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Trident Trust
Trident Trust currently serves 88 private equity fund managers
with 256 PE funds and 10 PE funds of funds, with a total AuA of
$21.38 billion, up from $17.79 billion over the year. Its clients are
based in North America (35%), Europe (30%) and Asia ex-Japan
(15%) with 20% in other, principally African, locations. The
firm describes its business as “relatively well balanced between
offshore and onshore.”
Trident has operational fund administration teams in nine
jurisdictions: Bahamas, BVI, Cayman, Guernsey, Luxembourg,
Malta, Mauritius, Singapore and USA. It provides a full range
of fund services in all of these jurisdictions, except for Bahamas
and BVI, where a few functions are performed by other fund
SCORES BY CATEGORY
services offices.
In the past year, the firm has invested in its client relationship
management team with senior hires in the USA and Guernsey
and has augmented its global technology platform by imple-
menting Linedata Mshare and Linedata Reporting in Europe.
In addition, Trident has launched a new depositary service in
Luxembourg in accordance with the Alternative Investment
Fund Managers Directive (AIFMD) to complement its existing
AIFMD services.
With a solid entry into the survey this year, the firm’s overall
score sits at 6.34, marginally ahead of the market. Most of the
category scores exceed the market average. Only Technology
falls below 6.00, from where it lags the market as a whole. The
highest scoring categories for Trident are Capital Drawdowns
and Regulatory Reporting and Compliance, both of which re-
cord a particularly impressive 6.59.
Category Average
Score North
America Europe Asia Rest of
World Client Service and Relationship
Management 6.46 6.77 5.23 n/a 6.25 Value Delivered 6.06 6.68 4.00 n/a 5.30 Fund Establishing and Structuring 6.19 6.33 6.00 n/a 5.92 Capital Drawdowns 6.59 6.86 n/a n/a 5.98 Investment Execution 6.41 6.64 n/a n/a 6.18 Accounting and Reporting To
Limited Partners/Investors 6.32 6.76 5.50 n/a 5.85 Accounting and Reporting To
General Partners 6.50 6.79 n/a n/a 6.31 Compliance Support 6.29 6.76 n/a n/a 5.78 ■
Reporting 6.47 6.95 n/a n/a 5.66 ■
Regulatory Reporting 6.59 6.94 n/a n/a 6.23 ■
Technology 5.82 5.98 n/a n/a 5.69
RESPONDENTS BY REGION (WEIGHTED)
RESPONDENTS BY SIZE (WEIGHTED)
25.6
39.3
35.9
52.1
6.8
■
7.7
27.4
5.1
North America
Europe
Asia
RoW
52.1
5.1
6.8
35.9
■
■
■
■
■
Very Large
Large
Medium
Small
Very Small
39.3
27.4
7.7
25.6
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 61.88 22.50 8.75 1.88 0.63 0.00 0.00 4.38
Value Delivered 48.96 26.04 7.29 5.21 4.17 0.00 2.08 6.25
Fund Establishing and Structuring 21.88 28.13 12.50 0.00 0.00 0.00 0.00 37.50
Capital Drawdowns 35.42 10.42 3.13 0.00 0.00 0.00 0.00 51.04
Investment Execution 15.63 7.29 3.13 0.00 0.00 0.00 0.00 73.96
Accounting and Reporting To Limited Partners/Investors 32.50 20.00 3.75 0.63 0.63 0.00 0.00 42.50
Accounting and Reporting To General Partners 14.38 7.50 1.88 0.00 0.00 0.00 0.00 76.25
Compliance Support 21.88 9.38 6.25 0.00 0.00 0.00 0.00 62.50
Reporting 48.44 12.50 6.25 1.56 0.00 0.00 0.00 31.25
Regulatory Reporting 32.81 10.94 3.13 0.00 0.00 0.00 0.00 53.13
Technology 23.96 17.71 8.33 7.29 0.00 0.00 0.00 42.71
32.52 15.67 5.85 1.51 0.49 0.00 0.19 43.77
40
Global Custodian
The Private Equity Issue 2017