The market has changed. Has your administrator?

For years, fund administrators were primarily judged on accuracy, compliance and whether reports landed on time.

Today, that is the minimum expectation.

Private capital managers are operating in a different environment. Investors expect greater transparency. Regulatory obligations continue to increase. Technology is evolving rapidly. Fund structures are becoming more complex. In this environment, the administrator relationship has become a strategic part of a fund's operating model, with a direct impact on efficiency, investor experience and scalability.

Against this backdrop, many managers are asking a difficult but increasingly important question:

Is our current administrator helping us move forward, or are legacy processes, technology limitations and service gaps creating unnecessary friction?

To explore this topic, we've created a practical whitepaper on switching fund administrators. It's designed to help private capital managers evaluate whether their current operating model remains fit for purpose and identify opportunities to improve performance, reduce risk and enhance investor experience.

A snapshot

The cost of doing nothing

Operational inefficiencies rarely arrive as a single major issue. More often, they build gradually through slow response times, fragmented data, manual processes and increasing demands on internal teams. The whitepaper explores why maintaining the status quo can become expensive over time and why operating model reviews are back on the agenda for many fund managers.

What should an operating model review actually test?

A successful review goes beyond fee comparisons. We examine the four key areas managers should evaluate: operational effectiveness, cost efficiency, risk management and investor experience. The guide provides a framework for assessing whether current arrangements support long-term objectives and where hidden friction may be impacting growth.

Outsource more, insource more, or change provider?

Many firms assume there are only two options: remain with the incumbent or switch providers. In reality, there are several paths available. The whitepaper explores the advantages and challenges of expanding outsourcing, bringing certain activities in-house, leveraging technology more effectively or benchmarking the incumbent through a market review.

Questions to ask before making a change

Changing an operating model requires careful planning. From regulatory permissions and contractual obligations to data ownership, technology considerations and resource requirements, the guide outlines the key questions managers should address before implementing any significant change.

Why managers decide to switch

Drawing on real-world examples, we explore the most common drivers behind administrator reviews and transitions. While fees often dominate discussions, service quality, responsiveness, technology capabilities, scalability and investor experience are frequently the factors that ultimately influence decision-making.

Looking ahead

The fund administration market is evolving, and so are manager expectations. The operating model that delivered value five years ago may no longer be the model best suited to today's challenges. Regularly reviewing service quality, technology capabilities, operational efficiency and strategic alignment can help managers ensure they are positioned for future growth.

Download the full whitepaper below to discover how leading private capital managers are reassessing their outsourced operating models and the practical steps they are taking to improve outcomes for both their teams and their investors.