BNY Mellon, State Street take silver, bronze in AR’s annual rankings.
Citco is the undisputed market leader among hedge fund administrators for the fourth consecutive year, having extended its lead over rivals in AR’s yearly survey of the space. BNY Mellon Alternative Investment Services remains in second, and IFS/State Street vaulted a pair of spots to third place in the rankings of assets under administration.
Unlike the prime brokerage field, in which a handful of blue-chip Wall Street firms dominate the leaderboard, the administration business remains diversified. Specialized shops such as GlobeOp/SS&C, Custom House and Northern Trust still hold significant market share. Goldman Sachs is the highest-ranked major bank