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Opus Fund Services
Opus is growing its franchise among mid-sized managers in North America . It now services more than 300 firms , managing more than 500 funds between them , and this year added Halifax to its Bermuda , Cayman , Chicago , Dublin , Manila , New York and San Francisco network . Growth does not seem to have altered the friendly face of the firm . “ Dedicated and helpful staff ,” writes a client . “ They really seem to care .” Another declares himself “ very satisfied ,” adding that Opus “ performs as promised ” and is “ dependable .” The score for on-boarding could scarcely be bettered but growth inevitably creates problems of its own , as comments indicate . They are by turns phlegmatic (“ Since we had no actual expectations we can say we were very satisfied ”), specific (“ Opus would only provide schedules for the months that they were engaged ”), expectant (“ I believe they are trying to resolve their staffing issues ”), understanding (“ We learned that the team was short-handed ”) and dismayed (“ always out of the office , lack of diligence ”). Volume also seems to be creating issues on the compliance side of the business , and in KYC , AML and sanctions screening in particular . While one individual is singled out for providing “ excellent services for AML / KYC review ,” there are gripes about turnover , lack of staff dedicated to the task , and limited communication when issues arise . The average score for investor due diligence is not the best that Opus collects . Nor is it in the core services that Opus earns its best scores , but it would be churlish to read too much into averages that still impress . “ Both the portfolio accounting team and financial accounting team always have strived and made the best effort to go through monthly NAV process on every month although our fund requires very detailed attention ,” states one client . A second says “ our fund accounting team is excellent – always responsive to any questions that I may have ,” while a third finds the firm “ very responsive to questions during the NAV approval process every month when I reconcile my calculations with Opus ’ s results .” An individual is name-checked as “ very responsive and pro-active and a very nice person too .” Though one client complains that incorrect statements were sent to investors and the firm was “ highly unresponsive during that time ,” there are similar tributes in investor services . “ Our investor relations team has been solid ,” writes one respondent “ They are responsive to my questions and requests .” Where Opus really shines , however , is in reporting to managers (“ The Opus portal provides us with all the information we require via an easy to use interface ”), investors (“ Opus IR team always has tried to make sure our clients get what they need in a timely fashion ”) and auditors (“ excellent attention to detail , and full responses to all auditor requests ”). Even tax reporting , which not many respondents assessed , wins a plaudit (“ Excellent FATCA / CRS services provided to our firm ”), though the average score is ordinary . Together , scores and comments suggest a certain inconsistency in both client experience and across the range of services provided . Even on price , which is normally mono-directional , one client says that Opus is “ fair and willing to adjust when a fund faces unique special circumstances , which we appreciate very much ,” while a second avers that “ they raised our prices … for no valid reason .” As a client puts it , Opus are “ responsive , high touch with rapid turnaround for most queries and requests , especially regarding fund accounting and financials , but we have issues in other departments .”
By size
87 %
13 %
Weighted average scores
PROFILE OF RESPONDENTS
Large Medium Small
Weighted average scores by service area Service area
By location
4 %
96 %
2016 2017 2018 6.43 6.36 6.14
Weighted average score
Client service 5.91 -1.8 % On-boarding 6.38 11.6 % Fund accounting 6.32 1.9 % Investor services 6.31 4.1 % Reporting to investors 6.14 2.0 % Reporting to managers 6.36 8.7 % Reporting to regulators N / A N / A
Americas Europe and Middle East Asia
+/ - the global average
Reporting to the tax authorities 5.35 -10.5 % Reporting to auditors 6.52 7.1 % KYC , AML and sanctions screening 5.68 -5.8 % Depositary services N / A N / A Corporate secretarial services N / A N / A Middle office services 6.30 7.4 % Banking services N / A N / A Operations 6.92 13.1 % Cyber-security 5.55 -7.2 % Price 6.01 3.2 % Total 6.14 2.5 %
64 Global Custodian The Hedge Fund Annual 2018