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R&M Consultants fund accounting league table turned upside down on worries about derivatives

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This year’s results of the annual R&M Consultants Fund Accounting Survey, see a remarkable turnaround for BNP Paribas who have shot from last to first place recording a very large increase in score. JP Morgan also saw their score increase dramatically and their position rise from second to last to second place. 

All the other participants saw their scores decline despite few respondents indicating, when asked, that they felt service levels had actually gone down. It possibly reflects the growing concern amongst managers as to how derivatives are being handled by their providers – e.g. are they priced correctly – along with the usual worries over the quality and consistency of support staff.

Richard Hogsflesh, managing director of R&M Consultants, says : “This year’s results reflect a remarkable sea change in the way the leading banks with fund accounting services are viewed by their clients. The changes seem to reflect concerns in the handling of derivatives and the banks which have performed best are outshining their rivals in this area of expertise.”

The minimum number of responses to qualify was six.

Scoring was out of a maximum of seven.

Total of 35 questions covering core fund accounting and administration, pricing, regulatory reporting, communication with the client, approach and flexibility, quality of personnel, value for money. The respondents are UK managers such as Hendersons, Aviva, Legal and General, Blackrock, Swiss Re, Standard Life and Aberdeen Asset Management. They are using these services either onshore or offshore in places like Dublin and Luxembourg. A total of 56 fund managers responded from which the overall average is calculated.

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