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Citco Fund Services
Citco has over $275 billion of private equity and real estate com-
mitted capital under administration. Its current client base of PE
fund managers is spread across North America, Europe and Asia
(ex-Japan), covering a total of 1350 separate funds and 18 funds
of PE funds and is primarily onshore. Client AuM varies from
$100 million, to over $10 billion with a large minority in the $1-5
billion segment.
The firm provides services to private equity fund managers
from physical service centres in Jersey City, NJ, Malvern, PA,
Toronto, Dublin and Luxembourg. In North America, Toronto
has been the fastest growing service location for Citco Fund
Services’ Private Equity business, while in Europe, Dublin and
SCORES BY CATEGORY
Luxembourg have also benefitted from significant growth in
both the number and range of funds under administration.
Over the past two years, Citco has added significantly to its
team in the areas of operations, risk and regulatory compli-
ance, supplemented by continued investment in its technology
division and Fintech capabilities. The firm points to the recent
launch of a proprietary waterfall calculation tool (Citco Water-
fall) for private equity firms as an example of this. Citco has also
recently launched proprietary automated ILPA reporting fee
templates in accordance with recent ILPA developments.
Citco’s scores in this year’s survey are solid, exceeding the
market average in the area of Compliance Support. Its weakest
area is reporting, with a score of 5.75. Interestingly, North Amer-
ican clients are significantly more generous in their assessments,
than their European counterparts.
Category Average
Score North
America Europe Asia Rest of
World Client Service and Relationship
Management 6.16 6.49 5.32 6.42 n/a Value Delivered 5.77 6.06 5.04 6.27 n/a Fund Establishing and Structuring 5.90 6.29 5.06 6.50 n/a Capital Drawdowns 6.13 6.41 5.53 6.67 n/a Investment Execution 5.97 6.70 4.74 7.00 n/a Accounting and Reporting To
Limited Partners/Investors 6.18 6.55 5.45 6.62 n/a Accounting and Reporting To
General Partners 6.11 6.81 5.44 6.36 n/a Compliance Support 6.22 6.58 5.59 6.38 n/a ■
Reporting 5.75 6.21 5.13 6.50 n/a ■
Regulatory Reporting 6.00 6.50 5.41 6.50 n/a ■
Technology 5.94 6.17 5.58 6.44 n/a
RESPONDENTS BY REGION (WEIGHTED)
11.4
RESPONDENTS BY SIZE (WEIGHTED)
5.7
2.9
20.0
54.3
28.6
77.1
■
North America
Europe
Asia
RoW
54.3
28.6
11.4
5.7
■
■
■
■
■
Very Large
Large
Medium
Small
Very Small
77.1
20.0
2.9
0.0
RATINGS BY PERCENTAGE OF RESPONSES
Category Excellent
(7) Very good
(6) Good
(5) Satisfactory
(4) Weak
(3) Very weak
(2) Unacceptably
weak (1) Not
answered
Client Service and Relationship Management 43.64 29.09 13.64 5.45 0.00 0.00 0.00 8.18
Value Delivered 28.79 21.21 24.24 6.06 3.03 0.00 0.00 16.67
Fund Establishing and Structuring 31.82 27.27 13.64 0.00 4.55 0.00 0.00 22.73
Capital Drawdowns 37.88 16.67 15.15 4.55 0.00 0.00 0.00 25.76
Investment Execution 15.15 6.06 6.06 1.52 0.00 1.52 0.00 69.70
Accounting and Reporting To Limited Partners/Investors 39.09 18.18 10.91 1.82 1.82 0.00 0.00 28.18
Accounting and Reporting To General Partners 21.82 11.82 6.36 1.82 1.82 0.00 0.00 56.36
Compliance Support 29.55 20.45 11.36 2.27 0.00 0.00 0.00 36.36
Reporting 43.18 18.18 15.91 6.82 4.55 0.00 2.27 9.09
Regulatory Reporting 18.18 9.09 4.55 2.27 2.27 0.00 0.00 63.64
Technology 31.82 21.21 18.18 7.58 1.52 0.00 0.00 19.70
30.99 18.11 12.73 3.65 1.78 0.14 0.21 32.40
36
Global Custodian
The Private Equity Issue 2017