Navigating technology, regulation, and the outsourcing evolution
29 Oct 2025
Industry experts in the fund administration space come together to discuss the most significant things impacting the industry today, from outsourcing and regulation, to private markets and what the next few years may hold
Image: pressmaster/stock.adobe.com
Ken Fullerton
Global Head of Fund Operations
Apex Group
Kobus Cronje
Managing Director, Guernsey
JTC
Daniel Trentacosta
Managing Director, Global Head of Private Markets & Change
MUFG Investor Services
Yegor Lanovenko
Global Co-Head of Fund Services
Ocorian
Given that private equity fund administrators experienced a transformative year marked by a heightened focus on data collection and analysis in 2023, how are you leveraging technology and automation to stay competitive, and what are the biggest tech-related challenges you are facing in 2025?
Kobus Cronje: As an industry, fund administration offers significant potential for transformation through technology, automation, and the broader AI revolution. We’re certainly seeing that play out at JTC. It’s been a strategic priority for us throughout 2025 and will continue to be so as we look forward into 2026 and beyond.
In terms of projects and initiatives, the application is broad. In our teams, we are already seeing the tangible benefits through the deployment of robotic process automation (RPA) technology in areas of more manual, repetitive processes. We’re also beginning to see the benefits and increase in productivity through AI in areas of compliance and corporate secretarial activities. Technology has also transformed our ability to extract and process unstructured data in ways that was previously not possible.
The rollout of technology is not without its challenges though. It has to be done in a systematic and controlled way if you are to get the best strategic value from it, it serves a purpose, and it is going to provide a solution to an actual challenge. We also see human expertise as playing a critical role alongside technology. At JTC we put a lot of emphasis on our people and our culture, and with the kind of transformation technology can bring, it’s really important for us that we bring people along on that journey.
Daniel Trentacosta: For us, it’s about partnering with managers and custom-fitting technology and services to best support clients’ unique needs. Leveraging the right technology and employing automation are non-negotiables. We are constantly examining data strategies and exploring client-facing technology and new marketplace tools to strengthen the client experience and improve scale on our side.
Given the ongoing democratisation of alternatives, traditional funds are evolving into more complex structures with a range of investor demands. Evergreen structures are a topical example. While these funds offer unique investor benefits, they present operational challenges. These structures may require performance and management fee calculations for investors at different rates, in addition to various waterfall and carried interest approaches. Our technology is already built to support open-ended and closed-ended funds, and our team tailors these systems to meet the specific needs of evergreens. We know that automation is key and custom-fitting services without manual intervention reduces the margin for error and mitigates risk.
Ken Fullerton: Technology is in our DNA. From the founding days of the group, we’ve leveraged technology to scale efficiently while consistently delivering exceptional service to our global client base, offering them the broadest technology offering in the industry.
In 2025, we reaffirmed our commitment to our investment in technology. The appointment of Helen Wang as chief AI and data science officer underscores our dedication to staying at the forefront of digital transformation. Helen’s deep expertise in AI strategy and data innovation strengthens our leadership team as we build the next generation of technology solutions for our clients.
From robotic process automation which will streamline repetitive tasks to enable our team to focus on client deliverables, to improving client transparency and facilitating data extraction from investor facing applications using natural language processing, our focus is on using AI to redefine how data is managed and delivered.
We are also reducing turnaround times and boosting productivity by using AI models to accelerate data processing, all while understanding the most pressing challenges faced by our industry, including fragmented systems, data quality, and regulatory complexity.
We are tackling these directly through robust data governance, seamless system integration, and a global compliance approach to AI.
The result of our efforts is a technology infrastructure that balances efficiency with transparency, innovation with oversight, and automation with the human expertise that our clients trust.
Yegor Lanovenko: Technology is not just about efficiency, it is about credibility — with investors, partners, and regulators. Investors expect near real-time, on-demand data, through multiple access and delivery channels, regulators expect fully auditable trails and the lines between accounting and back office data and portfolio performance and risk data are blurring.
At Ocorian we are embedding both pinpoint process automation and broader AI analytics into operational workflows that allow our teams to reduce manual touchpoints and spend more time on value-added engagements with clients.
From automation of end-to-end cash management processes from invoice through journal entries to reconciliations, to bidirectional workflows with our clients, we are firmly out of pilot and PowerPoint stages with true AI and automation deployment.
There is certainly no shortage of opportunities for meaningful automation and augmentation of expert teams with emerging technology solutions across private fund operations, so the challenge is not finding highest value cases or deciding on technology; it is adopting it at scale beyond a pilot.
We see managers and providers experiment with pilots to stall at scale and roll-out phases, as point solutions create friction within wider system architecture and fragmented workflow.
The real competitive advantage comes from interoperability and from creating a single data environment, ensuring that data is reliable and usable for AI analytics and automation.
With climbing demand for outsourcing continuing to shape the industry, what factors should fund managers consider when deciding between in-house administration versus outsourcing, and how has this decision-making process evolved?
Fullerton: As demand for outsourcing continues to reshape the alternatives landscape, fund managers face important decisions about whether to retain administration in-house or partner with a third-party provider. The decision-making process has evolved significantly in recent years, with technology, investor expectations, and regulatory complexity all playing a greater role.
When evaluating options, managers typically weigh the following factors:
Scalability and speed-to-market: Building in-house capabilities for new products, asset classes, and geographical requirements requires significant investment in talent, systems, and governance. Outsourced providers can deliver immediate scalability, with established infrastructure and expertise ready to deploy.
Technology and data capabilities: Investors now expect real-time reporting, digital portals, automated reconciliations, and API-driven data flows. These are core strengths of leading administrators like us, who continuously invest in cutting-edge platforms to accelerate delivery and enhance transparency.
Talent availability and cost of skills: Experienced fund accountants and technology specialists are in high demand. Outsourcing provides access to a broader pool of talent while reducing the burden of recruiting, training, and retaining skilled staff.
Pricing predictability: Building internal capabilities often leads to variable, unpredictable, and increased costs. Outsourcing delivers greater predictability, with transparent pricing and clear cost-to-serve models.
Investor expectations: Limited partners (LPs) increasingly demand consistent, frequent, and tailorable reporting — ranging from daily dashboards, visibility into performance, risk, and ESG insights. Outsourced providers are well-positioned to deliver this level of responsiveness at scale.
Core focus and control: While some managers worry about relinquishing control, outsourcing allows them to focus on their core strengths; investment performance and risk management, while relying on specialists for administration.
Regulatory, tax and local market knowledge: Global administrators with on-the-ground expertise in multiple jurisdictions, like us, help managers navigate compliance and regulatory complexity more efficiently than building capabilities in-house.
Data governance and confidentiality: Some managers may prefer in-house solutions for bespoke data governance or confidentiality concerns. However, top administrators like us, offer enterprise-grade governance frameworks, SOC/ISO-certified controls, and dedicated security teams.
Continuity, resilience, and vendor risk: Managers must weigh business continuity and vendor stability. Outsourcing to a financially strong, resilient provider like us ensures robust disaster recovery and redundancy capabilities that can be difficult to replicate in house.
Although the reasons above are still very important, the driver for outsourcing has shifted dramatically in recent years. Investor demands for speed, transparency, and digital reporting have made technology a leading driver of outsourcing decisions.
Today, managers also benefit from enhanced transparency to the service provider, often in near real time; more competitive pricing power, driven by scale efficiencies; and access to innovation in data and automation that would be costly and time-consuming to replicate internally.
We deliver not only scale and efficiency but also a technology-enabled platform that empowers managers to meet rising investor expectations while staying focused on their core mission — generating returns and managing risk.
Lanovenko: Outsourcing is no longer just a cost decision; it is a credibility one. LPs increasingly scrutinise managers’ operating models for scalability, resilience, and ability to deliver flexibly on reporting and regulatory requirements. Demonstrating segregation of duties and governance independence have become fundraising prerequisites.
The decision used to be framed as in-house vs outsourcing. Today, the real question is: who do you want embedded in your operating model? Managers no longer ask us to just “run the back office”. They want partners who understand the front-to-back operating model, data and reporting flows, act as an extension of their chief financial officer and chief operating officer teams, and enable and facilitate operational decision-making. In other words, outsourcing is an infrastructure of trust and a competitive advantage to managers.
Cronje: The trend for increased outsourcing of fund administration has been consistent over the past decade driven by the rising complexity of investment products and the ever-increasing regulatory burden placed on back offices. It requires scale and a significant ongoing investment in both personnel, and technology and can be a significant distraction and burden for investment managers away from their core business.
As the decision to outsource does result in the investment manager sacrificing some level of control to the service provider, it is critical for investment managers to consider the cultural alignment and fit of the selected outsource partner.
Asset-class-specific expertise, scalability, and track record of the outsource partners are other key factors to consider. The technology stack and digital integration capabilities of the outsource service provider are becoming more important in selecting an outsource service provider. The service providers ownership model, staff turnover and engagement model are other factors investment managers should consider. An outsource model can be intrusive and therefore trust and the relationship with the people at the outsource provider is absolutely critical.
Trentacosta: The decision to outsource starts with a conversation. Working with a trusted administrator, managers need to consider their current pain points and realistically identify what is possible to address challenges. We know that outsourcing involves entrusting certain administrative functions to an external partner and that is why ensuring the best culture fit from a business perspective is important.
When faced with increasing costs, fragmented processes, and outdated systems, managers often look at outsourcing as more than an efficiency play. Our teams have deep experience partnering with managers to navigate these decisions, which center around core questions including: how complex are the tasks at hand and what technology is needed, and, importantly, how disruptive would this be to running my business?
Recent frameworks introduced by regulatory bodies focus on transparency, investor protection, and environmental accountability, creating a compliance landscape that demands expert knowledge and robust data management. How are you helping clients navigate this increasingly complex regulatory environment, particularly around ESG reporting requirements?
Lanovenko: Governance has shifted from being a tick-box exercise to a growth facilitator when done right, and a barrier to scale when not. Our research shows 83 per cent of managers expect more regulation, and 85 per cent expect more fines. Failing to reliably comply and demonstrate that compliance can harm fundraising. When scrutiny is high, viewing compliance as solely the responsibility of the compliance team can limit growth.
This applies to expectations of administrators and providers as well. We have a dedicated global regulatory and compliance advisory team who both work with managers on ongoing compliance operations, and consulting on different stages of manager’s lifecycle that come with different regulatory requirements, from authorisation to global expansion. Alongside this dedicated team, compliance is an integral part of the overall proposition to managers, as particularly in regulated jurisdictions compliance is embedded by design in all our functional operations — from investor anti-money laundering (AML)/know-your-customer (KYC) onboarding to fiduciary roles on fund structures.
That applies just as much to regulatory compliance as to ESG reporting as it does to financial and investor reporting. Everyone expects credible, verifiable reporting based on traceable data whether it’s performance or sustainability metrics. We help clients navigate this complexity through dedicated solutions across regulatory and compliance advisory, ESG reporting and analytics, or fiduciary services operating as part of a comprehensive model for asset managers. Compliance done well is a competitive differentiator.
Cronje: Evolving regulatory complexity has been a feature of the cross-border fund administration space for well over a decade, and it’s a theme that continues. While technology is playing a part here, human expertise, knowledge, and people skills remain paramount when it comes to helping managers navigate the regulatory landscape.
Many of our team members at JTC, for instance, previously worked for regulators or have been directly involved in the implementation of new regulations, and helping our clients to navigate through new and evolving requirements. The scale of JTC’s compliance and regulatory teams across global jurisdictions can give managers the level of comfort and support needed to ensure they stay prepared, and ahead of any new regulatory requirements. JTC also developed specialist teams, such as our ESG Consulting team, that are specific subject matter experts and can help clients with both implementation, ongoing compliance and regulatory reporting needs.
In an industry that is inherently multi-jurisdictional, it’s also really important to have oversight of the wider regulatory picture — particularly where regional regulatory frameworks are often fragmented and nuanced.
Even comparing jurisdictions that are very close to each other, like Guernsey and Jersey, there are often subtle differences in terms of the regimes. Being able to tap into that domestic knowledge and applying it to a wider global picture is really valuable for managers. A firm like JTC, with expertise and footprint in all major fund jurisdictions, is able to leverage that expertise.
Fullerton: The regulatory environment is becoming increasingly complex, based on guidelines focussing on transparency, investor protection, and environmental accountability. We help clients not only keep pace with these requirements but also turn compliance into a strategic advantage.
Based in major international financial hubs, our specialist compliance consultants are experienced, qualified, and highly skilled in financial regulation and anti-money laundering, counter financing of terrorism, and counter proliferation financing. We collaborate with our clients to understand their business needs and offer tailored solutions that match the nature, size, and complexity of their business. Our global regulatory and compliance teams provide clients with deep local expertise across multiple jurisdictions. We keep apprised of and monitor evolving regulations and translate them into actionable insights, helping managers anticipate and adapt before these requirements become operationally burdensome.
Our dedicated ESG platform provides clients with unrivalled ESG insights to private companies and their investors. The platform was established to satisfy the demand from private markets for a high quality, global, independent, single-source ESG solution. We manage independent collection of data for investors from their underlying portfolio investments to deliver real time ESG analysis via a secure, intuitive, and flexible online platform.
We give clients the confidence that their compliance and ESG reporting are accurate, and transparent, allowing them to focus on generating returns while meeting the growing demands of regulators and investors alike.
The industry faces a shortage of talent and tech. How are you addressing skills gaps in your organisation, and what strategies are you implementing to attract and retain top talent in fund administration?
Cronje: The fund administration industry as a whole has had to face up to a fierce battle for talent, and many firms have been plagued with high staff turnover, in recent years. JTC has been able to differentiate itself from that trend, with an ability to attract and retain talent over a long period. Our regretted staff turnover is just four per cent, as shown in our annual report — significantly below the industry average and we’ve consistently been able to attract top talent to our business to support growth.
JTC’s shared ownership structure with all employees as owners of the business and continued investment in leadership and skills development programmes are two key differentiators in this highly competitive market.
When it comes to talent, the advent of technological adoption is prompting a shift in terms of the type of skills required by the industry. New technologies are creating new requirements and demanding new skills, which wouldn’t have featured very high on a list of skills requirements 10 years ago. Such is the pace of change that fund administration firms are having to forward plan more and anticipate the skills that they will need in the future.
Lanovenko: The real shortage in this industry is not just headcount but headspace. For too many talented professionals the majority of days are spent stuck in manual processing or reviews, when their real value lies in expert insights, complexity handling and relationships. By automating workflows, reporting and data manipulation, we augment our teams not just for scale but to free our experts to focus on higher-value work. For too many across the industry the answer used to be outsourcing, yet regardless of location, repetitive manual button pressing is not what anyone choosing a career in 2025 would be inspired by.
The industry needs to focus on both attracting and retaining talent by giving people the opportunity to work with and as part of new emerging solutions, technology, engage with clients as embedded partners, providing exposure to different asset classes, fund structures, and investments that shape the real economy. For our people, this means a career that grows with our business and our clients; for our clients, it means consistent, knowledgeable service that does not suffer from turnover.
Fullerton: We invest heavily in training, certifications, and global mobility so our people can grow their careers with us, while advanced AI and automation free them from repetitive tasks to focus on higher-value work. Our strong employee value proposition — built on career development, inclusivity, competitive compensation, and flexibility — helps us attract and retain top talent worldwide. By combining people and technology, we’re building the next generation of fund administration professionals ready to deliver for our clients. We’re also working to attract the next generation of talent, using our corporate social responsibility programs to mentor, and attract young people who are keen to start a career in finance.
We’re seeing that managers are frustrated with issues like poor service quality, high turnover, outdated technology, and unjustified price increases. How are you differentiating your service offering and what innovations are you implementing to exceed client expectations?
Trentacosta: MUFG Investor Services undertakes a client-centric approach based on constant communication and partnership. Across the board, our teams listen to client feedback and tailor fit solutions and customise technology around these unique needs. Communication is critical, and part of this approach is addressing concerns head on. From the start, clients are supported by a global network of experts with decades of industry experience to help ensure a seamless experience. Our one-stop-shop approach provides support across the investment value chain, helping to streamline services and increase efficiency.
Lanovenko: The frustration is real: too often managers experience service providers as arms-length processors, not partners. Any outsourcing arrangement relies on trust — trust that agreed outputs will be delivered right, first time, on time. When this doesn’t happen, trust is eroded. This is particularly felt when it comes to LPs — the most common trigger for managers to review their operating models or change providers tends to be when LPs see too many errors, delays, or operational friction.
Although people tend to see fund administration as a fairly commoditised activity, trust is a precious commodity in this maturing market. Our differentiation is that we see ourselves and act as a true extension of manager’s teams, embedding ourselves in the manager’s operating environment with clear workflows, responsibilities, and expectations across the engagement, both ways. Trust-building is consistent and never-ending, achieved through a winning combination of people, processes and technology.
Cronje: There are a number of contributing factors at play when it comes to service quality and client experience. First, expectations are increasing, with managers and investors demanding greater access to real-time data and reporting on wider scope of data points. Expectations around speed of reporting and processing are also putting more pressure on the industry to deliver at a much higher standard than was previously involved. At the same time, we’re also seeing greater downward pressure on fees across the board. It’s partially an unintended consequence of technology creating the expectation that not only will service quality improve but the cost should also be lower. The consolidation of service providers in the industry has also had an impact on service levels, with staff turnover and poor integration management negatively impacting service delivery.
For JTC, against that backdrop, we’ve been very mindful of the need to be client-centric — and we’ve delivered on that through the stability we’ve been able to offer as a result of our low staff turnover as well as our controlled adoption of technology. It’s been geared towards offering consistently high, seamless service levels, and has been a significant differentiator for us.
Fullerton: We offer a true single-source solution across the entire financial services value chain, a model that is fundamentally different to our competitors. From fund administration and custody to banking, depositary, and ESG solutions, we give clients the ability to scale and evolve with one trusted partner. This eliminates the fragmentation, duplication, and communication breakdowns that come with managing multiple providers.
Technology underpins everything we do. We continue to invest heavily in digital transformation, embedding advanced AI, and automation into our infrastructure which delivers faster insights, streamlined workflows and a different experience for managers.
Service quality ultimately depends on people. We’ve built a strong employee base who have clear career development pathways and global mobility opportunities to supercharge their career with us. We pride ourselves on a culture of continuous learning and transparency, where all opinions and ideas are valued. By putting our people first, we ensure continuity, deep expertise, and consistently high service delivery for our clients.
Our pricing model is designed around scalability and fairness. We leverage data-driven benchmarks to align pricing with the size, complexity, and requirements of each client’s business — ensuring predictability and transparency. Unlike models that embed hidden fees or steep annual increases, our approach gives priority to long-term partnerships and value creation. As clients grow, our scale efficiencies allow us to pass on greater value.
By combining a single-source model, cutting-edge AI-enabled technology, exceptional people, and transparent pricing, we are redefining the client experience.
Looking ahead, with data challenges including maintaining data accuracy and security, and ensuring accessibility and regulatory compliance, plus platform integration being critical due to the advent of different applications, how are you future-proofing your operations and what trends do you see shaping fund administration in the next three to five years?
Fullerton: Our priority is aligning optimum technologies with our clients’ evolving needs. We are leveraging automation and deep system integration to deliver a modular, single point of entry across our platforms.
By focusing on data quality at the very start of the process, we enable straight-through processing with minimal manual intervention, shifting the model toward exception management rather than constant oversight.
Our data strategy and technology design embed strong governance, flexible engineering, and advanced reporting capabilities into our data-as-a-service solutions. This allows us to provide clients with direct integrations and near real-time insights through tailorable data models.
To underpin this, our data governance team operates within a robust framework powered by Informatica, giving full visibility and traceability of all data movements across the group. We align our practices to global standards from the EDM Association, ensuring our data is safe, secure, accurate, and compliant.
Looking ahead, we see several trends shaping fund administration in the next three to five years: greater demand for real-time, integrated data to drive decision-making; expansion of automation and AI-driven processes to reduce overhead and improve scalability; and increasing emphasis on data governance and regulatory alignment.
In short, we are future-proofing our operations by combining leading technology with rigorous governance, giving our clients both the confidence and the flexibility they need to succeed in a rapidly changing environment.
Cronje: Looking ahead, we expect a continuation of the path we’ve been on over the last few years.
An increased demand for and access to real-time data, increased scope in the level of data and reporting requirements, and increased regulatory complexity will continue to be driving factors in the industry, all adding greater complexity to the environment we are working in. Fund administrators will need to focus on meeting heightened stakeholder expectations in that challenging environment.
One area where I think the fund administration industry is going to have to focus is the interplay between technology and human expertise. Just as the industry is going to have to gear up for greater digital adoption and realise the tangible benefits of technology that have been promised for so long, so too will there be a premium placed on personal relationships, authenticity and genuine asset class expertise.
Lanovenko: The next three to five years have the potential to further commoditise and standardise private market operations as a whole. Continued thoughtful technology adoption and proactive talent strategies to attract, train, and retain true value adding experts are baseline requirements to even stay relevant.
To differentiate in a more mature market, providers will need to differentiate with how they can scale trust as extensions of teams through relationships built on more deeply connected, predictable workflows and outputs, operating with consistent data accuracy, resilient cyber frameworks, and transparent, interoperable systems that link seamlessly to clients’ platforms and emerging market utilities.
Our focus is on future-proofing not just our technology roadmap — that process is ongoing. Innovation and adoption is constant.
We are building for adaptability and capacity to flexibly respond to new structures, new regulations, new technologies across processes, people, and data. Interoperability sits at the heart of this: connecting systems, processes, teams; as well as investing in new skills and expertise for this new environment alongside making this an exciting career opportunity for next generations.
Trentacosta: You don’t need a crystal ball to see that the future includes new complex structures, investor classes, and advances in technology. Core elements such as the need to maintain data integrity and security, in addition to keeping your finger on the pulse of change, will remain.
For us, it comes back to doing what we do best: communicating with clients, anticipating their future needs, and continually improving our processes and technology to exceed those needs.
Global Head of Fund Operations
Apex Group
Kobus Cronje
Managing Director, Guernsey
JTC
Daniel Trentacosta
Managing Director, Global Head of Private Markets & Change
MUFG Investor Services
Yegor Lanovenko
Global Co-Head of Fund Services
Ocorian
Given that private equity fund administrators experienced a transformative year marked by a heightened focus on data collection and analysis in 2023, how are you leveraging technology and automation to stay competitive, and what are the biggest tech-related challenges you are facing in 2025?
Kobus Cronje: As an industry, fund administration offers significant potential for transformation through technology, automation, and the broader AI revolution. We’re certainly seeing that play out at JTC. It’s been a strategic priority for us throughout 2025 and will continue to be so as we look forward into 2026 and beyond.
In terms of projects and initiatives, the application is broad. In our teams, we are already seeing the tangible benefits through the deployment of robotic process automation (RPA) technology in areas of more manual, repetitive processes. We’re also beginning to see the benefits and increase in productivity through AI in areas of compliance and corporate secretarial activities. Technology has also transformed our ability to extract and process unstructured data in ways that was previously not possible.
The rollout of technology is not without its challenges though. It has to be done in a systematic and controlled way if you are to get the best strategic value from it, it serves a purpose, and it is going to provide a solution to an actual challenge. We also see human expertise as playing a critical role alongside technology. At JTC we put a lot of emphasis on our people and our culture, and with the kind of transformation technology can bring, it’s really important for us that we bring people along on that journey.
Daniel Trentacosta: For us, it’s about partnering with managers and custom-fitting technology and services to best support clients’ unique needs. Leveraging the right technology and employing automation are non-negotiables. We are constantly examining data strategies and exploring client-facing technology and new marketplace tools to strengthen the client experience and improve scale on our side.
Given the ongoing democratisation of alternatives, traditional funds are evolving into more complex structures with a range of investor demands. Evergreen structures are a topical example. While these funds offer unique investor benefits, they present operational challenges. These structures may require performance and management fee calculations for investors at different rates, in addition to various waterfall and carried interest approaches. Our technology is already built to support open-ended and closed-ended funds, and our team tailors these systems to meet the specific needs of evergreens. We know that automation is key and custom-fitting services without manual intervention reduces the margin for error and mitigates risk.
Ken Fullerton: Technology is in our DNA. From the founding days of the group, we’ve leveraged technology to scale efficiently while consistently delivering exceptional service to our global client base, offering them the broadest technology offering in the industry.
In 2025, we reaffirmed our commitment to our investment in technology. The appointment of Helen Wang as chief AI and data science officer underscores our dedication to staying at the forefront of digital transformation. Helen’s deep expertise in AI strategy and data innovation strengthens our leadership team as we build the next generation of technology solutions for our clients.
From robotic process automation which will streamline repetitive tasks to enable our team to focus on client deliverables, to improving client transparency and facilitating data extraction from investor facing applications using natural language processing, our focus is on using AI to redefine how data is managed and delivered.
We are also reducing turnaround times and boosting productivity by using AI models to accelerate data processing, all while understanding the most pressing challenges faced by our industry, including fragmented systems, data quality, and regulatory complexity.
We are tackling these directly through robust data governance, seamless system integration, and a global compliance approach to AI.
The result of our efforts is a technology infrastructure that balances efficiency with transparency, innovation with oversight, and automation with the human expertise that our clients trust.
Yegor Lanovenko: Technology is not just about efficiency, it is about credibility — with investors, partners, and regulators. Investors expect near real-time, on-demand data, through multiple access and delivery channels, regulators expect fully auditable trails and the lines between accounting and back office data and portfolio performance and risk data are blurring.
At Ocorian we are embedding both pinpoint process automation and broader AI analytics into operational workflows that allow our teams to reduce manual touchpoints and spend more time on value-added engagements with clients.
From automation of end-to-end cash management processes from invoice through journal entries to reconciliations, to bidirectional workflows with our clients, we are firmly out of pilot and PowerPoint stages with true AI and automation deployment.
There is certainly no shortage of opportunities for meaningful automation and augmentation of expert teams with emerging technology solutions across private fund operations, so the challenge is not finding highest value cases or deciding on technology; it is adopting it at scale beyond a pilot.
We see managers and providers experiment with pilots to stall at scale and roll-out phases, as point solutions create friction within wider system architecture and fragmented workflow.
The real competitive advantage comes from interoperability and from creating a single data environment, ensuring that data is reliable and usable for AI analytics and automation.
With climbing demand for outsourcing continuing to shape the industry, what factors should fund managers consider when deciding between in-house administration versus outsourcing, and how has this decision-making process evolved?
Fullerton: As demand for outsourcing continues to reshape the alternatives landscape, fund managers face important decisions about whether to retain administration in-house or partner with a third-party provider. The decision-making process has evolved significantly in recent years, with technology, investor expectations, and regulatory complexity all playing a greater role.
When evaluating options, managers typically weigh the following factors:
Scalability and speed-to-market: Building in-house capabilities for new products, asset classes, and geographical requirements requires significant investment in talent, systems, and governance. Outsourced providers can deliver immediate scalability, with established infrastructure and expertise ready to deploy.
Technology and data capabilities: Investors now expect real-time reporting, digital portals, automated reconciliations, and API-driven data flows. These are core strengths of leading administrators like us, who continuously invest in cutting-edge platforms to accelerate delivery and enhance transparency.
Talent availability and cost of skills: Experienced fund accountants and technology specialists are in high demand. Outsourcing provides access to a broader pool of talent while reducing the burden of recruiting, training, and retaining skilled staff.
Pricing predictability: Building internal capabilities often leads to variable, unpredictable, and increased costs. Outsourcing delivers greater predictability, with transparent pricing and clear cost-to-serve models.
Investor expectations: Limited partners (LPs) increasingly demand consistent, frequent, and tailorable reporting — ranging from daily dashboards, visibility into performance, risk, and ESG insights. Outsourced providers are well-positioned to deliver this level of responsiveness at scale.
Core focus and control: While some managers worry about relinquishing control, outsourcing allows them to focus on their core strengths; investment performance and risk management, while relying on specialists for administration.
Regulatory, tax and local market knowledge: Global administrators with on-the-ground expertise in multiple jurisdictions, like us, help managers navigate compliance and regulatory complexity more efficiently than building capabilities in-house.
Data governance and confidentiality: Some managers may prefer in-house solutions for bespoke data governance or confidentiality concerns. However, top administrators like us, offer enterprise-grade governance frameworks, SOC/ISO-certified controls, and dedicated security teams.
Continuity, resilience, and vendor risk: Managers must weigh business continuity and vendor stability. Outsourcing to a financially strong, resilient provider like us ensures robust disaster recovery and redundancy capabilities that can be difficult to replicate in house.
Although the reasons above are still very important, the driver for outsourcing has shifted dramatically in recent years. Investor demands for speed, transparency, and digital reporting have made technology a leading driver of outsourcing decisions.
Today, managers also benefit from enhanced transparency to the service provider, often in near real time; more competitive pricing power, driven by scale efficiencies; and access to innovation in data and automation that would be costly and time-consuming to replicate internally.
We deliver not only scale and efficiency but also a technology-enabled platform that empowers managers to meet rising investor expectations while staying focused on their core mission — generating returns and managing risk.
Lanovenko: Outsourcing is no longer just a cost decision; it is a credibility one. LPs increasingly scrutinise managers’ operating models for scalability, resilience, and ability to deliver flexibly on reporting and regulatory requirements. Demonstrating segregation of duties and governance independence have become fundraising prerequisites.
The decision used to be framed as in-house vs outsourcing. Today, the real question is: who do you want embedded in your operating model? Managers no longer ask us to just “run the back office”. They want partners who understand the front-to-back operating model, data and reporting flows, act as an extension of their chief financial officer and chief operating officer teams, and enable and facilitate operational decision-making. In other words, outsourcing is an infrastructure of trust and a competitive advantage to managers.
Cronje: The trend for increased outsourcing of fund administration has been consistent over the past decade driven by the rising complexity of investment products and the ever-increasing regulatory burden placed on back offices. It requires scale and a significant ongoing investment in both personnel, and technology and can be a significant distraction and burden for investment managers away from their core business.
As the decision to outsource does result in the investment manager sacrificing some level of control to the service provider, it is critical for investment managers to consider the cultural alignment and fit of the selected outsource partner.
Asset-class-specific expertise, scalability, and track record of the outsource partners are other key factors to consider. The technology stack and digital integration capabilities of the outsource service provider are becoming more important in selecting an outsource service provider. The service providers ownership model, staff turnover and engagement model are other factors investment managers should consider. An outsource model can be intrusive and therefore trust and the relationship with the people at the outsource provider is absolutely critical.
Trentacosta: The decision to outsource starts with a conversation. Working with a trusted administrator, managers need to consider their current pain points and realistically identify what is possible to address challenges. We know that outsourcing involves entrusting certain administrative functions to an external partner and that is why ensuring the best culture fit from a business perspective is important.
When faced with increasing costs, fragmented processes, and outdated systems, managers often look at outsourcing as more than an efficiency play. Our teams have deep experience partnering with managers to navigate these decisions, which center around core questions including: how complex are the tasks at hand and what technology is needed, and, importantly, how disruptive would this be to running my business?
Recent frameworks introduced by regulatory bodies focus on transparency, investor protection, and environmental accountability, creating a compliance landscape that demands expert knowledge and robust data management. How are you helping clients navigate this increasingly complex regulatory environment, particularly around ESG reporting requirements?
Lanovenko: Governance has shifted from being a tick-box exercise to a growth facilitator when done right, and a barrier to scale when not. Our research shows 83 per cent of managers expect more regulation, and 85 per cent expect more fines. Failing to reliably comply and demonstrate that compliance can harm fundraising. When scrutiny is high, viewing compliance as solely the responsibility of the compliance team can limit growth.
This applies to expectations of administrators and providers as well. We have a dedicated global regulatory and compliance advisory team who both work with managers on ongoing compliance operations, and consulting on different stages of manager’s lifecycle that come with different regulatory requirements, from authorisation to global expansion. Alongside this dedicated team, compliance is an integral part of the overall proposition to managers, as particularly in regulated jurisdictions compliance is embedded by design in all our functional operations — from investor anti-money laundering (AML)/know-your-customer (KYC) onboarding to fiduciary roles on fund structures.
That applies just as much to regulatory compliance as to ESG reporting as it does to financial and investor reporting. Everyone expects credible, verifiable reporting based on traceable data whether it’s performance or sustainability metrics. We help clients navigate this complexity through dedicated solutions across regulatory and compliance advisory, ESG reporting and analytics, or fiduciary services operating as part of a comprehensive model for asset managers. Compliance done well is a competitive differentiator.
Cronje: Evolving regulatory complexity has been a feature of the cross-border fund administration space for well over a decade, and it’s a theme that continues. While technology is playing a part here, human expertise, knowledge, and people skills remain paramount when it comes to helping managers navigate the regulatory landscape.
Many of our team members at JTC, for instance, previously worked for regulators or have been directly involved in the implementation of new regulations, and helping our clients to navigate through new and evolving requirements. The scale of JTC’s compliance and regulatory teams across global jurisdictions can give managers the level of comfort and support needed to ensure they stay prepared, and ahead of any new regulatory requirements. JTC also developed specialist teams, such as our ESG Consulting team, that are specific subject matter experts and can help clients with both implementation, ongoing compliance and regulatory reporting needs.
In an industry that is inherently multi-jurisdictional, it’s also really important to have oversight of the wider regulatory picture — particularly where regional regulatory frameworks are often fragmented and nuanced.
Even comparing jurisdictions that are very close to each other, like Guernsey and Jersey, there are often subtle differences in terms of the regimes. Being able to tap into that domestic knowledge and applying it to a wider global picture is really valuable for managers. A firm like JTC, with expertise and footprint in all major fund jurisdictions, is able to leverage that expertise.
Fullerton: The regulatory environment is becoming increasingly complex, based on guidelines focussing on transparency, investor protection, and environmental accountability. We help clients not only keep pace with these requirements but also turn compliance into a strategic advantage.
Based in major international financial hubs, our specialist compliance consultants are experienced, qualified, and highly skilled in financial regulation and anti-money laundering, counter financing of terrorism, and counter proliferation financing. We collaborate with our clients to understand their business needs and offer tailored solutions that match the nature, size, and complexity of their business. Our global regulatory and compliance teams provide clients with deep local expertise across multiple jurisdictions. We keep apprised of and monitor evolving regulations and translate them into actionable insights, helping managers anticipate and adapt before these requirements become operationally burdensome.
Our dedicated ESG platform provides clients with unrivalled ESG insights to private companies and their investors. The platform was established to satisfy the demand from private markets for a high quality, global, independent, single-source ESG solution. We manage independent collection of data for investors from their underlying portfolio investments to deliver real time ESG analysis via a secure, intuitive, and flexible online platform.
We give clients the confidence that their compliance and ESG reporting are accurate, and transparent, allowing them to focus on generating returns while meeting the growing demands of regulators and investors alike.
The industry faces a shortage of talent and tech. How are you addressing skills gaps in your organisation, and what strategies are you implementing to attract and retain top talent in fund administration?
Cronje: The fund administration industry as a whole has had to face up to a fierce battle for talent, and many firms have been plagued with high staff turnover, in recent years. JTC has been able to differentiate itself from that trend, with an ability to attract and retain talent over a long period. Our regretted staff turnover is just four per cent, as shown in our annual report — significantly below the industry average and we’ve consistently been able to attract top talent to our business to support growth.
JTC’s shared ownership structure with all employees as owners of the business and continued investment in leadership and skills development programmes are two key differentiators in this highly competitive market.
When it comes to talent, the advent of technological adoption is prompting a shift in terms of the type of skills required by the industry. New technologies are creating new requirements and demanding new skills, which wouldn’t have featured very high on a list of skills requirements 10 years ago. Such is the pace of change that fund administration firms are having to forward plan more and anticipate the skills that they will need in the future.
Lanovenko: The real shortage in this industry is not just headcount but headspace. For too many talented professionals the majority of days are spent stuck in manual processing or reviews, when their real value lies in expert insights, complexity handling and relationships. By automating workflows, reporting and data manipulation, we augment our teams not just for scale but to free our experts to focus on higher-value work. For too many across the industry the answer used to be outsourcing, yet regardless of location, repetitive manual button pressing is not what anyone choosing a career in 2025 would be inspired by.
The industry needs to focus on both attracting and retaining talent by giving people the opportunity to work with and as part of new emerging solutions, technology, engage with clients as embedded partners, providing exposure to different asset classes, fund structures, and investments that shape the real economy. For our people, this means a career that grows with our business and our clients; for our clients, it means consistent, knowledgeable service that does not suffer from turnover.
Fullerton: We invest heavily in training, certifications, and global mobility so our people can grow their careers with us, while advanced AI and automation free them from repetitive tasks to focus on higher-value work. Our strong employee value proposition — built on career development, inclusivity, competitive compensation, and flexibility — helps us attract and retain top talent worldwide. By combining people and technology, we’re building the next generation of fund administration professionals ready to deliver for our clients. We’re also working to attract the next generation of talent, using our corporate social responsibility programs to mentor, and attract young people who are keen to start a career in finance.
We’re seeing that managers are frustrated with issues like poor service quality, high turnover, outdated technology, and unjustified price increases. How are you differentiating your service offering and what innovations are you implementing to exceed client expectations?
Trentacosta: MUFG Investor Services undertakes a client-centric approach based on constant communication and partnership. Across the board, our teams listen to client feedback and tailor fit solutions and customise technology around these unique needs. Communication is critical, and part of this approach is addressing concerns head on. From the start, clients are supported by a global network of experts with decades of industry experience to help ensure a seamless experience. Our one-stop-shop approach provides support across the investment value chain, helping to streamline services and increase efficiency.
Lanovenko: The frustration is real: too often managers experience service providers as arms-length processors, not partners. Any outsourcing arrangement relies on trust — trust that agreed outputs will be delivered right, first time, on time. When this doesn’t happen, trust is eroded. This is particularly felt when it comes to LPs — the most common trigger for managers to review their operating models or change providers tends to be when LPs see too many errors, delays, or operational friction.
Although people tend to see fund administration as a fairly commoditised activity, trust is a precious commodity in this maturing market. Our differentiation is that we see ourselves and act as a true extension of manager’s teams, embedding ourselves in the manager’s operating environment with clear workflows, responsibilities, and expectations across the engagement, both ways. Trust-building is consistent and never-ending, achieved through a winning combination of people, processes and technology.
Cronje: There are a number of contributing factors at play when it comes to service quality and client experience. First, expectations are increasing, with managers and investors demanding greater access to real-time data and reporting on wider scope of data points. Expectations around speed of reporting and processing are also putting more pressure on the industry to deliver at a much higher standard than was previously involved. At the same time, we’re also seeing greater downward pressure on fees across the board. It’s partially an unintended consequence of technology creating the expectation that not only will service quality improve but the cost should also be lower. The consolidation of service providers in the industry has also had an impact on service levels, with staff turnover and poor integration management negatively impacting service delivery.
For JTC, against that backdrop, we’ve been very mindful of the need to be client-centric — and we’ve delivered on that through the stability we’ve been able to offer as a result of our low staff turnover as well as our controlled adoption of technology. It’s been geared towards offering consistently high, seamless service levels, and has been a significant differentiator for us.
Fullerton: We offer a true single-source solution across the entire financial services value chain, a model that is fundamentally different to our competitors. From fund administration and custody to banking, depositary, and ESG solutions, we give clients the ability to scale and evolve with one trusted partner. This eliminates the fragmentation, duplication, and communication breakdowns that come with managing multiple providers.
Technology underpins everything we do. We continue to invest heavily in digital transformation, embedding advanced AI, and automation into our infrastructure which delivers faster insights, streamlined workflows and a different experience for managers.
Service quality ultimately depends on people. We’ve built a strong employee base who have clear career development pathways and global mobility opportunities to supercharge their career with us. We pride ourselves on a culture of continuous learning and transparency, where all opinions and ideas are valued. By putting our people first, we ensure continuity, deep expertise, and consistently high service delivery for our clients.
Our pricing model is designed around scalability and fairness. We leverage data-driven benchmarks to align pricing with the size, complexity, and requirements of each client’s business — ensuring predictability and transparency. Unlike models that embed hidden fees or steep annual increases, our approach gives priority to long-term partnerships and value creation. As clients grow, our scale efficiencies allow us to pass on greater value.
By combining a single-source model, cutting-edge AI-enabled technology, exceptional people, and transparent pricing, we are redefining the client experience.
Looking ahead, with data challenges including maintaining data accuracy and security, and ensuring accessibility and regulatory compliance, plus platform integration being critical due to the advent of different applications, how are you future-proofing your operations and what trends do you see shaping fund administration in the next three to five years?
Fullerton: Our priority is aligning optimum technologies with our clients’ evolving needs. We are leveraging automation and deep system integration to deliver a modular, single point of entry across our platforms.
By focusing on data quality at the very start of the process, we enable straight-through processing with minimal manual intervention, shifting the model toward exception management rather than constant oversight.
Our data strategy and technology design embed strong governance, flexible engineering, and advanced reporting capabilities into our data-as-a-service solutions. This allows us to provide clients with direct integrations and near real-time insights through tailorable data models.
To underpin this, our data governance team operates within a robust framework powered by Informatica, giving full visibility and traceability of all data movements across the group. We align our practices to global standards from the EDM Association, ensuring our data is safe, secure, accurate, and compliant.
Looking ahead, we see several trends shaping fund administration in the next three to five years: greater demand for real-time, integrated data to drive decision-making; expansion of automation and AI-driven processes to reduce overhead and improve scalability; and increasing emphasis on data governance and regulatory alignment.
In short, we are future-proofing our operations by combining leading technology with rigorous governance, giving our clients both the confidence and the flexibility they need to succeed in a rapidly changing environment.
Cronje: Looking ahead, we expect a continuation of the path we’ve been on over the last few years.
An increased demand for and access to real-time data, increased scope in the level of data and reporting requirements, and increased regulatory complexity will continue to be driving factors in the industry, all adding greater complexity to the environment we are working in. Fund administrators will need to focus on meeting heightened stakeholder expectations in that challenging environment.
One area where I think the fund administration industry is going to have to focus is the interplay between technology and human expertise. Just as the industry is going to have to gear up for greater digital adoption and realise the tangible benefits of technology that have been promised for so long, so too will there be a premium placed on personal relationships, authenticity and genuine asset class expertise.
Lanovenko: The next three to five years have the potential to further commoditise and standardise private market operations as a whole. Continued thoughtful technology adoption and proactive talent strategies to attract, train, and retain true value adding experts are baseline requirements to even stay relevant.
To differentiate in a more mature market, providers will need to differentiate with how they can scale trust as extensions of teams through relationships built on more deeply connected, predictable workflows and outputs, operating with consistent data accuracy, resilient cyber frameworks, and transparent, interoperable systems that link seamlessly to clients’ platforms and emerging market utilities.
Our focus is on future-proofing not just our technology roadmap — that process is ongoing. Innovation and adoption is constant.
We are building for adaptability and capacity to flexibly respond to new structures, new regulations, new technologies across processes, people, and data. Interoperability sits at the heart of this: connecting systems, processes, teams; as well as investing in new skills and expertise for this new environment alongside making this an exciting career opportunity for next generations.
Trentacosta: You don’t need a crystal ball to see that the future includes new complex structures, investor classes, and advances in technology. Core elements such as the need to maintain data integrity and security, in addition to keeping your finger on the pulse of change, will remain.
For us, it comes back to doing what we do best: communicating with clients, anticipating their future needs, and continually improving our processes and technology to exceed those needs.
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