European Transfer Agent of the YearWinner – Northern Trust
Transfer agency (TA) is a function at the forefront of an asset manager’s client experience. The onboarding of investors is a crucial ‘first contact’ between the investor and the asset manager. But more often than not, that first contact is with the TA, not the asset manager – a fact that probably few asset manager clients appreciate.
In winning this year’s award, Northern Trust demonstrated investment, innovation and service. Achievements included the rollout of its Fund Utility service to UK clients, a digital initiative designed to improve straight-through processing and information delivery.
There were some significant mandate wins too, including a Ucits ESG fund. The firm also secured regulatory approval to offer TA services in the Swiss market.
Finally, Northern Trust has contributed to industry thinking with a focus on technology and subjects such as evolving away from legacy systems and developing direct-to-customer distribution.
ShortlistedBNP Paribas Securities Services – The French asset servicer has continued to invest in its TA service over the past year. This work included the development of an online platform (NeoLink) for data processing and reporting and the enhancement of TA services for European-domiciled funds distributed in Apac markets.
RBC Investor & Treasury Services – The Canadian firm has seen significant growth in its TA service for private equity funds, where assets under administration increased significantly in the 12months to August 2022. RBC I&TS has also invested in its RBC One digital front-end and data infrastructure to allow for more self-service capability.
SS&C Global Investor & Distribution Solutions – The world’s largest dedicated TA provider has seen its global assets under service grow to $19.3 trillion. SS&C has also seen its market share in Europe grow, making it the TA with the largest AuM in the major cross-border markets of Luxembourg and Ireland as well as the UK. The firm has also developed its digital strategy with APIs and its cloud-based Global Servicing Platform.