Fund managers often selectively change their existing group of service providers as their funds grow and their needs evolve. Fund managers switch service providers for a variety of reasons, and fund managers in different regions have differing needs which lead to changes in the service providers they use.
Dissatisfaction with the quality of the service they receive is a common concern across all fund managers globally.
The other reason for switching administrator is the administrators are less developed, or has little local presence. There is certainly an opportunity to provide consistent, good service on a local level to appeal to this growing group of managers in the region.
Fund managers are also conscious of cost and scale when they plan to change service providers. As the fund evolves, the scale of activities increases and that will lead to higher cost. The funds grow to ones which are better able to cope with their scale. Service providers should have the potential for funds of different sizes, or are specialized in providing services for funds of a particular size. It is also important for service providers to offer good value for money, particularly in an environment where the overall costs of running a hedge fund are increasing and investors are making calls for fees to be cut.
Switching an Administrator is a well-planned and comprehensive process and sometimes firms delay a move to a stronger service partner as they grow. Most often, it is the fear of a conversion. Moving your fund administration, accounting and transfer agent services is a process, but it doesn’t need to be a difficult
one. Every conversion has common processes but unique details.
At ASCENT, our relationship managers oversee and guide the entire process. Varying systems and interfaces, class and corporate structures, fund types and objectives, platforms and
omnibus arrangements , expense accruals and corporate actions, fiscal year-ends, tax filings, and SEC reporting are only a part of the project we administer for you and your shareholders. And of course, we work closely with you to oversee the complete and timely cooperation of the
retiring service provider(s).
ASCENT will help evaluate the challenges unique to your firm, and make recommendations accordingly. Regardless of the circumstance, we provide expert support for existing funds, as well as the launch of new ones.
ASCENT is an established provider of comprehensive solutions for pooled products, including Hedge funds, Fund of Fund, Private Equity and more. We pride ourselves on our service excellence, believing we are true partners with our clients in achieving the vision for their products. To get started, contact us today at firstname.lastname@example.org.