[ A D V E R T O R I A L ]
Setting expectations
At the Global Custodian New York Awards dinner on 29 November, Maitland received an Editors’
Choice award for innovation in client experience. Global Custodian spoke with Frank Ferrara,
senior client relationship manager at Maitland, about the firm’s approach to onboarding
and relationship management in its private equity fund administration business.
If we break down the client experience
into three areas – onboarding, day-to-day
experience and experience of exceptions –
are there any particular industry challeng-
es that Maitland handles differently from
its peers?
Maitland distinguishes itself by taking a
unique approach from day one. Before
we onboard a client, we will have already
undertaken a detailed scoping of the cli-
ent’s needs. In phase one, we learn what
they need and what they want; not just
what Maitland can provide. From there,
we embark on a journey that results in a
partnership atmosphere. We prepare a
project plan that maps everything from
onboarding to year end deliverables. We
begin capital call, distribution notice, and
investor portal customisation so that,
when the time comes, we can deliver a
seamless, straight through automated
process.
At what point does the client relationship
management function start from a Mait-
land perspective? Is it before the client has
formally signed up?
Absolutely. Our business development
team typically handles initial client
contact, but once we’ve established that
both parties pursue partnership, we
immediately bring our client relation-
ship managers onboard. Relationship
managers spearhead the process at the
beginning and remain on board through
the life of the fund. I like to describe
client relationship managers as bus driv-
ers. They may make stops along the way
to allow different team members like
onboarding, ops, and investor services
on and off the bus, but at the end of the
day the driver remains. It’s important for
clients to establish consistency and feel
comfort knowing they have a single point
of contact for all their needs.
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Global Custodian
Winter 2018
which can only emerge through constant
collaboration and communication.
So, the client sees the relationship man-
ager driving the bus. On your side, how
integrated are the relations between the
different teams that get on and off the
bus; in other words, the part that perhaps
the client doesn’t see?
To maintain an intimate knowledge of the
client’s activity, relationship managers
spearhead weekly calls with the client, as
well as separate internal calls to discuss
client deliverables and sentiment. How
much the client doesn’t see is entirely up
to them. The client dictates the level of
interaction – connecting with the delivery
team as frequently or infrequently as they
want. Some want to work directly with
the fund accountant, others choose to rely
on the account manager. Then there are
others who just want one single contact –
the relationship manager – to handle all
communication. Given the varying scale
of interaction a client wants with the
team, we must be a well-integrated unit –
Is there a typical way that PE clients like to
handle those relationships?
Most PE clients like knowing there’s
a relationship manager involved at all
levels from beginning to end. Private
equity funds differ from hedge funds in
the sense that they are very high touch.
Every limited partnership agreement
dictates the functionality of the fund and
how that fund communicates informa-
tion to the investor. Because of that, it is
very much a hands-on experience and
is the reason a lot of PE funds have only
just begun outsourcing to third-party
administrators. In order for PE fund
managers to get comfortable turning to
us, ‘people’ are pivotal. For Maitland, it
means ensuring our people are well-
versed in how we manage the daily op-
erations to become a valued extension of
the fund manager’s team. All providers
have some form of technology offering,
but it’s the people behind the product
that are the differentiating factor. That’s
what makes Maitland special.