Maitland Group - Best North American Hedge Fund Administrator
Maitland is one of the industry's largest independent hedge fund administrators with USD280 billion in AuA. With more than 1,300 employees across 16 offices globally, Maitland is more than a fund administrator. It is a global advisory group, with its roots as an innovative law firm in Luxembourg in 1976 offering cross-border structuring solutions to corporates and some of the world's wealthiest families.
This in-house legal and tax expertise, as well as Maitland's independence, set it apart from most other fund administrators – and means that it is ahead of the game when it comes to administrators moving up the advisory services chain of added value.
"People like our ownership structure, the fact that we've been in the business for more than 40 years. As we continue to expand in North America we maintain an entrepreneurial mindset that we bring to every client meeting. We want each client to be a long-term partner," says Scott Price, Head of Business Development and Client Management (North America). Maitland's technology group integrates each client's workflow processes, from its OMS/PMS, to receive trade information as soon as possible.
"This means we can assist them with intra-day, end-of-day, customised reporting which really helps the management company leveraging our technology infrastructure so they don't have to buy it themselves," says Price. Price is located in New York City, one of two client-facing offices including Miami. He and his team – including client relationship managers – work directly with Maitland's operational centres in North America, one in Richmond, Virginia, the other being Halifax in Canada. Price notes that 2016 has been a `growth year' with respect to Maitland's North American business.
"A number of clients have launched new products and in terms of expansion and product development, we've stepped up our presence in New York and Miami and have more client-facing staff and business development staff. That has enabled us to get closer to our US clients and we've been successful at winning some nice mandates, not just in hedge funds but private equity as well."
Price confirms that it is substantially increasing its middle-office capabilities, allowing clients to outsource more of the operational and regulatory/compliance work that would ordinarily have been handled internally. "Clients are leveraging our technology and our infrastructure and headcount to do more work for them on a daily basis. The pressure that fund managers have been under the last few years, from a performance perspective, has led to an increased need to generate operational alpha.
"One way to do that is to lean on service providers to perform tasks that historically they were not asked to perform. We've got great experience with outsourcing where we will work with management company staff and take on customised processes to support their business," says Price.
On winning this year's award, Price says: "This award represents the voice of our clients. This recognition is not only gratifying but it adds to our resolve and commitment to investing into the resources needed to ensure that our clients continue to get the high quality service and platform performance needed to make them successful at what they do best."