Global Custodian Hedge Fund Annual 2018 | Page 95

TD Securities Weighted average score Large +/- the Medium global average Small Capital 80% N/A N/A introduction s Client 6.39 6.4% service N/A N/A Consulting ice area Weighted average Operations 5.73 scores -4.0% Technology 5.31 -5.2% 2016 2017 the % | Asset safety Sales and 5.53 5.67 1.4% 100% 2018 5.93 Americas Europe and Middle East Asia Methodology The 2018 Prime Brokerage Survey asked respondents to address 57 questions across 18 service areas: Capital intro- ductions, Client service, Consulting, Operations, Technology, Product development, Risk management, Asset safety, Sales and marketing, Trading and execution, Delta 1, swaps and financing, Stock borrowing and lending, Foreign exchange prime brokerage, Fixed income, OTC clearing, Listed deriva- tives and Future Relationship. (However, scores for Future Re- lationship were not included in the total calculations printed here.) For the majority of questions, respondents were asked to assess their administrators by determining how much they agreed or disagreed with a series of statements about services. Respondents were also given the option of providing one overall assessment of a service area rather than answer- ing individual questions. For each service area, respondents were also invited to provide commentary. A total of 1,400 completed questionnaires were received on behalf of 35 prime brokers. After clean-up and validation, 1,395 respons- es remained. In order to receive a write up in the survey, an administrator needed to receive at least 10 responses. As a result, we were able to provide assessments for 24 separate prime brokers. The analysis published in this report is based on average scores given by respondents. They are weighted for the size (measured by assets under management, or AuM) and complexity (measured by the number of asset classes and investment strategies pursued) of the respondent. Scores in any question or service area which attracted less than four re- sponses are excluded from the calculations. The suppression of scores for this reason does not mean the provider does not offer the service in question; it means only that an insuffi- cient number of respondents scored the service to assess its quality with confidence. We are most grateful to all fund managers who took the time and trouble to complete a respondent questionnaire, as well as to the hedge fund administrators who encouraged their clients to do so and who completed a provider question- naire of their own. As a thank you, hedge fund managers who participated in this survey are entitled to a free benchmarking report from McLagan, comparing their assessments to those of peers using the same service providers. 100% 5.70 2.4% 6.02 4.9% The Hedge Fund Annual 2018 globalcustodian.com 95