Citco Reigns As Biggest Hedge Fund Administrator

Mar 16 2011 | 12:03pm ET

Citco Fund Services remains the largest hedge fund administrator both in terms of assets under administration and number of funds serviced, according to the latest HFN Hedge Fund Administrator Survey.

The biannual ranking showed no movement among the top five administrators, although GlobeOp Financial Services nearly dethroned Citi Hedge Fund Services for fifth place, increasing its AUA by 22.3% in the second half and falling short by just over $8 billion. All told, the 62 firms responding to the survey, sponsored by and Advent Software, reported a total of $2.796 trillion administered for 11,858 hedge funds, the former figure 9.6% higher than it was at the end of the first half of 2010, when administrators grew by about 5%.

The fastest growth came in a handful of smaller administrators. HedgeServe, RBC Dexia Investor Services and Viteos Fund Services all more than doubled their AUA in the second half; Equinoxe Alternative Investment Services more than tripled it.

Likewise, a handful of firms had a very, very bad year. BDO Simpson Xavier Fund Administration Services saw 71% of its assets go elsewhere, leaving it with just $110 million in AUA. Amicorp Fund Services lost 68.9% of its assets and currently has only $770 million. Things aren't quite as dire at UBS Fund Services, but they aren't good, either: The firm's AUA fell almost 30% to $43 billion.

In addition to Citco at $470 billion and Citi at $156.2 billion, the top five included State Street Alternative Investment Solutions ($307.4 billion), BNY Mellon Alternative Investment Services ($250.6 billion) and Goldman Sachs Administration Services ($207.6 billion).

Citco was also the largest fund of funds administrator, with $125 billion in AUA, an 8.7% increase from the first half of 2010 and more than twice the average fund of funds' administrator's 3.9%.

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