FUND ADMINISTRATION PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE
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1 WHITE PAPER FUND ADMINISTRATION PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE JASON BALDESARE PARTNER, STRATEGY AND SOLUTIONS MANAGEMENT, BUY-SIDE SOLUTIONS, FIS MICHAEL GENDOSZ SENIOR MANAGER, PROFESSIONAL SERVICES, BUY-SIDE SOLUTIONS, FIS
2 2 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE CONTENTS 3 Introduction The middle-office opportunity 3 Defining the middle office 4 Changing perspectives 6 The current market for fund administrators 7 What do asset managers need from middle-office administrators? 7 How can administrators capture the middle-office market? 9 Conclusion Line up and join forces to add value 9 Appendix Are you ready? (Preparedness checklist)
3 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE 3 Introduction The middle-office opportunity The asset management industry is expanding rapidly, with global assets under management (AUM) expected to rise from around $64 trillion in 2014, to nearly $102 trillion by But the coming years of predicted growth will be very different from the investment boom that preceded the global financial crisis. Where once there was blind enthusiasm, now there are greater regulatory and investor demands, falling fees and rising competition, and increasing market complexity. In the midst of these challenges, however, lies a key outsourcing opportunity for fund administrators. As asset managers assess which support roles to retain, or offload, in a cost-constrained, demanding environment, they are also looking to work more closely with their administrators to develop new products and services. And ripe for partnership potential and outsourcing possibilities are the continually expanding support functions of the middle office. Defining the middle-office Bridging the revenue-generating and trade decision-making activities of the front office and the administrative activities of the back office, the middle office provides a varying range of critical functions including portfolio administration, trade matching, performance measurement and client reporting (see Figure 1). The outsourcing of back-office functions is quickly becoming a mature and commoditized proposition. But with their close contact to investment data and high interaction with clients, middle-office functions have been outsourced at a slower pace. Now, increasing automation and interrelation of data across these functions, as well as new market pressures, are driving asset managers to better define their middle-office models. Meanwhile, further demand for broader services is expanding the very scope of the middle office. Derivatives processing, greater ability to access and extract data in real time, additional reporting and communication to third parties, and more complex performance reporting are now becoming standard requests. So, it is critical that administrators effectively communicate their capabilities in these areas and respond nimbly to the new demands of their asset management customers. As AUM continues to grow and asset managers evolve their product offerings and services, the middle office presents us, as a full-service provider, with an opportunity to increase our value to clients and drive revenue growth. We believe the middle office represents a critical piece of the value chain and continue to focus our internal efforts on ensuring that our operating model, product and technology are aligned to provide world class service to our asset management clients Alternative assets will account for 13% of AUM by 2020, a 10 percent increase from today. DAN HOULIHAN, HEAD OF GLOBAL FUND SERVICES, NORTH AMERICA, NORTHERN TRUST 1 PWC, ASSET MANAGEMENT 2020: A BRAVE NEW WORLD, FEBRUARY, 2014
4 4 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE Figure: 1 Front Office Middle Office Back Office Investment Analytics Portfolio Construction and Monitoring Pre-trade Compliance Trade Execution Investmet Risk Portfolio Administration (IBOR) Trade Matching Master Data Maintenance Performance Measurement and Attribution Client Reporting Collateral Management Derivative Processing Settlement and Reconciliation Corporate Actions Accounting and General Ledger Post Trade Compliance Regulatory Reporting Investment Analytics Trading Trade Settlement Fund Administration Changing perspectives The different and evolving ways in which asset managers and their administrators view the middle office are shaped by the specific challenges they face. The view from asset management Traditionally, asset managers have preferred to own and maintain control over what they consider critical data. So, while they have slowly outsourced mainly back-office functions to specialized providers, they have retained tasks closer to the investment manager. However, a series of market pressures now demand that asset managers re-evaluate their models and seek closer partnerships with administrators. Regulatory and investor demands As they expand their global reach, growing demands for transparency and new regulatory reporting requirements, both stemming from the causes of the financial crisis, are prompting asset managers to reconsider retaining administrative and support roles. At the same time their investors are demanding greater insight into investments, increasingly expecting data to be delivered in real time and across a variety of formats including cloud and mobile. The large infrastructure needed to manage these demands will offset asset managers traditional preference to control data and drive them to look for outsourcing partners who can support their strategy. Increasing market complexity The need to achieve greater returns in a low interest rate environment is pushing investors towards a wider variety of alternative products, which asset managers need to be able to offer quickly. According to PwC, alternative assets will account for 13 percent of AUM by 2020, a 10 percent increase from today. The market share of passive management, meanwhile, whose mandates are concentrated among relatively few asset managers, is set to double from 11 to 22 percent over the same time period 2. The need to report across these products in a timely manner is leading asset managers away from specialized providers, to administrators who can integrate an automated set of solutions. 2 PWC, ASSET MANAGEMENT 2020: A BRAVE NEW WORLD, FEBRUARY, 2014
5 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE 5 Rising competition and falling fees The aforementioned demand for more transparent data and increased reporting capabilities will entice new entrants to the asset management industry. These are likely to come from the technology sector and disrupt the asset management industry as we know it. With strength in data delivery, partnerships between disruptors and banking organizations will prove to be serious competitors to both asset managers and administrators alike, resulting in cost pressure and falling fees. The view from fund administration In the uncertain years immediately following the financial crisis, nearly all administrators were forced to cut costs. Either they launched efficiency initiatives such as lean, or designed operating models with moves to low-cost centers, while refraining from large investment in fintech. But now the pressure is on to reinvigorate their technology environment in response to their customers new requirements. Multi-asset strategies As many asset managers move away from a business model designed around a single asset class, fund administrators will need to adapt accordingly and support more multi-asset strategies. Although technology can now take the strain on their behalf, many are yet to invest in the latest innovations. A third (33 percent) of administrators say they are not able to cater fully to multi-asset products and many of those who claim they can are not doing so with scale. 3 Few have taken the 33% of administrators say they are not able to cater fully to multi-asset products necessary steps to fully realize the capabilities of their core platform, opting instead for additional systems or offline or manual solutions that fit better with their low-cost center operating models. Without a modular or integrated solution, administrators will struggle to take on new business at the speed that the market will dictate. Competitive disruption and fee pressure With 82 percent of fund administrators believing competition from another sector is likely, more than a third also expect fees to come down, especially for functions and services found lower on the value chain (see Figure 2) 4. Countering these issues is the opportunity for administrators to move away from commoditization towards value-enhanced services. Figure 2: Function Maturity and Value Low Maturity Corporate Actions Master Data Maintenance Client Reporting Collateral Management Derivative Processing Offering Maturity Post Trade Compliance Regulatory Reporting High Maturity Trade Matching Accounting and General Ledger Performance Measurement and Attribution Portfolio Admin (IBOR) Low Value Commoditized High Value Differentiated Back Office Function Middle Office Function Circle size reflects current administraror level of investment (time and dollars) 3, 4 LONGITUDE RESEARCH, FROM COAL TO DIAMONDS: 2020 VISION THE FUTURE FOR FUND ADMINISTRATORS, APRIL, 2016
6 6 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE The current market for fund administrators It is reasonable to expect that, as predicted, asset management will become a $100 trillion industry by 2020, in terms of global AUM. 5 Given that this represents a compound annual growth rate (CAGR) of six percent, administrators face a significant growth opportunity in helping asset managers keep pace with market pressures. Regional growth Much of the expected growth will come from new markets. Latin America is expected to lead growth with a CAGR of 12.5 percent, followed by the Middle East and Africa at 11.9 percent. Asia Pacific is expected to grow at a rate of 9.8 percent, and North America and Europe at rates of 5.1 percent and 4.4 percent respectively (see Figure 3). Product Not only are shifts expected in regional growth to nontraditional markets. There also will be a swing from mutual funds, with a CAGR of 5.4 percent, towards alternative investments, which are expected to grow at a compound rate of 9.3 percent (see Figure 4). Figure 3: Global AUM projection by region for AUM in USD trn % % North America Europe Asia Pacific Latin America Middle East and Africa % 11.9% 12.5% 9.11% 4.4% 5.1% = CAGR Figure 4: Global AUM projection by product for AUM in USD trn % 16.8% % % 5.7% 5.4% Mutual Funds Mandates Alternatives = CAGR 5 PWC, ASSET MANAGEMENT 2020: A BRAVE NEW WORLD, FEBRUARY, PWC ANALYSIS, PAST DATE BASED ON HEDGE FUND RESEARCH, ICI, PREQIN, TOWERS WATSON, AND THE CITY UK DATA.
7 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE 7 What do asset managers need from middle-office administrators? While trying to capture their share of expected growth, few asset managers will have the resources and scale to focus on both their revenue-generating front-office roles and the demands of investors and the market. For balance, it is expected that they will look to outsource more middle- and back-office functions seeking enhanced fund administration support in the following specific areas. Processing speed and transparency Demand for additional products and timeliness will result in the need for valuation data (NAV) to be delivered more frequently throughout the day. For example, currently, only eight percent of fund administrators are expected to value exchange traded funds (ETFs) within an hour of close-of-trade, but 20 percent anticipate having to by Increased interaction with the middle and back offices will also require near real-time transparency into process flows. Asset managers and their investors will be less patient about batch or manual administration processes that stop them from knowing the status of trades, or delay the downstream completion of processes. Further, where ad hoc changes are required, due to late trades or corrections, for example, there will be heightened expectation that the administrator can both quickly absorb the change and confirm that all up- and downstream impacts have been accounted for. Risk reporting and analytics Similarly, accurate and up-to-date reporting or a portal for directly accessing information will be increasingly in demand by asset managers and their investors. Investors require tools that allow them to understand their exposure to market changes immediately. They will no longer be willing to contact the front office to understand holdings; nor will the asset manager want retain the staff, and cost, for such queries. As mobile technologies develop and people increase their dependency on their devices, asset managers are more likely to expect administrators to offer products compatible across different media. Offering data on a timely, self-service basis via portals or mobile devices will divert some of the support tasks currently performed by the front office. Cost reduction The asset manager will be consistently considering the value of spreading services (and risk) across administrators versus the increased cost of monitoring or taking back in data from different providers. On the one hand, the continuing drive to keep costs down will factor highly in many asset managers decision in this regard. On the other, demonstrably successful and differentiating service capabilities will have the power to command premium prices. 8% of fund administrators are expected to value exchange traded funds within an hour of closeof trade. 20% anticipate having to do so by How can administrators capture the middleoffice market? To maximize the middle-office opportunity, most fund administrators will need to make some key changes to their operations, processes and technology landscape. Create a truly scalable operating model The demand to service multi-asset funds across a wider variety of regions will require more fund administrators to adopt follow-the-sun operations and ensure 24-hour business continuity across all time zones. Leading administrators have already made the transition to global low cost centers to reduce cost and preserve margin, but are yet to be tested in handling multiple regions and products with scale. 7 LONGITUDE RESEARCH, FROM COAL TO DIAMONDS: 2020 VISION THE FUTURE FOR FUND ADMINISTRATORS, APRIL, 2016
8 8 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE Often their functionalized processing centers are further segregated to service a region, product or even customers. And while an administrator may claim wide capabilities, it may have simply created manual or offline solutions. With significant increases in AUM growth coming from outside North America and Europe, as well as a greater mix of products, administrators must ensure they make the proper investment required for their functional teams to handle increasing volumes. Review roles Another consideration for the administrator will be the skill set required to service new regions or middle-office products, as functionalization drastically changes roles. The fund accountant s role, for example, has been radically redefined from actively owning the end-to-end process steps to now being an overseer of functions. The ability to communicate across these functions, with the customer and its end investors, requires a new approach and an increased need to understand the causes and impacts of problems and decisions. Improve communication Additionally, it is more important than ever for asset managers and their administrators to establish a single source of data and a seamless flow of processes. This requires the middle office administrator to be able to communicate effectively with the front office making both robust workflow technology and specialist staff expertise a high priority. Optimize process automation As already mentioned, efforts to fit solutions into a functional model and a lack of investment in technology have resulted in many administrators creating offline tools. As well as creating compliance and risk reporting challenges, these additional, low-value control processes can strain administrators capacity and resources. With 39 percent of administrators noting increased pressure to offer value-added services. Initiatives to automate processes will be critical to freeing up skilled staff for more challenging roles that deliver greater value and can attract higher fees. 8 Both innovative workflow technology and robotics process automation provide new opportunities to support these objectives. Increase technology investment To realize the full capabilities of their core systems, administrators should now look to invest in replacing their unscalable systems and offline solutions. As they move towards the development of a more integrated middle-to-back-office platform, administrators will need to ensure they meet the changing needs of their customers. That means working more closely in cooperation with asset managers and technology providers to build tools, technologies and services alongside one other, rather than developing a solution unilaterally and waiting for customers to purchase it. Through stronger partnerships, deeper customer relationships and market insight, administrators can establish or increase their role as a trusted advisor. 39% of administrators note increased pressure to offer value-added services. 8 LONGITUDE RESEARCH, FROM COAL TO DIAMONDS: 2020 VISION THE FUTURE FOR FUND ADMINISTRATORS, APRIL, 2016
9 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE 9 Conclusion Line up and join forces to add value As a range of opportunities and pressures continue to transform the middle-office space, fund administrators have the potential to increase the volume and speed at which asset managers outsource traditionally held support roles. By successfully aligning their interests with those of their customers, they will be in a stronger position to build mutually beneficial partnerships and increase revenue in the face of intensifying competition and pressure on fees. Technology that delivers benefits such as faster valuations and actionable data analysis holds the key for fund administrators as they seek to move from commoditization to value. With the right tools in place, business model transformation by 2020 is well within administrators grasp. We were looking to offer middle-office services to our customers. Because of the investments that out technology provider has made in its core investment accounting platform, we can leverage it as our processing platform of choice for these and other specialist fund administration services. GARY TENKMAN, MANAGING DIRECTOR, ULTIMUS FUND SOLUTIONS
10 10 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE Appendix Are you ready? By carrying out an overall evaluation of their operations, fund administrators can determine the enhancements they need to make to develop a competitive middle-office outsourcing proposition. Start now with our readiness checklist. Figure 5: Middle-office readiness checklist The administrator s preparedness to capture growing market share by evaluating its operating model, processes and technology. Example Administrator Unprepared Prepared Using weighted responses the administartor can evaluate their overall preparedness Preparedness Questions Administrator Ability to Address Asset Manager Challenges Low High Operating Model Have we established a follow the sun model? Is our model scalable to respond to product and region changes with scale? Do our client facing staff have the skills to operate between the asset manager and the back office? Have we embraced technology (e.g., Robotics, Business Process Management, etc.) as a way of differentiating our operating model? Process Have we eliminated all offline or manual solutions present in core processes? Do we have a fully automated workflow that our staff and or the end client can access? Does our compliance and risk model allow for quick turnaround on regulatory change? Have we standardized processes across geographies, products, clients, etc. to the extent possible? Technology Can we deliver the information in accessible media formats that investors are demanding? Does our data model allow for quick turnaround on investor demands? Are we making investments to stay current on our core platforms? Do we have strategic initiatives to reduce the number of systems in our umbrella? Have we established development partnerships with our clients? Can we expect to raise or maintain current fee schedules for existing services? Are we offering differentiating services for which our investors will pay a premium?
11 PARTNERSHIP POTENTIAL IN THE MIDDLE OFFICE 11
12 About InvestOne InvestOne is a real-time, modular investment accounting and administration system that lies at the heart of FIS Investment Operations technology suite. It offers robust and scalable portfolio accounting capabilities to help you improve operational efficiency, support global expansion and access multiple views of account structures in real time. Banks, institutional asset managers and third-party administrators around the world rely on InvestOne to control and monitor their portfolios. About FIS Investment Operations FIS Investment Operations is a global suite of products and services for asset managers, institutional investors, and traditional and alternative fund administrators. Investment Operations supports the entire investment process, from portfolio management, risk management and compliance to investment accounting, transfer agency and client reporting. Combining deep functionality with broad business process management capabilities, FIS helps investment firms manage complexity, increase efficiency, and respond quickly to changing business and regulatory requirements. About FIS FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor s 500 Index. For more information about FIS, visit twitter.com/fisglobal getinfo@fisglobal.com linkedin.com/company/fisglobal 2017 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties marks are the property of their respective owners
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