Citco Fund Services remains the undisputed giant of the hedge fund administration world, overseeing nearly twice as many assets as its nearest rival.
The firm administers $436 billion in single-manager hedge fund assets and $174 billion in 530 funds of hedge funds—good enough for second worldwide in that category, according to HedgeFund.net’s third-quarter administrator survey. Citco is also the largest administrator of hedge funds domiciled in North America and Europe, and the second-largest administrator of Asian-domiciled funds.
HSBC Securities Services is the second-largest single-manager administrator, with $229 billion in assets under administration, followed by Citi Hedge Fund Services at $228.8 billion. State Street’s IFS at $208 billion, Goldman Sachs Administration Services at $191 billion, The Bank of New York Mellon at $136.2 billion and Fortis at $125.7 billion.
CACEIS Investor Services, the largest administrator in Asia, clocked in at eighth place, with nearly all of its $101 billion in assets under administration in its specialty region. SS&C Fund Services and UBS Global Asset Management rounded out the top 10 at $95 billion and $80 billion, respectively.
Fortis was the largest fund of funds administrator, with $267.4 billion across 521 funds of hedge funds. Most of the firm’s fund of funds assets are domiciled in Europe, where it is the largest fund of funds administrator. It is also the largest in Asia. UBSGAM, which placed third overall among fund of funds administrators with $115.8 billion, was the largest fund of funds admin in North America, edging out Citco by just over $3 billion.
Overall, HFN’s survey covered 58 hedge fund administrators with $2.6 trillion in assets under administration, as well as 53 fund of funds administrators with $1.3 trillion in assets.