Who serves the private funds
Every SEC-registered adviser names, for each private fund it runs, the fund's auditor, administrator, custodian and prime broker on Schedule D of Form ADV. Read across 72 advisers and 3,926 funds so far, this is the market-share table nobody publishes: who holds the mandates, and whose clients are launching the next fund.
Administrators
175 firms · 2,603 funds- 1.GEN II FUND SERVICES LLC381 funds · 5 advisers
- 2.SEI GLOBAL SERVICES INC.251 funds · 7 advisers
- 3.INTERNATIONAL FUND SERVICES (N.A), LLC150 funds · 6 advisers
- 4.STATE STREET BANK AND TRUST133 funds · 11 advisers
- 5.CITCO FUND SERVICES (CAYMAN ISLANDS) LIMITED85 funds · 2 advisers
- 6.AD CARTA, LLC84 funds · 1 advisers
- 7.BANK OF NEW YORK82 funds · 5 advisers
- 8.SEI INVESTMENTS COMPANY77 funds · 1 advisers
- 9.HEDGESERV (CAYMAN) LTD62 funds · 2 advisers
- 10.THE BANK OF NEW YORK MELLON59 funds · 7 advisers
- 11.SS&C TECHNOLOGIES56 funds · 3 advisers
- 12.KAUFMAN ROSSIN ALTERNATIVE INVESTMENT SERVICES52 funds · 1 advisers
- 13.MAPLESFS LIMITED52 funds · 3 advisers
- 14.WALKERS FIDUCIARY LIMITED52 funds · 3 advisers
- 15.MUFG FUND SERVICES (CAYMAN) LIMITED47 funds · 7 advisers
- 16.ALTER DOMUS ALTERNATIVE ASSET FUND ADMINISTRATION S.A R.L.45 funds · 1 advisers
- 17.BANK OF NEW YORK MELLON45 funds · 5 advisers
- 18.U.S. BANK NATIONAL ASSOCIATION45 funds · 3 advisers
- 19.ALTER DOMUS ALTERNATIVE ASSET FUND ADMINISTRATION S.A.R.L.44 funds · 1 advisers
- 20.CARTA INVESTOR SERVICES, INC.38 funds · 1 advisers
- 21.JPMORGAN CHASE BANK, N.A36 funds · 2 advisers
- 22.FD FUND ADMINISTRATION34 funds · 1 advisers
- 23.APEX FUND SERVICES33 funds · 2 advisers
- 24.DEUTSCHE BANK TRUST COMPANY AMERICAS31 funds · 1 advisers
- 25.COMPUTERSHARE29 funds · 1 advisers
Auditors
58 firms · 3,475 funds- 1.PRICEWATERHOUSECOOPERS1026 funds · 21 advisers
- 2.ERNST & YOUNG1003 funds · 15 advisers
- 3.KPMG801 funds · 17 advisers
- 4.DELOITTE AND TOUCHE, LLP184 funds · 10 advisers
- 5.GRANT THORNTON101 funds · 2 advisers
- 6.PLANTE & MORAN, PLLC56 funds · 2 advisers
- 7.GRASSI & CO.47 funds · 1 advisers
- 8.BDO32 funds · 1 advisers
- 9.PRICEWATERHOUSECOOPERS CAYMAN ISLANDS28 funds · 3 advisers
- 10.PRICEWATERHOUSE COOPERS25 funds · 8 advisers
- 11.KMPG, LLP23 funds · 1 advisers
- 12.LALLY & CO LLC12 funds · 1 advisers
- 13.BAKER TILLY US LLP11 funds · 2 advisers
- 14.CBIZ CPAS11 funds · 1 advisers
- 15.CBIZ CPAS P.C.11 funds · 1 advisers
- 16.PRICEWATERHOUSECOOPERS, SOCIETE COOPERATIVE10 funds · 1 advisers
- 17.KPMG AUDIT S.A.R.L.9 funds · 1 advisers
- 18.GRANT THORNTON (CAYMAN) LLP7 funds · 1 advisers
- 19.COHEN & CO6 funds · 4 advisers
- 20.EEPB6 funds · 1 advisers
- 21.EISNER AMPER LLP6 funds · 2 advisers
- 22.PRICEWATERHOUSECOOPERS ASSURANCE SOCIÉTÉ COOPÉRATIVE5 funds · 2 advisers
- 23.P W C5 funds · 2 advisers
- 24.APRIO LLP4 funds · 1 advisers
- 25.DELAP LLP4 funds · 1 advisers
Custodians
270 firms · 3,782 funds- 1.THE BANK OF NEW YORK MELLON546 funds · 15 advisers
- 2.STATE STREET BANK AND TRUST360 funds · 22 advisers
- 3.CITIBANK N.A.218 funds · 11 advisers
- 4.BANK OF AMERICA216 funds · 6 advisers
- 5.J.P. MORGAN CHASE BANK N.A.215 funds · 7 advisers
- 6.J.P. MORGAN CHASE BANK NATIONAL ASSOCIATION213 funds · 1 advisers
- 7.STATE STREET KANSAS CITY188 funds · 1 advisers
- 8.JPMORGAN CHASE BANK N.A.178 funds · 13 advisers
- 9.CITIZENS BANK, N.A.160 funds · 1 advisers
- 10.J.P. MORGAN SECURITIES LLC158 funds · 12 advisers
- 11.SILICON VALLEY BANK120 funds · 6 advisers
- 12.GOLDMAN SACHS & CO LLC112 funds · 13 advisers
- 13.CITY NATIONAL BANK93 funds · 5 advisers
- 14.BANK UNITED INC.85 funds · 1 advisers
- 15.NORTHERN TRUST85 funds · 9 advisers
- 16.BANK OF NEW YORK MELLON80 funds · 11 advisers
- 17.U.S. BANK NATIONAL ASSOCIATION79 funds · 10 advisers
- 18.BOFA SECURITIES, INC.71 funds · 4 advisers
- 19.CITCO BANK CANADA69 funds · 2 advisers
- 20.THE NORTHERN TRUST COMPANY66 funds · 8 advisers
- 21.WELLS FARGO BANK NA62 funds · 7 advisers
- 22.BNY MELLON57 funds · 1 advisers
- 23.MORGAN STANLEY & CO. LLC55 funds · 12 advisers
- 24.CITIGROUP GLOBAL MARKETS INC.54 funds · 7 advisers
- 25.CHICAGO TRUST COMPANY NA53 funds · 1 advisers
Prime brokers
98 firms · 283 funds- 1.GOLDMAN SACHS & CO LLC125 funds · 18 advisers
- 2.MORGAN STANLEY & CO. LLC81 funds · 17 advisers
- 3.J.P. MORGAN SECURITIES LLC76 funds · 12 advisers
- 4.BOFA SECURITIES, INC.54 funds · 6 advisers
- 5.CITIGROUP GLOBAL MARKETS INC.32 funds · 10 advisers
- 6.BARCLAYS CAPITAL INC.24 funds · 6 advisers
- 7.UBS SECURITIES LLC18 funds · 7 advisers
- 8.BNP PARIBAS SECURITIES CORP.15 funds · 4 advisers
- 9.PERSHING LLC13 funds · 4 advisers
- 10.BARCLAYS BANK PLC11 funds · 1 advisers
- 11.BARCLAYS CAPITAL SECURITIES LTD.9 funds · 2 advisers
- 12.GOLDMAN SACHS INTERNATIONAL9 funds · 4 advisers
- 13.BANCO SANTANDER, S.A.8 funds · 1 advisers
- 14.BNP PARIBAS8 funds · 1 advisers
- 15.MORGAN STANLEY & CO. INTERNATIONAL PLC8 funds · 2 advisers
- 16.ROYAL BANK OF CANADA8 funds · 2 advisers
- 17.TD SECURITIES (USA) LLC8 funds · 1 advisers
- 18.NATIONAL FINANCIAL SERVICES LLC7 funds · 4 advisers
- 19.UBS AG7 funds · 1 advisers
- 20.WINTRUST INVESTMENTS LLC7 funds · 1 advisers
- 21.BANK OF AMERICA N.A.6 funds · 1 advisers
- 22.DEUTSCHE BANK AG6 funds · 3 advisers
- 23.HSBC BANK PLC6 funds · 2 advisers
- 24.J.P. MORGAN CLEARING CORP.6 funds · 1 advisers
- 25.MORGAN STANLEY CAPITAL SERVICES, INC.6 funds · 2 advisers
Counts are funds as reported on each adviser's latest Form ADV; local entities of one brand (Citco Cayman, Citco Luxembourg) are counted separately and cross-linked on their pages. Source: IAPD, Schedule D Section 7.B.(1), questions 23–26.