[ S U R V E Y
|
M U T U A L
F U N D
U.S. Bancorp Fund Services
Up to $100 million
$100 million to $250 million
A D $250
M I N million
I S T to R $1 A billion
T I O N ]
$1 billion to $5 billion
$5 billion to $10 billion
$10 billion to $50 billion
Over $50 billion
N/A
U.S. Bancorp Fund Services counts 334 clients for its MFA busi-
U.S. Bancorp client size (AuM) MFA overall client size (AuM)
MFA overall client size (AuM)
U.S. Bancorp client size (AuM)
ness, accounting for a total of 2001 funds, 59 sub-funds and 3031
unit/share classes. While most of these have total assets under
management of up to $5 billion, they include a number of firms
in the $50-100 billion category.
The bank can certainly be pleased with the results it has
attained from its respondents this year. All category scores apart
from fund reporting are above the survey average. Year on year,
the bank’s own results are up in all areas with the exception of
Relationship Management and Client Service and Distribution
Up to Up
$100
million
Support – at similar levels to last year – and Reporting, down
to $100
million
Up to $100 million
Up to $100
million
$100 million to $250 million
0.23 points, but still at a very respectable 6.16.
$100 million to $250 million
$100 million
$250 million
million
$100
million
to to
$250
$250
million
to
$1
billion
Clients speak positively of the service they receive, notably
$250
million
to
$1
billion
$250
million
to
$1
billion
$250
million
to
$1
billion
$1 billion to $5 billion
with regard to Relationship Management. “Client services/rela-
$1 billion
to $5
billion
$1 billion
$5 billion
$1 billion
to $5
billion
$5 billion
to to
$10
billion
tionship management is above the rest and compliance services
$5 billion
to $10
$5 billion
$10 billion
$5 billion
to $10 billion
billion
$10 billion
to to $50
billion
are excellent,” notes one fund manager. “Relationship manage-
$10 billion
to $50
Over $50
billion
$10 billion
to $50 billion
$10 billion
to $50 billion
billion
ment team is one of the most proactive and responsive teams
Over $50
billion
N/A Over $50 billion
Over $50 billion
I’ve ever dealt with,” says another. A few grumbles are reported,
N/A
N/A
however. One client calls for “adequate staffing to meet Pacific
standard time zone client needs.” Another would like to see
greater customisation capabilities for fund reporting.
MFA overall client size (AuM)
U.S. Bancorp scores by type of fund (unweighted)
U.S. Bancorp itself has placed significant emphasis on prepar-
ing for upcoming regulatory changes. “We have established task
Equity
Non-equity
All
forces of senior leaders and contributors from multiple business
Relationship management and client service
6.84
6.47
6.61
lines to guide the adoption of these changes,” it reports. “Our
Value delivered
6.20
5.96
6.31
task forces meet with vendors to help ensure we are providing
a complete and effective offering addressing the new require-
Fund accounting and valuation
6.76
6.40
6.67
ments.” A new web client portal, Pivot, allowing for enhanced
Transfer agency
6.70
6.52
6.62
data delivery and customised and ad hoc reporting has been
Distribution support
6.01
6.35
6.39
introduced as has enhanced risk reporting. We would expect
Fund reporting
6.40
6.01
6.16
client reaction to these system developments to feed through
into next year’s results.
Up to $100 million
Compliance
6.76
6.38
6.59
Staffing levels have also risen. In the past 12 months, Staff
$100 million
to $250 million
Operations
and custody
6.50
6.37
6.39
numbers have increased by 7% to 1,403 employees. “Regulatory
$250 million to $1 billion
6.52
6.31
6.47
$1 billion to $5 billion
changes continue to drive administrators’ investment in talent,
$5 billion to $10 billion
focus and technology initiatives,” says the bank. In addition, it
$10 billion to $50 billion
notes, “Total fund expenses will continue to decline due to the
U.S.
Bancorp
Over
$50 overall
billion scores
market appetite for passive, index and ETFs.
U.S. Bancorp scores versus market
2017 2016 2015
Weighted share (%) 28.61 24.66 33.31
Difference:
2016-2017
2017 All Difference Relationship management and client service 6.61 6.28 0.33 6.62 6.30 -0.01
6.31 6.05 0.26 Relationship management and client
Service 6.61 Value delivered Fund accounting and valuation 6.67 6.42 0.25 Value delivered 6.31 5.86 5.70 0.45
Transfer agency 6.62 6.54 0.08 Fund accounting 6.67 6.53 6.22 0.14
Transfer agency 6.62 6.54 6.18 0.08
Distribution support 6.39 6.14 0.25 Fund reporting 6.16 6.22 -0.06 Distribution support 6.39 6.42 6.03 -0.03
6.16 6.39 6.07 -0.23
Compliance 6.59 6.56 0.03 Fund reporting Operations and custody 6.39 6.17 0.22 Compliance and regulation 6.59 6.48 5.98 0.11
0.17 Operations and custody 6.39 6.22 6.04 0.17
6.47
6.30
Summer 2017
globalcustodian.com
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