A handful of hedge fund administrators in Canada have been recognized in Global Custodian’s 2012 Hedge Fund Administration Survey.
Butterfield Fulcrum, which has offices in Halifax and Waterloo, Ont., and Maples Fund Services, which has offices in Montreal, were named the top rated service providers in Canada in the annual survey.
The results are based on a survey of 1,293 hedge fund clients by Global Custodian, a Stamford, Conn.-based magazine covering the international securities services business. Service providers were judged based on 69 rating questions, covering service areas such as client service, value, compliance and taxation, fund accounting and valuation, and technology. Respondents graded their administrators using a scale of 1 to 7, where 7 is excellent; 6, very good; 5, good; 4, satisfactory; 3, weak; 2, very weak; and 1, unacceptable.
In total, 43 administrators from around the world were featured in the 2012 survey.
Nine administrators in Canada were recognized in the “commended” category, including: CACEIS Investor Services, Citco, Citi, Columbus Avenue Consulting, LLC, CommonWealth Fund Services, Ltd., Goldman Sachs Group Inc., Pinnacle Fund Administration, Prime Management Ltd. and UBS.
CommonWealth, which is based in Toronto, was the highest ranked administrator founded in Canada, with a score of 6.07 out of 7. It also won seven “best in class” awards, in the categories of technology, fund manager reporting, investor reporting, and fund structuring.
“This is a testament to the efforts of our staff and the power of our fully integrated technology platform,” commented CommonWealth co-founder and president, Mark Damelin. He noted that CommonWealth recently released a web-based platform, which provides fund managers and investors with access to their statements and reports via a secure web portal.