Mellon tops new UK fund accounting survey
UK – Mellon European Fund Services has been named top in the UK market for fund accounting and investment administration in the first survey of its kind by London-based R&M Consultants.
The survey covers 30 different aspects of administration including methods and efficiency of communication, value for money, quality of personnel, approach and flexibility of handling products.
Among respondents were AXA Investment Management, Aberdeen Asset Management, Barclays Global Investors, F&C, Goldman Sachs, HBOS, Henderson Global Investors, Legal & General, and Prudential.
The survey revealed concerns among the respondents regarding the competitiveness of fees, the speed of error resolution, the flexibility of reporting methods, and investment policy compliance monitoring.
Areas where providers excelled are the quality of personnel, the timeliness and accuracy of unit/share pricing and the efficiency of transaction processing.
The top four companies beneath Mellon European Fund Services were State Street, Bank of New York, Cogent Investment Operations and IFDS.
Of those Cogent received mixed reviews, and the Bank of New York was praised for its improvement.
Winner Mellon was described as “excellent” by one respondent, despite being highlighted for its relatively high fees.
Richard Godfrey, managing director of Mellon European Fund Services commented: "Mellon has provided investment administration services for many years, and it is great to know that our ongoing investments in our systems and people are paying off.”