Citco Still The Biggest Hedge Fund Administrator

May 28 2008 | 12:47pm ET

Citco Fund Services remains by far the largest hedge fund administrator by both assets and number of funds. Meanwhile, its nearest rival’s well-publicized troubles extended to that firm's administration business.

Citco boosted its assets under administration by 2.77% in the first quarter, and now boasts $482 billion in 1,542 funds, according to The firm is also the largest administrator for funds of funds, with $192 billion in 545 funds of funds (a 3.23% increase in AUA). Citco is also the largest administrator in both North America and Europe, and the largest fund of funds administrator in Europe.

Citigroup—along with many top hedge fund administrators—saw its AUA fall by 4.04% during a difficult period both for the firm and for hedge funds generally. Citi remains the second-largest administrator with $227.5 billion in 913 funds, and is the largest fund of funds administrator in North America.

HSBC Securities Services was a close third with $217.2 billion in 893 funds, down 0.14% from the fourth quarter. It was the largest administrator for Asian hedge funds and funds of funds in the first quarter. Goldman Sachs took fourth with $211.7 billion in 589 funds, a 0.84% decline in AUA, while the Bank of New York Mellon came in fifth with $149.7 billion in 469 funds, a 2.38% increase in AUA.

Overall, more than 60 hedge fund administrators reported $2.759 trillion in assets, in 13,804 hedge funds.

While the biggest administrators more or less held their ground, several smaller administrators—including some with big names—made a splash in the first quarter. Kingsway Taitz saw its assets under administration soar 422.4% to $1.4 billion, while Equity Fund Services boosted its AUA 111.1% to $14.5 billion. Meanwhile, among fund of funds administrators, Citadel Solutions boosted its AUA by 113.8% to $1.4 billion and JPMorgan Hedge Fund Services increased its assets by 77.9% to $34.6 billion.


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