PORTFOLIO
ADMINISTRATION
BY: MAHA KHAN PHILLIPS
PROFILES BY: STUART NEWMAN
B
ehind every successful fund, securities, calculate the payments on on their core competencies, have sent a
there is a hard-working portfolio dividends and distributions, and they lot of business their way. Th e events of
administration team. Portfolio off er risk measurement services, to the last few months have demonstrated
administration is one of the cogs that name a few. just how dangerous counterparty risk
keep the machine functioning. can be, and asset servicers are
Without it, there would be no fund INCREASED OUTSOURCING benefi ting from this in the sense that
management industry, or at least no In the last few years administration has fund managers and pension funds are
industry that ran eff ectively. Fund been increasingly outsourced, either to increasingly requiring their services in
administrators have a variety of stand alone administrators or to this area. Almost 60% of European and
functions and responsibilities. Th ey custodians who provide fund US institutional investors believe
calculate the net asset value of the fund administration services amidst their another large fi nancial fi rm will
on a quarterly, monthly, and daily slate of other off erings. Ironically, asset collapse within the next six months,
basis. Th ey prepare semi-annual and servicers have been buff ered from much according to a survey by Greenwich
annual accounts, and they provide of the volatility facing the rest of the Associates. Th e study also fi nds that
reconciliation services. Th ey price industry. Fund managers, keen to focus more than 75% of those polled see
KEVIN KRUCZYNSKI
Title: Performance and Evaluation
Analyst
fund managers’ thematic investment approach in our
Current employer:
performance reporting and analysis.
Taube Hodson Stonex Partners
Previous employers:
Are there certain skills you would consider useful for your job?
Merrill Lynch Investment Managers; Attention to detail is a must, as is the ability to be a good listener.
Cazenove Capital Management Having an interest in current economic and business affairs
University: Cass Business School; City makes it easier to understand where managers and customers
University London are coming from with their queries.
Degrees: Bachelors in Banking and
International Finance
How do you think the role you’re in now will change over time?
Professional qualifi cations:
I’m already seeing an increase in the complexity of analysis and
CFA Level III candidate; IMC; IAQ
information required by our clients and managers – I expect this
to continue given the pace of regulatory change in the industry.
What attracted you to this career path?
I liked the idea of working in a relatively new and dynamic industry. Do you have advice for someone intending to pursue the same
Fund administration has given me great exposure to a wide array of career path?
functions within the industry and I have worked closely with some well Stay motivated! Having short term and long term goals can help
known fund managers. tremendously. Be proactive and make sure you are constantly
reviewing processes and procedures, looking for improvements.
What are the major challenges you face in your position? Also, consider pursuing industry qualifi cations such as the IMC
It is always a challenge keeping on top of continuously evolving client and CFA to broaden your horizons and demonstrate commitment
requirements. At present we are looking at the best way to convey our to the industry and your career.
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