MELLONtel: +33 1 42 98 1000 BNY Mellon Asset Servicingfax: +33 1 42 98 04 33 One Canada Square, Canary Wharf Fund administration London E14 5AL Investment manager solutionsBP2S_Corporate_comms@bnpparibas.comemail: UK Europe 2011 focus on these geographies:web: http://securities.bnpparibas.com tel: +44 20 7570 1784 web: www.bnymellon.com Middle East and AfricaCountry of origin: France AsiaOperating in Europe: 78 years Country of origin: USA 36 years BANK OF IRELAND Bank of Ireland Securities Services Operating in Europe: Patrick Colle (Pantin, Paris) New Century House, Mayor Street LowerSenior executives: CEO Nadine Chakar (New York) IFSC Dublin 1 Senior executives: Head of global financial institutions Ireland Philippe Ricard (Pantin, Paris) tel: +353 1 670 0300 Head of asset and fund services (AFS) Frank Froud (London) web: www.boiss.com Head of Emea asset servicing Bernard Tancre (Luxembourg) Ireland Head of product management AFS Country of origin: Tim Keaney (London) Operating in Europe: 40 years CEO BNY Mellon asset servicing Global AuA: €771bn Deirdre Flannery (Dublin)Funds under administration at 31/12/10 Senior executives: Domiciled in Europe: €600bn MD Funds under administration Net flow during 2010: +€43bn Global AuA: €2,679 at 31/12/10 Av. NAVs per month 2010: 87,000 Domiciled in Europe: €1,102 Fearghal Woods (Dublin) Mandates won in 2010: n/d Net flow during 2010: n/d Global head of business development Mandates retained in 2010: n/d Av. NAVs per month 2010: 198,000 Mandates won in 2010: 237 Liam Butler (Dublin) Mandates retained in 2010: 236 Global head of client relationship €250bn / Fund manager / Ucits managementBiggest-by-AuA client: n/d €0.150bn / Fund manager / UCI Paul Heffernan (Dublin)Smallest-by-AuA client: Biggest-by-AuA client: n/d Head of UK & European business Smallest-by-AuA client: development France, UK, Germany, Luxembourg,Representative offices (Europe) in: €202bn / Fund manager / US mutual Top three mandate wins in 2010: Belgium, Netherlands, Spain, Italy, Isle of funds Man, Ireland, Switzerland, Poland, Jersey, Global AuA: €110 Funds under administration at 31/12/10 €98bn / Fund manager / Global fundsHungary, Portugal, Greece, Guernsey, Turkey €32.5 bn / Fund manager /Offshore funds Domiciled in Europe: €90 Net flow during 2010: -€10bn UK, Denmark, Germany, Italy, Spain Av. NAVs per month 2010: 35,000 Representative offices (Europe) in: OTC derivatives middle and back office, Mandates won in 2010: 6Specialist services or skills offered: Netherlands, Russia, Switzerland, Belgium, 55
    • DIRECTORY Mandates retained in 2010: 65 Global AuA: €1,150.2bn Global AuA: €41.6bn Funds under administration at 31/12/10 Funds under administration at 31/12/10 €6bn / Fund manager / Multi-asset Domiciled in Europe: €1,128.3bn Domiciled in Europe: €41.6bnBiggest-by-AuA client: Net flow during 2010: +€89.7bn Net flow during 2010: +€3.5bn €3m / Hedge fund / Multi-asset Av. NAVs per month 2010: n/a Av. NAVs per month 2010: 3,814Smallest-by-AuA client: Mandates won in 2010: n/d Mandates retained in 2010: n/d €3bn / Investment bank / Structured UK, Dublin, GuernseyTop three mandate wins in 2010: Representative offices (Europe) in: €1bn / Asset manager / Fund of funds €1bn / Hedge fund / Multi-asset +/-€300bn / Asset manager / various Biggest-by-AuA client: Authorised corporate director Specialist services or skills offered: n/a Investment managers management Smallest-by-AuA client: Ireland and UK Company solutionsRepresentative offices (Europe) in: n/d Company secretarial Top three mandate wins in 2010: Special purpose vehicleWe cover a wide range of specialised France, Luxembourg, IrelandSpecialist services or skills offered: Representative offices (Europe) in:products including multi-manager funds, Switzerland, Germany, Belgiumproperty funds, hedge funds and fund of Netherlands Calastone settlement/reconciliation 2010 product launches/developments:hedge funds, mutual funds, money market packagefunds, and structured products for off-shore Stock lendingand on-shore structures. BoISS is regarded as Hedge fund and FOHF valuations, Virtual Specialist services or skills offered:a ETF service provider in Europe and has pooling, Cloning, Securities lending, Equity UK and Dublin 2010 geographic focus:serviced some of the largest players in the finance, Prime brokerage,physical and synthetic ETF space Rolling out Calastone software 2011 product growth/development focus: into Ireland Newcits and Ucits set-up service 2010 product launches/developments: ETFs Redomiciliation of offshore funds UK and Dublin2010 product launches/developments: 2011 focus on these geographies: Structured products Restructuring Ucits funds for Regulated hedge funds Ucits IV CITI Citi, Citigroup Centre, Canada Square, Europe Luxembourg, Ireland (Ucits hubs)2010 geographic focus: 2010 geographic focus: Canary Wharf USA London E14 5LB Asia Outsourcing and value-added 2011 product growth/development focus: UK services tel: +44 20 7986 6000 ETFs Improving fund distribution support2011 product growth/development focus: fax:: +44 20 7500 2308 Structured products Securities lending email: gene.peterson@citi.com Regulated hedge funds web: www.transactionservices.citigroup.com Latin America 2011 focus on these geographies: Europe Asia2011 focus on these geographies: USA USA Benelux Country of origin: 40 years Asia Operating in Europe: CAPITA Capita Financial Group Sanjiv Sawhney (Luxembourg) Senior executives: 42-47 Minories Global head of fund servicesCACEISCaceis Investor Services1-3 place Valhubert London EC3N 1DX75206 Paris Cedex 13 UK Catherine Brady (Dublin)France tel: +44 870 607 2555 Head of fund services Emeatel: 33 1 57 78 00 00 web: www.capitafinancial.comemail: info@caceis.com Marion Mulvey (Dublin)web: www.caceis.com Country of origin: UK Head of Emea alternative investments Since mid-70’s Bernard Hanratty (Dublin) Operating in Europe: France Investor services franchise directorCountry of origin: 25+ years Chris Addenbrooke (Leeds)Operating in Europe: Senior executives: CEO Funds under administration François Marion (Paris)Senior executives: Karl Midl (London) Global AuA: €1,082bn at 31/12/10 CEO Director, relationship management and Domiciled in Europe: €501bn Jean-Pierre Michalowski (Luxembourg) product development Net flow during 2010: +€92bn Deputy CEO Av. NAVs per month 2010: 25,890 Sylvie Philippot (Paris) Jackie Millan (London) Mandates won in 2010: 167 Deputy CEO Finance director Mandates retained in 2010: 26 PierreCimino (Luxembourg) Christine Hayes (Leeds) Operations director €237bn / Insurance / Biggest-by-AuA client: Member of the executive committee56
    • DIRECTORY Various email: infoAFS@list.db.com Dermot S L Butlern (Malta and Dublin) Senior exeutives: web: www.dbafs.com €0.05bn / Asset manager / Group chairmanSmallest-by-AuA client: Offshore fund Germany David P.M. Blair (Malta & Dublin) Country of origin: 30 years Group CEO Operating in Europe: n/a / Insurance / Offshore fund Mike Hughes (London)Top three mandate wins in 2010: Senior executives: n/a /Alternative AM / AI Mark Hedderman (Malta & Dublin) Head of alternative fund services Emea €6bn / Asset mgr / Offshore fund Group chief operating officer Jason Brandt (London) Kevin Caruana (Malta) Head of client services Emea Austria, Belgium, Bulgaria, Czech MDRepresentative offices (Europe) in: Republic, Denmark, Finland, France, John Sergides (London) Germany, Greece, Hungary, Ireland, Product strategy Emea Italy, Jersey, Luxembourg, Monaco, Funds under administration Netherlands, Norway, Poland, Portugal, Global AuA: €44.72bn Tom Dolan (Dublin) at 31/12/10 Romania, Russia, Serbia, Slovakia, Domiciled in Europe: €14.67bn Head of client services – Dublin office Spain, Sweden, Switzerland, Turkey, Net flow during 2010: +€7.14bn Ukraine, UK Av. NAVs per month 2010: 3,016 Mandates won in 2010: 40 Global AuA: €40.8bn Funds under administration at 31/12/10 Mandates retained in 2010: all Domiciled in Europe: €11.5bn Cross-border asset pooling, Offshore Net flow during 2010: +€20bnSpecialist services or skills offered: fund distribution support services, Av. NAVs per month 2010: 325 External fund link administration (UK), €8.79bn / Hedge fund / Multi-asset Mandates won in 2010: 30 Biggest-by-AuA client: Ucits IV KII services, Market-leading long Mandates retained in 2010: 120 only & AI capability, Private equity <€50k / Hedge fund / Multi-asset Smallest-by-AuA client: administration, Asset allocation solutions, Multi-manager fund solutions, OTC / €0.45bn / Hedge fund – managed €8.5bn / Investment bank / Managed Top three mandate wins in 2010: Biggest-by-AuA client: complex instrument pricing, Financial account platform/ CTA account & unitised account / DB global regulatory reporting, Directors payroll tax €0.12bn / Private equity / Real estate fund derivativesservices, Share-class hedging service €0.10bn / Hedge fund – FoF / Multi-asset €0.001bn / Hedge fund / Long-short Smallest-by-AuA client: Cross-border distribution support Guernsey, Ireland, Luxembourg,2010 product launches/developments: Representative offices (Europe) in: for Ucits Netherlands, Malta €2.9bn / Hedge fund / Bank debt Top three mandate wins in 2010: Nav process automation model €4.4bn / Investment bank / PE FoF PE administration services in Emea €4.2bn / Investment bank / Chariot web reporting platform Infrastructure Specialist services or skills offered: UK Chariot dealing platform2010 geographic focus: Middle East Europe-Asia links to support distribution London, Dublin, Luxembourg, Jersey, Representative offices (Europe) in: opportunities in emerging markets Managed accounts/managed account Amsterdam 2010 product launches/developments: platforms Cross-border distribution support Nascent emerging manager fund product2011 product growth/development focus: for Ucits Chariot dealing platform Liquidity lines (credit), FX overlay, Specialist services or skills offered: Enhanced transfer agency reporting Fund of hedge fund / alternative asset Ucits IV key investor information USA custody and safekeeping, 2010 geographic focus: China and Hong Kong Trustee and depository services, Western European footprint, eg, Sweden India Corporate services (SPV administration),2011 focus on these geographies: Deepen emerging market capabilities Cash management, Links between emerging market and An efficient middle-office product Vendor payables, 2011 product growth/development focus: Europe to support cross-border distribution Nascent US fund Online FoHF trade order management, Comprehensive middle-office programme ETFs, Financial statement preparation South America, particularly BrazilCUSTOM HOUSE 2011 focus on these geographies:Custom House Global Fund Services Ltd India Liquidity lines for FoHF 2010 product launches/developments:Tigne Towers, TigneSliema SLM 3172 Further develop the US market FX overlayMalta ETFtel: +356 2258 2100 Germany DEUTSCHE BANK 2010 geographic focus: Deutsche Bank Alternative Fund Serviceskevin.caruana@mt.customhousegroup.com 1900 Wright Place, Suite 100 Europe, the Middle East and Africa (Emea)email:web: www.customhousegroup.com Carlsbad 92008 USA USA Ucits 2011 product growth/development focus: Malta tel: +1 760 918 4900 Middle-office servicesCountry of origin:Operating in Europe: 18 years fax:: +1 760 804 930458
    • Passive hedging product for Ucits. In-house designed investor web portal Dublin New fund start-up service2011 focus on these geographies: Hong Kong Luxembourg (growing Ucits capability) Dedicated carry scheme service 2010 geographic focus: USA UK Ireland Sif / Sicar structures (new Lux office) 2010 product launches/developments: HSBC Amanah securities services Swift interface (on banking platform)HSBC 2011 product growth/development focus:HSBC Securities Services8 Canada Square Solvency II product for Europe. Listed funds service (CISX membership)London E14 5HQ ETF synthetic swap model UK, esp. building outsourcing practice 2010 geographic focus:UK Luxembourg (Ucits capability) Luxembourg / Western Europe 2011 focus on these geographies:web: www.hsbcnet.com/hss UK Russia / CEE UK Ireland Middle-office offeringCountry of origin: 2011 product growth/development focus: Portfolio monitoring solution Listed funds offering: AIM, CISX and LSE IPES Mike Martin (London) Ipes, 1 Royal Plaza, Royal AvenueSenior executives: Global head of fund services St Peter Port GY1 2HL Compliance offering Guernsey UK 2011 focus on these geographies: Richard Godfre (London) tel: +44 1481 713 843 Head of fund services Europe fax:: +44 1481 715 219 Western Europe email: info@ipes.com Nordic region Paul Stillabower (London) web: www.ipes.com Global head of business development JP MORGAN fund services Guernsey JP Morgan Worldwide Securities Services, 125 London Wall Country of origin: 13 years Carole Anderson (London) London EC2Y 5AJ Operating in Europe: Head of business development fund UK services Europe Kevin Brennan (Guernsey) Senior executives: tel: +44 20 7777 2000 CEO web: www.jpmorgan.com Global AuA: €749.81bn Gavin Hayman (Guernsey)Funds under administration at 31/12/10 USA Domiciled in Europe: €428.28bn CFO Country of origin: 36 years Net flow during 2010: €3.53bn* Operating in Europe: Barry McClay (Guernsey) COO Susan Ebenston (London) Senior executives: Managing director*Excludes any net movement for FX Justin Partington (London) Global fund services product head impact, Market change or net Subs/RedsAv. NAVs per month 2010: 728,332 Commercial director Mandates won in 2010: 296 Christopher Edge (London) Mandates retained in 2010: 7 Managing director Global AuA: €30.5bn Emea fund services product executive Funds under administration at 31/12/10 Domiciled in Europe: €30.5bn €64.8bn / Insurance / Fund admin, Net flow during 2010: +€5bn Marcel Guibout (London)Biggest-by-AuA client: Custody, NII, FX, Lending, Trustee Av. NAVs per month 2010: 75 Executive director, Emea mutual fund Mandates won in 2010: 8 administration product head €0.15bn / Asset manager / Fund admin, Mandates retained in 2010: 72Smallest-by-AuA client: NII, FX, Trustee Francis Jackson (London) Managing director, worldwide securities €6.5bn / Fund manager / PE fund services sales regional executive Emea Biggest-by-AuA client: €2.1bn / Hedge fundTop Three mandate wins in 2010: €5.03bn / Private equity FoF / Multiple €0.13bn / Fund manager / PE FoF Smallest-by-AuA client: €1bn / Fund manager Global AuA: €5,440bn Funds under administration at 31/12/10 Domiciled in Europe: €768bn €0.87bn / Fund manager / PE fund Net flow during 2010: +€17bn Top three mandate wins in 2010: Germany, Guernsey, Ireland, Luxembourg €0.85bn / Fund manager / PE buyout fund Av. NAVs per month 2010: 2,817Representative offices (Europe) in: Malta, UK €0.45bn / Fund manager / PE FoF Mandates won in 2010: 118 Mandates retained in 2010: n/a Middle-office support; UK, Luxembourg, Jersey, GuernseySpecialist services or skills offered: Representative offices (Europe) in: Alternative investment fund services. €210bn / Asset manager / Multi-asset Biggest-by-AuA client: Alternative investment specialist services Banking supplier selection (assistance with) €0.004bn / Asset manager / Mutual fund Specialist services or skills offered: Smallest-by-AuA client: and Swift Interface, Specialist focus: ETF global operating platform private equity and closed ended asset class2010 product launches/developments: UK mutual funds Report design and implementation €2.2bn / Investment manager / Multi-asset Top three mandate wins in 2010: 59
    • DIRECTORY €0.63bn / Asset manager / Mutual fund Forex funds €0.46bn / Asset manager / Mutual fund Multi manager fund administration Transfer agency: new global funds portal 2010 product launches/developments: Derivatives: expansion of capability South Africa Straight-through processing 2010 geographic focus: Guernsey, Ireland, Jersey, Luxembourg, LuxembourgRepresentative offices (Europe) in: United Kingdom Malta Australia: new fund servicing business 2010 geographic focus: Scandinavia: new fund servicing Private equity business 2011 product growth/development focus: Propriety cross-border tax reporting system Forex funds USA: launch of alternative businessesSpecialist services or skills offered: Independent derivatives valuation Retirement fund wrappers ETFs: development of capability 2011 product growth/development focus: Sub-Saharan Africa (ex RSA) FoHF: functionality and capability 2011 focus on these geographies: Cross-order Tax Reporting Malta Master feeder funds (for Ucits IV2010 product launches/developments: Corporate secretary services for UK Luxembourg admin) Investment trust service clients USA: product expansion to US managers 2011 focus on these geographies: Guernsey Scandinavia: further Nordics expansion2010 geographic focus: NORTHERN TRUST Northern Trust 50 Bank Street Switzerland: asset managers/asset owners Grow ETF business2011 product growth/development focus: London E14 5NT Cross-border tax reporting UK RBC DEXIA2011 focus on these geographies: n/a tel: +44 20 7982 2000 RBC Dexia Investor Services fax:: +44 20 7982 2002 71 Queen Victoria Street, 4th FloorMAITLAND web: www.northerntrust.com London EC4V 4DEMaitland Fund Services UKMaitland House USA web: www.rbcdexia.com1 River Park, River Lane, Country of origin: 19 yearsMowbray, Cape Town Operating in Europe: Country of origin: Canada/BelgiumSouth Africa Operating in Europe: Established intel: +27 21 681 8000 January 2006. Predecessor companies Wilson Leech (London) RBC Global Services and Dexia Fund Senior executives:fax:: +27 21 681 8100email: chantal.cantin@maitlandgroup.com CEO for Emea Services present since 1986 and 1959web: www.maitlandgroup.com respectively Brian Ovaert (London) Malta Head of worldwide operations and technology Emea Tony Johnson (London)Country of origin: Senior exeutives: 11 years Global head, sales and distributionOperating in Europe: Toby Glaysher (London) Dan Mackelden (London) Head of GFS for Ireland, Luxembourg Simon Shapland (Luxembourg)Senior executives: Head of business development – Europe and UK Head, Europe, sales and distribution Steve Georgala (London) Vic Holmes (Guernsey) CEO Head of GFS for Channel Islands Funds under administration John Mills (Luxembourg) Global AuA: €795bn at 31/12/10 Director Net flow during 2010: n/d Av. NAVs per month 2010: 163,098 Funds under administration Dirk Oppelaar (Geneva) Global AuA: €754bn Mandates won in 2010: 227 at 31/12/10 Director Domiciled in Europe: €232bn Mandates retained in 2010: 20 Net flow during 2010: +€39bn Av. NAVs per month 2010: 66,000 approx. Mandates won in 2010: 181 €7bn / Funds / Transfer fundsFunds under administration Top Three mandate wins in 2010: Global AuA: €57.0bn Mandates retained in 2010: 26 €3bn / Bank / Fundsat 31/12/10 Domiciled in Europe: €0.5bn €1bn / Insurance / Custody Net flow during 2010: n/a Av. NAVs per month 2010: 1,222 €297bn / Investment mgr / Fund admin Biggest-by-AuA client: Mandates won in 2010: 209 Belgium, France, Ireland, Italy, Representative offices (Europe) in: Mandates retained in 2010: 1,088 €6m / Investment mgr / Fund admin Luxembourg, Spain, Switzerland, Smallest-by-AuA client: UK €22.9bn / Fund manager / Unit €34bn / Investment mgr / OutsourcingBiggest-by-AuA client: Top three mandate wins in 2010:trusts/pension segregated funds €29bn / Investment mgr / Outsourcing Distribution support Specialist services or skills offered: €16bn / Pension / Outsourcing Shareholder services €49k / Hedge fund / Multi-strategy Alternative investmentsSmallest-by-AuA client: UK, Guernsey, Ireland, Jersey, Representative offices (Europe) in: Fixed income funds Luxembourg, Netherlands, Sweden Foreign exchange2010 product launches/developments: 2010 product launches/developments:60
    • Securities lending Alternatives investments Independent pricing and collateral France, Luxembourg, Germany, Ireland, Specialist services or skills offered: Representative offices (Europe) in: Management services Italy Italy2010 geographic focus: Spain OTC Pricing Specialist services or skills offered: Switzerland Ucits Middle-office OTC products 2010 product launches/developments: Qualified investment funds Collateral management Distribution support Family offices Reporting: performance and risk2011 product growth/development focus: Foreign exchange measurement Alternatives investments UK 2010 geographic focus: Scandinavia Europe (eg Germany) Switzerland OTC pricing2011 focus on these geographies: 2010 product launches/developments: Asia (eg Taiwan) Middle-office OTC – collateral mgt n/a Specific reporting (perf-risk) 2011 product growth/development focus: n/a GermanySEI INVESTMENTS 2011 focus on these geographies: 2010 geographic focus:SEI Investments Global Fund Services LtdStyne House, Upper Hatch Street Italy France SOCIETE GENERALEDublin 2 Société Générale Securities ServicesIreland Tour CB3 189, rue d’Aubervilliers Kiid offer 2011 product growth/development focus:tel: +353 1 638 2435 75886 Paris Cedex 18email: ManagerServices@seic.com France OTC pricingweb: www.seic.com/ims tel: +33 1 56 37 37 63 Middle-office OTC: collateral mgt fax:: +33 1 56 37 37 11 OTC pricing 2011 focus on these geographies: USA email: Sgss.Com@socgen.com web: www.sg-securities-services.com Middle-office OTC: collateral mgtCountry of origin: 16 years Specific reporting (perf-risk)Operating in Europe: Country of origin: France David Morrissey (Dublin) 21 yearsSenior executives: STATE STREET State Street Bank and Trust Company Operating in Europe: Director of European business development 20 Churchill Place Alain Closier (Paris) Canary Wharf Senior executives: William Montgomery (Dublin) Director of new business Global head of SGSS London E14 5HJ UK Dan Petrovic (London) Bruno Prigent (Paris) tel: +44 20 3395 2500 Director of new business Deputy head of SGSS web: www.statestreet.com Barry O’Rourke (Dublin) Jean-Claude Martinez (Paris) USA COO Country of origin: MD Operating in Europe: 25+ years Anne Deegan (Dublin) Serge Jacqueline (Paris) Head of fund administration and asset Joseph Antonellis (London) Senior executives: MD, SEI investments trustee and custodial services (Ireland) servicing Vice-chairman Timothy J. Caverly (Luxembourg) Executive vice-presidentFunds under administration Funds under administration Global AuA: €455bn at 31/12/10 Global AuA: €300bn+at 31/12/10 Domiciled in Europe: €32bn+ Domiciled in Europe: €462bn William Slattery (Dublin) Net flow during 2010: n/a Net flow during 2010: +€5.18bn Executive vice-president Av. NAVs per month 2010: >2,000 Av. NAVs per month 2010: 682,259 Mandates won in 2010: n/a Mandates won in 2010: 30 NOTE: Consistent with State Street’s Mandates retained in 2010: n/a Mandates retained in 2010: 190 reporting policies, our assets under custody and administration are reported combined €101.7bn / Asset manager / Tracker, Biggest-by-AuA client: €27bn / SWV / MultipleBiggest-by-AuA client: structured funds, alternative funds Funds under administration €0.01bn / Boutique investmentSmallest-by-AuA client: €0.013bn / Asset manager / Alternative Global AuA: €16,046bn Smallest-by-AuA client: at 31/12/10 mgr/ Ucits funds Domiciled in Europe: €2,910bn Net flow during 2010: +€2,036bn €3.65bn / Multi-strat credit / Multiple Av. NAVs per month 2010: 179,919Top Three mandate wins in 2010: Mandates won in 2010: 122 Top three mandate wins €1.45bn / Family office / Multiple €3.66bn / Asset manager / Mandates retained in 2010: n/d in 2010: €585m / Multi-product / Multi Private equity, hedge funds, real assets €3.39bn / Asset manager n/d €0.31bn /n/a Biggest-by-AuA client: Dublin, London, Amsterdam n/dRepresentative offices (Europe) in: Smallest-by-AuA client: 61
    • DIRECTORY €8.5bn / Bank / Multi-assets / UBS n/a / Pension plan / Pension fund Sweden, Norway, Estonia, Latvia, €4bn / Pension fund / Multi-assetsTop three mandate wins in 2010: Representative offices (Europe) in: €15.09bn/ Bank / Real estate fund Lithuania, Luxembourg €32.45bn/ Bank / Various Switzerland, Luxembourg, Ireland, Jersey Representative offices (Europe) in: Fund registration service in Baltic countries Specialist services or skills offered: Austria, Belgium, France, Germany,Representative offices (Europe) in: Guernsey, Ireland, Italy, Jersey, Alternative Ucits, strong in FoHF. Specialist services or skills offered: Luxembourg, Netherlands, Poland, Fund administration Distribution support for 28 countries 2010 product launches/developments: Switzerland Transfer agency ETF Portfolio accounting Private labelling (incl full legal support) ManCo services Compliance support EstoniaSpecialist services or skills offered: 2010 geographic focus: Legal administration services Sweden Blue sky fund services Luxembourg ETF 2010 product launches/developments: Treasurer’s office support Single-manager HF New product launch support, mergers, Fund administration Institutional fund concepts 2011 product growth/development focus: liquidation and regulatory support Transfer agency Portfolio accounting Asia Pacific 2010 geographic focus: Ireland ESG reporting Sweden2010 product launches/developments: 2011 focus on these geographies: Entity exposure monitoring Estonia ETF 2011 product growth/development focus: GASB 53 public pension funds Luxembourg PE / Infrastructures / Real estate Global Asia Pacific2010 geographic focus: 2011 focus on these geographies: Jersey UBS UBS Global Asset Management Fund Services Ucits IV (Kiid reporting) Ireland2011 product growth/development focus: Brunngässlein 12 Collateral tracking & messaging tracking, PO Box 4002 Alternative investment replication Basel Switzerland Global2011 focus on these geographies: tel: +41 61 288 62 69 fax: +41 61 288 45 40SWEDBANK AB email: fundservices@ubs.comSwedbank, Regeringsgatan 13 web: www.ubs.com/fundservicesSE 105 34 StockholmSweden Country of origin: Switzerlandtel: +46 8 5859 0000 Operating in Europe: 50+ yearsweb: www.swedbank.se André Valente (Basel) Senior executives: Sweden Head, fund services business development,Country of origin: 6 years CRM and marketingOperating in Europe: Ola Laurin (Stockholm) Markus Steiner (Basel)Senior executives: Head of securities services Head, fund services Switzerland Henrik Staffas (Stockholm) Mark Porter (Luxembourg) Head of fund services Head, fund services Luxembourg Don McClean (Dublin) Global AuA: €10.3bn Head, fund services IrelandFunds under administration at 31/12/10 Domiciled in Europe: €10.3bn Net flow during 2010: €0.3bn Av. NAVs per month 2010: 1,800 Global AuA: €313bn Funds under administration at 31/12/10 Mandates won in 2010: 6 Domiciled in Europe: €233bn Mandates retained in 2010: 8 Net flow during 2010: n/a Av. NAVs per month 2010: 16,809 Mandates won in 2010: 60 €8.3bn / Fund manager / Mandates retained in 2010: 313Biggest-by-AuA client: Multi-asset €0.094bn / Fund manager / Multi-asset €172bn / Bank / Multi-asset / UBSSmallest-by-AuA client: Biggest-by-AuA client: €0.14bn / Bank / Multi-asset Smallest-by-AuA client: €0.285bn / Fund manager / Multi-assetTop three mandate wins in 2010: €0.242bn / Fund manager / FoF €0.094bn / Fund manager / Multi-asset €17bn / Social security / Multi-asset Top three mandate wins in 2010:62