Global bank HSBC has been voted the best global fund and administration provider by fund managers and other financial institutions, according to the 2021 R&M Investor Services Survey.
RBC I&TS and Northern Trust attained second and third place, respectively.
Survey responses were provided by fund managers, who were asked a total of 37 questions broken down into six categories covering core fund accounting and administration, fund valuation, communication, approach and flexibility, quality of personnel and value for money.
Due to the logistics of the ongoing COVID-19 pandemic, an additional question was also asked about the main work challenges facing financial institutions over the next 12 months.
On this, R&M commented: “Given that this is the second year the survey has occurred whilst lockdowns come and go and working from home is the norm for most it is particularly pleasing to see the overall score rise.”
BNP Paribas Securities Services and Citi gained fifth and sixth place, respectively, at the expense of Société Générale and State Street who moved down to eighth and ninth, the two lowest places in the overall survey.
HSBC was also at the top of the UK fund accounting and administration table. Commenting on this, one pension fund manager said: “In the 15 years we have been with HSBC we have never missed a reporting deadline, there have never been any significant pricing issues and our auditors have commented that the speed at which year end reporting is sent and explained to them is of a high standard.”
Also on the UK table, BNY Mellon rose from fifth to second, while Northern Trust slid from second to seventh place.
R&M’s global survey was conducted between June and September 2021. 87 fund managers responded.
Responses came from the UK, the US, Canada, Ireland, France, Spain, Switzerland, The Netherlands, Germany, Luxembourg, Italy, Finland, Japan, Australia, Singapore.
