Apex Fund Services has become the first member of a new association for North American fund administrators launched by a former JP Morgan, State Street and Citi fund services veteran.
Chris Meader, a former senior managing director for strategic business solutions at State Street Alternative Investment Solutions, established the North American Fund Administrators Association (NAFAA) in January this year.
The initial goals of the association are to collaborate and promote best practices in the industry, enhance the image and understanding of the fund administration industry, and provide a forum for members to discuss trends and new developments.
“The US fund administration space and institutional allocators need more structure and we are excited to be a part of an association promoting more collaboration amongst peers in the industry and helping to shape the future for the fund administration sector in North America,” said Peter Hughes, founder and CEO, Apex Fund Services.
The launch of the association comes at a crucial time in the fund administration industry, after witnessing several years of consolidation. Many bank-owned administrators have left the space, while other independent, tech-orientated firms have grown significantly through mergers and acquisitions.
Furthermore new technology demands from hedge funds, as well as the growth of private equity, real estate and crypto funds have prompted fund administrators to evolve their services.
“Collaboration of fund administration service providers in the US is long overdue. With the increased use of derivatives in our industry and the introduction of new products such as Cryptocurrency funds, there is a clear calling, now more than ever before, for a forum to discuss these key issues and ensure that we, as fund admin providers, evolve our businesses to service this new breed of managers and fund types,” added Meader.