|
|
| | |
| Research
Conducting research is one of Barrington Partner’s core competencies. The process, discipline and industry-specific knowledge Barrington Partners Research has learned from this work frequently plays a valuable role in our consulting and investment banking projects. We have been providing targeted industry research since 1995. Our research publications fall under the following main categories:
- System Reviews: licensable technology by vertical market;
- Best Practices and Customized Reports: market intelligence, regulatory or operational issues;
- Industry Surveys: surveys addressing costs and practices across fund companies or investment advisors
System Reviews These comprehensive reviews of licensable technology by vertical market are constructed utilizing a disciplined, consistent approach. For each market sector examined, we develop a list of systems for inclusion as well as a detailed outline to ensure that all current regulatory, operational and market imperatives are included. We then work closely with each system vendor in gathering information on the system’s architecture, functional capabilities, and planned strategic and development initiatives. To ensure objectivity, we then interview a minimum of three clients for each of the identified solutions. These client interviews are held with operations staff who use the system on a daily basis, and their unattributed feedback is then incorporated throughout the review. Barrington Partners’ systems research is frequently purchased as an RFP alternative by firms either considering a system change or interested in benchmarking their current solution on available functionality, platform system support or cost. In addition, our research is often used as an invaluable source of information for inclusion in reports to the Board or to senior management requiring independent information on systems’ capabilities. Finally, some clients purchase this research to gain current knowledge on available system alternatives within the industry. Our depth of experience in the fund industry has culminated in the production of the following publications:
|
NEW: The Global PA Report 2009
First published in 2005, the 2009 edition provides an overview of 34 portfolio accounting solutions capable of supporting a wide range of domains and vertical markets. For each solution, the Global PA Report comprises a 4-7 page description of its technology, core functionality, integrated and/or companion solutions, development initiatives and client base. 
The Middle Office Outsourcing Service Provider Review 2009 considers the services provided by both global and regional (U.S. or European market) outsourcers. Nine providers are evaluated on services ranging from the processing of an executed trade through to client statements and billing. |
|
| |
|
|
 |
| |
|
| US Fund Accounting Systems Review 2007
First published in 1995, the 2007 edition of this Review provides
a comprehensive analysis of six major licensable mutual fund
accounting systems from vendors in North America and Europe. |
|  |
 |
The Advanced Statementing Report 2005
An examination of 8 systems that facilitate automated integration of
assets, performance, risk, fund characteristics, performance attribution,
market news and disclosures into a concise personalized statement for
high net worth clients. |
| |
|
Best Practices and Customized Reports These reports focus on a range of critical areas from common practice within the industry, to regulatory and operational issues. Published reports include Marketing Timing / Fair Value Pricing, Compliance Best Practices in response to Rules 38(a)-1 and 206(4)-7, and Rule 22c-2 Solutions Review. Other projects may not be sold as publications but are sponsored by one specific firm. Copies of the research are provided to participants in acknowledgement of their contributions. |
| |
|
|
| Rule 22c-2 Solutions Review 2007
An overview of the major issues and legislative environment surrounding Rule 22c-2.
The Review provides clear perspectives of industry practitioners through interviews with
leading third party system providers. Findings are summarized to provide a unique and
practical perspective on the Redemption Fee issues associated with Rule 22c-2. |
|
 |
 |
Compliance Best Practices Review 2005
Published in September 2005, the report provides insight into how 12 asset management firms are meeting the challenges of the new regulatory environment. The Review covers CCO responsibilities, technology utilized and a summary of interview findings. |
| |
|
|  |
|
Industry Surveys Barrington Partners has conducted industry focused surveys for over 10 years. These surveys have started as one-off projects to help clients learn more about specific issues, and have evolved into regularly scheduled surveys that address costs, processing complexity and automation in different areas of operation. Generally the participants are tier 1 and 2 firms and they endeavor to:
- Break down the cost structure of an operation and compare the breakdown across participants
- Break down the issues that influence the complexity and cost of an operation
- Consider the complexity of operations and compare them on an ‘apples to apples’ basis
- Examine costs, staffing and pricing
- Provide participant firms with a source for comparable analysis.
|
| |
 |
| Institutional Accounting Cost Survey
This survey considers the advisor level operational processing. This survey was developed with and sponsored by Fidelity Investments for the first time in 2008. The Portfolio Accounting processing area was broken down into the following areas:
- Trade Processing
- Portfolio Accounting
- Security Master Maintenance
- Corporate Actions
- Reconciliation
|
| |
|
Transfer Agency Cost Survey
Four versions have been completed in both
the US and Canada, and are completed every other year. These surveys seek to
describe the true costs of operating a transfer agency, differentiating among operations based on:
- How costs break down in 8 categories
- Breakdown by Class and by type of account
- Processing volumes on phones, web, manual, FundSERV
- Profit and charges to the Funds
|
|  |
 |
Fund Accounting Cost Survey
This report was first completed in 2007 and was sponsored by Fidelity.
The report had 12 participants with slightly less than $5t in AUM. Vanguard
and Fidelity will sponsor the report in 2009. This very complex report considered:
- Cost breakdown by processing group
- Breakdown by Class and by type of account
- Breakdown of securities in to 10 categories and 102 specific types of holdings. Each category was evaluated on a variety of parameters.
|
| |
|
Intermediary Fee Survey
First completed in 2006 and sponsored by Oakmark, the survey was completed again in
2008. Intermediary fees are a very complex mix of payments to distributors for servicing of sub-
accounts that are supported at the distributor level and distribution. This survey breaks down the:
- Payments made to different types of distributors in BP and $ based programs
- How the fund companies structure the payments and separate the costs between advisor (distributor) and fund. Additionally, the survey addresses how the most expensive programs are structured.
- Average account size by type of distributor (economic analysis)
|
|  |
|
For additional information on Barrington Partners Research, please contact Hubbard Garber at 617.482.3300 or Ronna Tarlow at 617.232.7267. |
| |
