Increasingly, the third-party fund services industry is moving to a position where reviews of external service providers are a standard part of the operating model.
Reviews are an opportunity to conduct an in-depth review of the service you are receiving from your provider.
What are the four key areas to consider when reviewing your fund administrator?
1. Responsiveness
How quickly does your provider respond to requests for additional information or reports? If you have a service level agreement (SLA) with your provider, it should always meet the response times set out in that agreement and aim to exceed them.
2. Technology
How confident are you that your provider is using best-in-class technology that has been customised to optimise your set-up? Are they reliant on Excel spreadsheets? How up-to-date is its technology? How reliable and flexible is it? Do you have complete confidence in the information you receive?
3. Expertise
How deep is your service provider's expertise in your market segment? Does it work with many funds that are similar to yours? Can it provide you with valuable market insights? Does it have subject matter experts across all areas of the business?
4. Efficiency
How streamlined is your service provider's offering? Is there a single source of truth that you can access for all your data needs across jurisdictions and functions? Is it possible to find errors quickly and interrogate the data to produce granular reporting?
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
