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Bullish and Bearish Trends in the Asset Management Industry Identified in the Convergence State of the Union Report

As the private fund industry continues to recover post-pandemic, new and evolving trends are revealing how much things have, and continue to change. Both optimistic bullish trends, indicating confident growth, and bearish trends, indicating hesitance and shortcomings, can be identified across the asset management industry. For private funds, advisers, administrators, custodians, and service providers alike, it’s worth identifying and taking heed of these bullish and bearish trends across the industry, to get a sense of what the short to medium term may look like. 

In our annual State of the Union Asset Management Industry Research report, we take a holistic look at the industry and the key trends that have impacted it over the last year. We compare performances from 2020 and 2021, and note which bullish and bearish trends have arisen that private funds need to know about.

If you’d like to download the full report, scroll down and complete the form at the bottom of the page. Otherwise, keep on reading as we unpack just some of the key trends we’ve discovered. 

Bullish trends in asset management worth knowing about

In light of the recent market downturn, there are strong and bullish trends in private asset management that can be telling of the future of the industry. Here are four of the bullish trends we’ve identified that have emerged in the private fund industry between 2020 and 2021.

Private Funds, Advisers, and Assets are growing

The number of private funds, private fund advisers, and private fund assets has seen considerable growth since 2019. At the end of 2021, there were 131,569 private funds, 13,028 fund advisers, and $28.9 trillion in private fund assets on record. 

In terms of private funds, this is an increase of 19.8% compared to 2020 and 7.1 points greater than its 3-year CAGR of 12.7%, and private assets increased by 19.8% over 2020, or 4.9 points greater than its 3-year CAGR of 14.9%. Fund advisers saw a net increase of 1,219 – an increase of 10.3% over 2020 and 3.1 percentage points higher than its 3-year CAGR of 7.2%. Worth noting in relation to this trend is new advisers are more likely to outsource services and create significant new business opportunities for service providers.

These increases across the private funds segment indicate a Bullish trend, and in light of this data, service providers should be considering key questions, including:

  • Did I know about these funds and did I have a chance to bid on them?
  • How many of these funds launched and advisers created were by previously existing clients and non-clients?
  • What were the primary investment strategies of these advisers?
  • Do I have the products and services needed to support the business of these new advisers?
  • How much of the increase in client assets was driven by new money coming into existing funds?
  • How much of the asset increase was driven by market performance and leverage?

Private Funds Outsourcing is rising, reducing non-investment related expenses

The trend to outsource private funds continues, indicating another Bullish industry trend worth bearing in mind in the coming years. The funds currently outsourcing the most are securitized asset funds at 88%, Hedge Funds at 87%, Private Equity Funds at 58%, and Real Estate Funds at 57%. Interestingly, hybrid funds have bucked the trend, with only 74% of funds outsourced in 2021, down 1% from 2020. 

However, with advisers performing fund administration in-house (the self-administration market), growth opportunities for fund administrators have narrowed. This will intensify competition for new fund launches and magnifies the importance of winning funds from existing clients. In light of this, we suspect that this will create opportunities for fund administrators who can differentiate themselves by offering a broader set of outsourcing services to Advisers. Once Advisers outsource traditional fund administration, they often look to outsource other aspects of the 11 non-investment activities that they all perform – a prime opportunity for fund administrators. 

It’s worth noting that the non-investment staff support ratio declined from 1.29 in 2019 to 1.24 in 2020, and then to 1.18 in 2021. This Bullish trend indicates that outsourcing is helping Advisers focus their hiring efforts to investment staff specifically – a move being seen industry-wide as firms increase recruiting efforts again. 

A decreasing number of non-investment professionals are being hired

Looking now to non-investment professionals who perform non-investment related activities, including operations, fund accounting, technology, compliance, tax, marketing/investor relations, human resources, fundraising, risk management and facilities management activities. The industry finished 2021 with 205,944 non-investment professionals – a net increase of 9,236 (or 5%) over 2019, and 3% higher than 2020. The 2021 growth, however, is 2% lower than the 3-year CAGR of 5%, suggesting a consolidation trend in the industry, influenced by the Bullish outsourcing trend that continues to grow among firms. 

In 2021, the single largest year of improvement to fund productivity, total non-investment staff per fund declined from 1.70 to 1.48, a productivity gain of .22 non-investment staff per fund, representing a 12.9% improvement over 2020 and an 18.2% improvement over 2019. This suggests an improvement in industry profitability driven by productivity increases in the investment headcount per fund.

In terms of the non-investment staff support ratio, there was a decline of .11 heads between 2019 and 2021. In 2020, the ratio declined from 1.29 in 2019 to 1.24, and then a further decline was seen in 2021 with the ratio dropping to 1.18, or 4.8%. This Bullish trend further indicates that Advisers are focusing more on hiring investment staff, with fewer non-investment staff to support them, signaling that outsourcing of the 11 non-investment activities is indeed on the rise.

 

Increases in productivity are driving industry profitability

Productivity gains and losses directly impact industry profitability, and productivity is most heavily influenced by headcount, which accounts for roughly 67% of industry spending. Considering this, and to evaluate industry-wide, segment, and manager-level productivity, we at Convergence developed Operating Efficiency Measures for our research methodology. 

Our approach has revealed that in 2021, the total FTE per private fund declined from 3.07 to 2.73 – a productivity gain of .34 FTEs per fund, representing an increase of 11.1% compared to 2020, and 15.21% compared to 2019. With the single largest year of improvement being 2021, this Bullish trend suggests productivity increases are in turn driving industry profitability increases. 

Operating Efficiency | Private Funds per FTE

Operating Efficiency | Private Funds per FTE

Notably, the ratios of investment-to-non-investment headcount per fund have never been closer. Non-investment headcount per fund is only .23 heads greater than investment professionals per fund, a Bullish trend suggesting that productivity increases that have reduced numbers of non-investment staff needed to support investment staff are driving industry growth. We expect that parity between headcounts will be reached over the next two to three years as the outsourcing trend in non-investment activities noted above continues to rise.

Bearish trends in asset management worth knowing about

Following the impact of the pandemic and other industry developments, bearish trends are to be expected. However, some are more worrisome than others, specifically pertaining to ESG-related activities. Below we discuss three of the bearish trends in the industry that our research has uncovered. 

Complexities around increasing Operating (Non-Investment) Risk

Investment complexity, cyber threats, and increased regulation have contributed to increasing industry risk. Investment complexity is increasing because generating investment alpha has become more difficult as more managers enter the market, and their ability to generate quality investment ideas diminishes. Cyber risk continues to grow daily and the pace of private fund regulation has clearly accelerated.

At the end of 2021, the industry saw 1,277 private fund managers with higher levels of operating risk – an increase of 71, or 5.9%, when compared to 2020, and 2.8 percentage points higher than the 3-year CAGR of 3.1%. To contextualize, 279 existing managers and 22 start-ups were added to the high-risk category, while 197 existing managers moved to lower risk categories and 33 managers went out of business entirely, indicating a bearish trend for the industry. 

The actions required to manage these risks can lead to new cross-selling opportunities for service providers to help implement the control environment needed to support growth and manage risk. As such, service providers and investors need to identify which of their clients and investee managers are incurring higher operating risk, learn which factors are driving these risks, measure the severity of the risk and potential risk of financial loss, and determine the steps necessary to manage the risk.

Increasing regulation and compliance stress

Driven by increasing regulations issued by the SEC and global regulators, compliance stress across the industry is rising. In terms of our research methodology, Convergence measures compliance stress by measuring and tracking the quality of regulatory filings. 

At the end of 2021, there were 809 global regulators overseeing the private funds industry; an increase of 118, or 17%, compared to 2020. This is a Bearish trend for managers and investors, as it will increase both the cost of doing business and the risk that the manager fails to meet their compliance requirements. However, this is a Bullish trend for compliance service providers, as the increase in regulators is driven by 165 newly disclosed regulators, which will result in increased compliance pressure for funds. 

As with the increase in operating risk, service providers and investors need to identify which of their clients and investee managers are incurring compliance stress, learn which regulatory factors and filings are driving these risks, measure the severity of the risk and potential risk of financial loss, and determine the steps to take to manage this compliance risk effectively.

Stagnating industry gender diversity and ESG efforts

The percentage of women holding Key Control positions at the end of 2021 increased by .3 points to 19.27%, up from 18.97% in 2020. This, however, is 0.5 lower than its 3-year CAGR of 0.8%. This Bearish trend, influenced by the disproportionate number of women that left the industry in response to the pandemic, reveals that the Diversity, Equity, and Inclusion (DEI) aspect of the “Social” pillar within the Environmental Social and Corporate Governance (ESG) compact is lacking, and requires immediate redress by all constituents in the asset management industry. In very direct terms, direct and immediate actions must replace the words which, for two decades, have yet to move the DEI needle.

Funds need to measure and examine the differences between ESG investment and their own business management practices, as well as the differences in hiring practices across different leadership functions and in the hiring of existing and new asset managers, to identify room for improvement in their DEI efforts.

Summary: Uncovering key data insights is the first step in preparing yourself for the asset management industry of tomorrow

Our research has revealed some key bullish and bearish trends in the industry, beyond what’s been explained above, and indicates that while certain instances of growth are to be embraced, there are other areas of concern that need to be addressed. Although private funds, advisers, and assets are seeing an uptick in numbers, the pressures that come with cyber threats, increasing regulation, and poor ESG performance need a comprehensive plan of action to manage effectively. 

Every industry is susceptible to happenings both within the industry itself, and externally on a global scale. This is particularly true for the asset management industry, and while nothing is certain, the insights we have available today can help us prepare more efficiently for the future.

By leveraging data and data-backed research like Convergence’s State of the Union Asset Management Industry report and our other data sets, industry players can gain valuable insight into the industry of tomorrow, and make the necessary changes and plans to thrive accordingly.

Get your copy of the Convergence State of the Union Asset Management Industry Research Report

To see the full State of the Union report, complete with performance graphs and more detailed findings, submit the form below and you will be contacted in order to receive a copy of the Convergence State of the Union Asset Management Industry Research Report. 

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Key Observations in the Current Illiquid Asset Space

The illiquid asset administration space, like the asset management industry as a whole, is experiencing significant changes in both internal and external factors post-COVID. Internally, a large number of administrators are back in the office full-time and enjoying the all but forgotten benefits of a shared physical space, while externally, trends in fundraising and market performance suggest that although the rest of 2022 may still be difficult for the industry, performance is certainly being maintained.

Here we reflect on our conversation with Matt Lowe for Langham Hall, a long-time Convergence client, and what his fund administration firm’s experience of 2022 thus far tells us about the illiquid asset administration space currently. We also highlight the findings of the Convergence League Table for April 2022 and explore the growth of asset administrators, auditors, custodians and prime brokers between April 2021 and April 2022. 

— 

This blog’s insights are based on Episode 15 of our In Conversation with Convergence podcast, hosted by Convergence Co-Founder and President, George Evans. In this episode, George is joined by guest speaker Matt Lowe from Langham Hall, who reflects on how the fund administration firm, which specializes in illiquid asset administration, is faring post-COVID. Listen via the Convergence website or scroll down to continue reading the blog.

 

Langham Hall reflections on Q2, and what this tells us about illiquid asset administration in 2022

As a fund administrator with $140 billion dollars of assets under administration across over 450 funds, Langham Hall, a long-standing Convergence client, is a telling example of how fund administrators are re-adjusting to life post-COVID and maintaining performance despite difficult market trends. 

With a sole focus on illiquid assets, including Private Equity, Real Estate, Debt, Infrastructure and Venture Capital funds, Langham Hall’s strides in this space in 2022 indicate specific industry-wide happenings worth knowing about as the asset management industry sees out the remainder of 2022. 

Steady growth among existing and new clients

Despite the uncertainty of the last two years, Langham Hall has seen steady business growth across both existing and new client verticals in 2022. Interestingly, within Langham Hall and the industry at large, fund administrator clients are launching new funds faster than before, across jurisdictions, including the US, Europe, and Asia. This has fortunately led to steady growth for the firm and shows a much-needed swing back to normalcy after the pandemic.

Winning the war for talent 

This growth has, of course, resulted in the need for increased hiring for Langham Hall, which has managed to balance the pace of growth and client onboarding with the pace of hiring, despite the labor market’s continued struggle to find and place top talent in the industry. 

Langham Hall’s approach to hiring is a fine example of how to economize on high-quality talent, leading to impressive retention numbers. The firm maintains a focus on training recruits properly and setting them up for success, which invariably leads to a positive impact on both internal team dynamics, efficiency and morale, as well as client satisfaction. 

Langham Hall has fared better in the war for talent than many firms in the market, which continue to struggle with decreased headcount numbers after the wave of resignations that hit the industry during COVID. However, this strong focus on priming employees for success is paying off, and as the industry continues to adjust, bringing talent retention to the forefront of the agenda can help bring staff numbers up again. 

Remembering the value of working from the office

No industry was immune to the widespread lockdowns experienced globally during COVID, and although remote and hybrid work set-ups have gained in popularity, firms like Langham Hall are recounting the benefits of teams working together in a shared office space.

Even during COVID, Langham Hall’s management strived to ensure all offices, across locations, stayed the same course and remained like-minded, even when different jurisdictions were affected in different ways. Although this helped to ensure business continuity, the firm did discover, like many others, that learning slows down when teams are physically detached, and fully remote is not beneficial to both clients and teams alike.

As such (and indicative of an industry-wide trend), Langham Hall has maintained a preference for in-office working, and their goal is to continue to work from the office full-time. However, it’s important to note that the firm has made a point of emphasizing to its team that in-office work is about more than in-person face time – it carries with it real benefits for both individual growth and success within the firm, and for team-wide efficiency overall, including better collaboration and training, and faster learning.

Maintaining a continued emphasis on flexibility 

What has definitely supported the firm’s return to the office with minimal pushback from the team, is Langham Hall’s existing culture of flexibility. There is a difference between working remotely and true flexibility, and even prior to COVID, the firm prioritized flexibility and continues to take it very seriously. This has helped with the move back to the office, as teams know that the flexibility to meet personal obligations is there when they need it, regardless of working full-time from the office again. 

Similarly, at Convergence, we have found that having every teammate at the office simultaneously leads to maximum exposure and connection, and has positively impacted our team dynamic. While we currently follow a hybrid model and also offer full flexibility, we encourage all our people to be in the office on the same days, not merely to tick a “work from office day” box, but to really benefit from the time of shared in-person collaboration, even though the world at large finds itself at the beginning of a very different way of working. 

Key market trends currently affecting illiquid asset administration

2022 has been a challenging year so far for the markets, and assets have remained down despite widespread efforts to get market performance up again. Instances like these have quite the knock-on effect for fund administrators as expenses can increase, or not change at the same pace as asset values, leading to quite the balancing act on the part of administrators. This is also affected by the growing trend to outsource support for firms that are tending towards self-administration. 

Below are the key observations by Langham Hall of how the current volatility of the market and the downward spiral being experienced by the industry overall, are affecting illiquid asset administration in 2022. 

The fundraising environment is thriving despite market volatility 

The US in particular is experiencing considerable market volatility, with threats from the Federal Reserve of a forced recession at some point to get inflation under control. However, despite trepidation for the future, Langham Hall’s clients specifically have not been too adversely affected.

In fact, in the fundraising environment, more fund managers are coming back into the market than before, and more quickly. Langham Hall has seen clients raise funds, do final closes and get back in with other funds at speeds not seen before. This fast turnaround time is unlikely to be a short-term trend, but rather the way of the future.

However, market volatility is still a concern, and fortunately for fund administrators like Langham Hall, thoughtful preparation appears to be the current game plan for fund managers, and this planning for future volatility puts fund administration in a good position for now. 

Interesting developments among Limited Partnerships

Another interesting trend being seen is among Limited Partnerships in the industry. Looking to leverage good opportunities to the fullest, Limited Partnership capital is being allocated earlier, with some LPs having already allocated all capital for 2022 in April, and others already allocating for 2023. In fact, some LPs are now looking at up to 15 funds a day, compared to an average of five previously.

While this has increased competition among existing and new funds, this trend should trickle down to the illiquid asset space and have a positive impact on both how these assets are managed and administrated.  

Convergence League Table Summary

With every episode of In Conversation with Convergence, we report on the findings of the Convergence League Table for that month, tracking and comparing the growth of various asset management industry players through our comprehensive database. To unpack the highlights of this month’s Convergence League Table podcast, at the time of the May podcast release, the Convergence League Table revealed that between April 2021 and April 2022:

  • Assets grew about 16%
  • Fund Administrators in positions one through five in the league table grew at about 25%, six through ten grew at only 11%, and 11 through 25 grew at almost 24%. Compared to the market growth during this period of 16%, admins one to five, and 11 to 25, significantly outpaced the market.
  • In terms of Fund Auditors, the big four saw growth of a little over 7%, compared to 16% growth for the industry, and auditors five through ten grew a stellar 29%, while Auditors positioned 11 to 25 grew close to 27%. This reveals that new businesses and funds that are appreciating saw the bulk of this growth during this period in comparison to established funds in the top four positions. 
  • Looking at prime brokers, the primes grew at about 15% in the given period, with prime brokers in positions one through ten grew at about 3.2%. Prime brokers 11 through 25 grew close to 7%, and those in positions 26 and above grew close to 14%, revealing that most business during this time went to prime brokers positioned 11 through to 25 plus. 
  • In terms of custodians, fund growth over the period came in at about 14.5%. Custodians positioned one through ten grew 11%, custodians positioned 11 to 25 grew only a little over 1%, and all other custodians from position 26 onwards (of which there are 1,400 servicing the SEC-registered market) grew close to 17%. While the top 10 held their own in the period, what this growth distribution reveals is that business is moving down the ranks significantly, resulting in a fair amount of growth for custodians in position 26 onwards. 

Access the Convergence League Table now

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Three dominant trends in asset management to know about in 2022

Post COVID, businesses across industries are seeing new trends emerge that are influencing operations and challenging them to reassess how they do business. This is true for the asset management industry, too, where, even though growth has been sustained, ways of working have been disrupted.

We take a look at the top emerging trends in asset management, and how FinTechs are supporting firms in effectively managing these trends to ensure they keep ahead of growing demands. We also unpack the findings of the Convergence League Table for March 2022 and explore how the top 25 asset administrators, auditors, custodians and prime brokers have fared in terms of industry growth. 

— 

This blog’s insights are based on Episode 14 of our In Conversation with Convergence podcast, hosted by Convergence Co-Founder and President, George Evans. In this episode, George is joined by guest speaker Anup Kumar from Linedata, who discusses three trends currently being seen in the asset management industry, and how firms are dealing with these. Listen via the Convergence website or scroll down to continue reading the blog.

The industry post-COVID and the dominant trends in asset management that are emerging

COVID had a massive impact on the way businesses do business, particularly in terms of their infrastructure and whether it is sufficient for business continuity in the face of disruptions. Both in terms of infrastructure, but also in general, there has been a noticeable increase in outsourcing. This increased traction in outsourcing is also thanks to the need for specialized resources. Post COVID, the talent management spectrum is facing challenges attracting and maintaining talent, especially specific specializations that are becoming more difficult to find and retain. This is just one of the challenges businesses are attempting to address through outsourcing.

Overall, businesses are needing to reassess what they’ve built and what they want to continue to do themselves versus what they need to invest in to continue thriving. And with the emerging trends starting to be seen post-COVID, it’s an interesting time in the asset management industry with new, sophisticated solutions being sought out.

Increasing back-office complexities 

Fortunately, the private credit space is seeing a lot of growth, and assets under management in the market are expected to rise to $1.5 trillion by 2025. However, with explosive growth and the inherently bespoke nature of the industry, where every deal is customized, the back-office function is seeing increased complexities. 

Although businesses, like Bright Credit, pride themselves on providing customized credit arrangements, it’s become apparent that inefficiencies from a technology perspective are making scalability difficult, which is making meeting rising demand a challenge.  

Use of technology like artificial intelligence and machine learning in the back-office and IT operations has been slow, which has made things more difficult for analysts. Instead of focusing on investment decisions and monitoring investment performance, analysts have had to spend more time on administrative activities, particularly collecting, ingesting, normalizing and validating data for use by limited partners. 

Back-office functions like valuation processing or loans administration, as a result, have become more complex, and businesses require specialized resourcing and skills to manage, again, contributing to the increase in outsourcing solutions. 

Increasing cybersecurity concerns

Since the start of COVID, cyberattacks have increased 700%, and 80% of those attacks originate at the end points. Within financial services, the buy side industry is notably more susceptible to cyberattacks and a soft target for cyber criminals. As such, there is increasing interest from regulators like the SEC in how asset management and buy side firms are dealing with the threat of cyber attacks and the security processes and controls they have in place. 

This, too, is an area firms are outsourcing support for, with FinTech firms now offering full-service threat management solutions. This threat intelligence is being leveraged to protect infrastructures and endpoints, to help asset management firms stay ahead of cyber threats. Additionally, many firms are also looking to leverage these solutions for cyber policies, to ensure controls are sufficient for regulatory requirements.

Talent acquisition and management challenges

As mentioned, it’s become increasingly difficult to find good resources in the asset management space. With the so-called ‘resignation tsunami’ the industry is facing, finding and retaining specialized talent is becoming harder, and firms are needing to carefully navigate the future of work and how to handle concerns around remote or hybrid work constructs, while best meeting employee expectations.

From a policy point of view, the industry in general is responding positively and being more flexible and adaptive in policies. Despite this, the growth the industry is experiencing, paired with the high number of resignations being seen, talent management still continues to be a challenge, and losing key resources poses great operational and reputational risk.

Many firms have needed to slow down operations in order to work out what mechanisms to put in place to manage changing capacity. And because technologies like AI continue to see slow adoption, and functions like loan administration continue to be time-intensive, firms are needing to think of different operating models and approaches to ensure they keep scaling as needed to meet industry growth demands. 

Operating as an extension of clients’ operations

To meet the needs that come with these emerging trends in asset management, FinTechs are offering solutions that mimic client controls and processes and augment transformative technologies into those they already have in place. What this does is give clients a sense of operational control they would otherwise only achieve internally, because their solutions providers are now operating as an extension of their business, not as a “ticket it or leave it” type of service provider typically seen with third-party providers.  

Having a service provider operate under the same common operating leadership and setup, processes and control mechanisms allows businesses to hand off intensive work, like running capitalization tables, for more efficient management. Depending on a business’ unique needs, different degrees of support can be provided, but more effective, current day solutions are being implemented to make the separation between client and service provider less apparent from an operational perspective. 

Convergence League Table Summary

With every episode of In Conversation with Convergence, we report on the findings of the Convergence League Table for that month, tracking and comparing the growth of various asset management industry players. To unpack the highlights of this month’s Convergence League Table podcast, as at the time of the April podcast release, the Convergence League Table revealed that:

  • Overall, administrators growth from March of 2021 to March of 2022 was about 15.3%
  • In terms of administrators, admins ranked 1 to 5 grew at about 19.5%, admins in positions 6 to 10 registered the highest assets under administration growth at 26.5%, and admins in positions 11 to 25 grew at about 25%. Interestingly, all other admins positioned 26 and higher, only grew around 4.5%
  • Looking at auditors, auditors in positions 1 to 4 grew at about 8.5%, and positions 5 to 10 grew over 19%. Auditors in positions 11 to 25 grew almost 29%, which is almost three times the market growth!
  • Custodians greater than the top 25 registered the highest assets under custody growth, showing an industry growth of around 16% year over year. The top 10 custodians grew at about 14.25%, while the custodians ranked 11 to 25 grew at about 13.25%. From position 26 on, of which there are 1 400 custodians listed, custodians grew at about 31%
  • In terms of prime brokers, those greater than position 25 registered the highest growth in the number of funds, showing, on a fund basis, market growth of about 14.65%. Prime brokers in positions one through 10 grew at about 4%, while those in positions 11 to 25 grew at about 6.5%. All the primes grew a little above the market at about 15.5%, effectively outpacing the market.

See the Convergence database in action

Jack Phinney No Comments

03-20-2019 Convergence Daily ADV Filing Changes

03-20-2019 Convergence Daily ADV Filing Changes

         4 – SEC-Inactive Advisors
         8 – SEC-Dropped Funds

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.

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03-19-2019 Convergence Daily ADV Filing Changes

03-19-2019 Convergence Daily ADV Filing Changes

         5 – New SEC-Registered Investment Advisors
        38 – New Private Funds Disclosed
       227 – Headcount Changes
        79 – C-Suite Appointments
        25 – Regulators and Violations
        35 – New Fund Auditor Appointments
        35 – New Fund Administrator Appointments
       303 – Change in Assets
        19 – Administrator Changes
        14 – Auditor Changes
        44 – Custodian Changes
        16 – Prime Broker Changes
        21 – 3rd-Party Marketer Changes
        58 – Beneficial Ownership
       266 – ScheduleAB Changes
         7 – SEC Admin and Auditor Fund Changes
         4 – SEC-Inactive Advisors
       287 – SEC-Dropped Funds
        21 – Changes in RIC and BDC
         9 – Changes in Public Funds
        33 – Prime Broker, Custodian, and Marketer Fund Level Changes
         4 – New Fund Prime Broker Appointments
        21 – New Fund Custodian Appointments
         5 – New Fund 3rd-Party Marketer Appointments

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.

Jack Phinney No Comments

03-18-2019 Convergence Daily ADV Filing Changes

03-18-2019 Convergence Daily ADV Filing Changes

         8 – New SEC-Registered Investment Advisors
        36 – New Private Funds Disclosed
       255 – Headcount Changes
        86 – C-Suite Appointments
        14 – Regulators and Violations
        35 – New Fund Auditor Appointments
        35 – New Fund Administrator Appointments
       360 – Change in Assets
         4 – Administrator Changes
        10 – Auditor Changes
        25 – Custodian Changes
         7 – Prime Broker Changes
         7 – 3rd-Party Marketer Changes
        95 – Beneficial Ownership
       264 – ScheduleAB Changes
        14 – SEC Admin and Auditor Fund Changes
         8 – SEC-Inactive Advisors
        32 – SEC-Dropped Funds
        37 – Changes in RIC and BDC
         4 – Changes in Public Funds
        50 – Prime Broker, Custodian, and Marketer Fund Level Changes
        25 – New Fund Custodian Appointments
         4 – New Fund 3rd-Party Marketer Appointments

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.

Jack Phinney No Comments

03-15-2019 Convergence Daily ADV Filing Changes

03-15-2019 Convergence Daily ADV Filing Changes

         7 – New SEC-Registered Investment Advisors
        33 – New Private Funds Disclosed
       215 – Headcount Changes
        76 – C-Suite Appointments
         3 – Regulators and Violations
        30 – New Fund Auditor Appointments
        30 – New Fund Administrator Appointments
       291 – Change in Assets
         5 – Administrator Changes
         4 – Auditor Changes
        18 – Custodian Changes
         4 – Prime Broker Changes
         9 – 3rd-Party Marketer Changes
        47 – Beneficial Ownership
       182 – ScheduleAB Changes
         7 – SEC Admin and Auditor Fund Changes
         7 – SEC-Inactive Advisors
        32 – SEC-Dropped Funds
        39 – Changes in RIC and BDC
         6 – Changes in Public Funds
        20 – Prime Broker, Custodian, and Marketer Fund Level Changes
         2 – New Fund Prime Broker Appointments
        18 – New Fund Custodian Appointments
         7 – New Fund 3rd-Party Marketer Appointments

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.

Jack Phinney No Comments

03-14-2019 Convergence Daily ADV Filing Changes

03-14-2019 Convergence Daily ADV Filing Changes

         5 – New SEC-Registered Investment Advisors
        43 – New Private Funds Disclosed
       230 – Headcount Changes
        56 – C-Suite Appointments
        15 – Regulators and Violations
        36 – New Fund Auditor Appointments
        36 – New Fund Administrator Appointments
       266 – Change in Assets
        12 – Administrator Changes
        13 – Auditor Changes
        24 – Custodian Changes
        11 – Prime Broker Changes
         9 – 3rd-Party Marketer Changes
        54 – Beneficial Ownership
       177 – ScheduleAB Changes
         9 – SEC Admin and Auditor Fund Changes
         9 – SEC-Inactive Advisors
        89 – SEC-Dropped Funds
        29 – Changes in RIC and BDC
         5 – Changes in Public Funds
        35 – Prime Broker, Custodian, and Marketer Fund Level Changes
         7 – New Fund Prime Broker Appointments
        39 – New Fund Custodian Appointments
        11 – New Fund 3rd-Party Marketer Appointments

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.

Jack Phinney No Comments

03-13-2019 Convergence Daily ADV Filing Changes

03-13-2019 Convergence Daily ADV Filing Changes

         6 – New SEC-Registered Investment Advisors
        22 – New Private Funds Disclosed
       243 – Headcount Changes
        63 – C-Suite Appointments
         3 – Regulators and Violations
        21 – New Fund Auditor Appointments
        21 – New Fund Administrator Appointments
       281 – Change in Assets
         6 – Administrator Changes
         5 – Auditor Changes
        19 – Custodian Changes
         1 – Prime Broker Changes
         5 – 3rd-Party Marketer Changes
        47 – Beneficial Ownership
       236 – ScheduleAB Changes
        11 – SEC Admin and Auditor Fund Changes
         5 – SEC-Inactive Advisors
        27 – SEC-Dropped Funds
        30 – Changes in RIC and BDC
         5 – Changes in Public Funds
        26 – Prime Broker, Custodian, and Marketer Fund Level Changes
         3 – New Fund Prime Broker Appointments
        21 – New Fund Custodian Appointments

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.

Jack Phinney No Comments

03-12-2019 Convergence Daily ADV Filing Changes

03-12-2019 Convergence Daily ADV Filing Changes

         5 – New SEC-Registered Investment Advisors
        26 – New Private Funds Disclosed
       202 – Headcount Changes
        53 – C-Suite Appointments
         7 – Regulators and Violations
        25 – New Fund Auditor Appointments
        26 – New Fund Administrator Appointments
       219 – Change in Assets
         8 – Administrator Changes
         6 – Auditor Changes
        12 – Custodian Changes
         5 – Prime Broker Changes
         4 – 3rd-Party Marketer Changes
        20 – Beneficial Ownership
       140 – ScheduleAB Changes
         6 – SEC Admin and Auditor Fund Changes
         5 – SEC-Inactive Advisors
        60 – SEC-Dropped Funds
        25 – Changes in RIC and BDC
         1 – Changes in Public Funds
        22 – Prime Broker, Custodian, and Marketer Fund Level Changes
         6 – New Fund Prime Broker Appointments
        24 – New Fund Custodian Appointments
         9 – New Fund 3rd-Party Marketer Appointments

ADV disclosures may have a signature date that is earlier than this document’s reporting period. This is due to a delay between the receipt of an ADV filing from an RIA and its release by the SEC. The above content is based on the information that Convergence obtains from an Advisor’s Form ADV. Convergence makes no representation to the accuracy of an Advisor’s data or to any derivative calculations Convergence creates using this data to benchmark Advisors. CMDX is a registered trademark of Convergence, Inc. (c) 2016 All rights reserved
.