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providers to facilitate the growth . As a result , the fund market exploded ; new providers flooded in , while the big players in the game got bigger .
Institutional competition Since the inception of the fund administration space , independent providers have had to compete with traditional banks for market share – which in the past , reflected a David vs Goliath battle of sorts . But as in the biblical tale ( apologies for the spoiler ), sometimes it is the smaller , more nimble opponent that can have the edge . Some believe independents have more flexibility to adapt than their banking giant counterparts . “ As an independent provider we are not restricted by clunky legacy processes and infrastructure , nor do we have process barriers and red tape slowing up down ,” explains Christopher Mulhern , group COO at Apex . “ We are much more agile in terms of our ability to adapt to market changes or client needs and we have a willingness to redirect our resources , try new things and make changes to technology platforms when we see opportunities to do so .” Consequently , over the past 15 years or so , independent administrators have slowly but steadily increased their market share over the traditional banks . Specialists in their field , customers value the expertise that independent providers can offer . “ Certainly in the US , the bank administrator market is very well entrenched , in a way that doesn ’ t really
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