An Initial Overview of Processing Firms: A Select Few Firms Manning the Back Office
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1 Financial Institutions Research Report Series & Financial Advisors Research Report Series An Initial Overview of Processing Firms: A Select Few Firms Manning the Back Office February 2010
2 TABLE OF CONTENTS INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY...8 A SYNOPSIS OF FINANCIAL SERVICES INDUSTRY MARKETS & DISTRIBUTION CHANNELS...20 EVOLUTION OF THE PROCESSING FIRMS INDUSTRY...28 Market History...28 Early Phase...28 Middle Phase...28 Recent Phase...29 Market Definition...29 Fund Accountants...30 Transfer Agents...30 Institutional Custodians...30 Clearing Brokers...30 Prime Brokers...30 Market Growth...30 Firms...30 Employees...30 Institutional Clients...30 Assets Under Administration...30 Assets Under Management...30 Assets Custodied...30 Trades...31 Revenues...31 Profits...31 Leading Processing Firms...31 Employees...31 Institutional Clients...31 Assets Under Administration...31 Assets Under Management...31 Assets Custodied...31 Trades...32 Revenues...32 Profits...32 MARKET SEGMENTATION...33 Fund Accountants...33 Market History...33 Early Phase...33 Middle Phase...33 Recent Phase...33 Market Definition...33 Market Growth...33 Leading Fund Accountants...33 Market Segmentation...33 Transfer Agents...33 Market History...33 Early Phase...34 Middle Phase...34 Recent Phase
3 Market Definition...34 Market Growth...34 Leading Transfer Agents...34 Market Segmentation...34 Institutional Custodians...34 Market History...34 Bank of New York Emergence Phase...34 State Street Corporation Emergence Phase...35 Industry Consolidation Phase...36 Market Definition...36 Market Growth...36 Leading Institutional Custodians...37 Market Segmentation...38 Clearing Brokers...38 Market History...38 Early Phase...38 Middle Phase...39 Recent Phase...39 Market Definition...39 Market Growth...39 Leading Clearing Brokers...39 Market Segmentation...39 Prime Brokers...39 Market History...39 Early Phase...39 Middle Phase...39 Recent Phase...39 Market Definition...39 Market Growth...39 Leading Prime Brokers...40 Market Segmentation...40 KEY VENDORS TO PROCESSING FIRMS...41 Custodians, Independent Broker/Dealers, & Clearing Brokers...41 Mutual Fund Companies & Other Traditional Product Companies...41 Fee-Accounts, TAMPs, & Separately Managed Accounts...41 Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies...41 Wealth Management & Family Office Service Product Companies...41 Technology Companies & Other Key Vendors to Processing Firms...41 FUTURE PREDICTIONS FOR THE PROCESSING FIRMS INDUSTRY...42 Increasing Market Concentration...42 Growing Mutual Fund Company & ETF Fund Accounting & Transfer Agent Opportunities...42 Growing Institutional Asset Management Custody Opportunities...43 Growing Fee-Based Financial Advisor Custody Opportunities...43 Growing Clearing Broker Opportunities...43 Growing Hedge Fund Prime Broker Opportunities...43 Growing Non-US Opportunities...43 APPENDIX...44 Profiles of Processing Firms
4 ALPS Holdings...44 History...44 Businesses...44 ALPS Fund Services...44 Organization & Ownership...45 American Stock Transfer & Trust Company...45 History...45 Early Phase...45 Middle Phase...45 Recent Phase...45 Statistics...45 Businesses...46 Organization & Ownership...46 Bank of America Corporation...46 History...46 Businesses...46 Merrill Lynch...46 Broadcort...47 Organization & Ownership...47 Broadridge Financial Solutions...48 History...48 Businesses...48 Securities Processing...48 Clearing & Outsourcing...48 Investor Communications...49 Organization & Ownership...49 Citigroup...50 History...50 Businesses...50 Global Transaction Services...50 Organization & Ownership...51 DST Systems...51 History...51 Early Phase...51 Middle Phase...51 Recent Phase...51 Statistics...51 Businesses...51 Organization & Ownership...51 Fidelity Investments...52 History...52 Businesses...52 National Financial Services...52 Organization & Ownership...57 First Data...57 History...58 Early Phase...58 Middle Phase...58 Recent Phase...58 Statistics...58 Businesses
5 Organization & Ownership...58 Foreside Funds Services...58 History...59 Early Phase...59 Middle Phase...59 Recent Phase...59 Statistics...59 Businesses...59 Organization & Ownership...59 Integrated Fund Services...60 History...60 Early Phase...60 Middle Phase...60 Recent Phase...60 Statistics...60 Businesses...60 Organization & Ownership...60 Interactive Brokers...61 History...61 Businesses...61 Retail Business...61 Broker/Dealer Business...61 Organization & Ownership...61 JP Morgan Chase...61 History...62 Businesses...62 JP Morgan Clearing Corporation...62 Organization & Ownership...63 Mesirow Financial...64 History...64 Early Phase...64 Middle Phase...64 Recent Phase...65 Statistics...65 Businesses...65 Mesirow Private Equity Investments...65 Venture Capital...67 Insurance Services...67 Investment Banking...67 Consulting...67 Real Estate...67 Organization & Ownership...67 Northstar Financial Service Group...67 History...67 Businesses...67 Gemini Fund Services...68 Aquarius Fund Distributors...68 Organization & Ownership...68 Royal Bank of Canada...68 History...69 Businesses
6 Clearing Business...69 Organization & Ownership...69 State Street Corporation...69 History...69 Union Bank Phase...70 Emergence Phase...70 Expansion Phase...70 Restructuring Phase...72 Statistics...75 Businesses...75 Investment Management (State Street Global Advisors)...76 Investment Research & Trading...82 Investment Servicing...83 Organization & Ownership...86 Sterne Agee Group...87 History...87 Businesses...88 Sterne Agee Clearing...88 Organization & Ownership...88 The Bank of New York Mellon Corporation...88 History...88 New York Banking Phase...88 National Banking & Investment Management Phase...89 Investment Management & Investment Processing Phase...92 Statistics Businesses Commercial Banking Bank of New York Asset Management Processing PFPC Global Investment Servicing Pershing Organization & Ownership UMB Bank History Businesses UMB Fund Services Organization & Ownership US Bancorp History Businesses US Bancorp Fund Services Quasar Distributors Organization & Ownership US Stock Transfer Corporation History Early Phase Middle Phase Recent Phase Statistics Businesses Transfer Agent Services
7 Organization & Ownership Wells Fargo Corporation History Businesses Wachovia First Clearing Organization & Ownership Profiles of Processing Firms Service Providers Institutional Investor History Businesses Private Asset Management Organization & Ownership Pensions & Investments History Businesses Organization & Ownership Source Media History Businesses Securities Industry News Organization & Ownership Duplication or distribution of this report, and/or the data in this report, is strictly prohibited without the written consent of Tiburon Strategic Advisors, LLC 7
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