Each year, we publish our Billion Dollar Club (BDC) Report, which this year ranks 579 hedge funds with over $1 billion in AuM. Additionally, based on the number of client relationships, we have analyzed the BDC to produce the latest rankings of key service providers for these hedge funds.
Prime brokerage
- Goldman Sachs retains its dominance in prime brokerage with the most Billion Dollar Club (BDC) clients and 55% overall BDC penetration.
- Leading primes Goldman and Morgan Stanley remain the only prime brokerages with more than 50% coverage of the BDC market.
- JP Morgan edges ahead of Goldman and Morgan Stanley to claim the most $10+ billion clients.
Top 20 prime brokers by number of BDC clients
| Rank | Prime Broker | Number of $bn HF clients | BDC coverage |
|---|---|---|---|
|
1 |
Goldman Sachs |
320 |
55% |
|
2 |
Morgan Stanley |
288 |
50% |
|
3 |
JP Morgan |
237 |
41% |
|
4 |
BofA
|
167 |
29% |
|
5 |
UBS
|
151 |
26%
|
|
6 |
Barclays
|
106
|
18% |
|
7 |
Citi
|
97 |
17%
|
|
8 |
BNP
|
95 |
16% |
|
9 |
Fidelity
|
54 |
9%
|
|
10 |
Societe Generale |
45 |
8% |
|
11 |
Wells Fargo |
40 |
7% |
|
12 |
HSBC |
38 |
7% |
|
13 |
BNY Mellon |
34 |
6% |
|
14 |
TD Bank |
20 |
3% |
|
15 |
Scotiabank |
18 |
3% |
|
16 |
Jefferies |
17 |
3% |
|
17 |
CIBC |
15 |
3% |
|
18 |
Cantor Fitzgerald |
13 |
2% |
|
19 |
Interactive Brokers |
12 |
2% |
|
20 |
Marex |
11 |
2% |
Administrators
- Citco retains its lead as administrator with most BDC clients, closely followed by Morgan Stanley and SS&C.
- Citco and SS&C are jointly the most utilised admins among $10+ billion hedge fund firms.
- Citco has the most $3 billion – $10 billion clients, Morgan Stanley leads in the $1 billion – $3 billion BDC segment.
Top 20 administrators by number of BDC clients
| Rank | Administrator | Number of $bn HF clients | BDC coverage |
|---|---|---|---|
|
1 |
Citco
|
99 |
17%
|
|
2 |
Morgan Stanley |
94 |
16% |
|
3 |
SS&C GlobeOp |
87 |
15%
|
|
4 |
State Street Bank
|
58 |
10%
|
|
5 |
Northern Trust
|
43
|
7%
|
|
6 |
HedgeServ
|
38
|
7%
|
|
7 |
U.S. Bank
|
26
|
4%
|
|
8 |
NAV Fund Services |
21 |
4%
|
|
9 |
JP Morgan |
17 |
3% |
|
10 |
BNY Mellon |
16 |
3%
|
|
11 |
Apex |
15 |
3% |
|
12 |
SEI
|
11 |
2%
|
|
13 |
MUFG
|
11
|
2%
|
|
14 |
HSBC |
10 |
2% |
|
15 |
BNP |
10 |
2%
|
|
16 |
CACEIS |
10 |
2% |
|
17 |
Brown Brothers Harriman |
8 |
1%
|
|
18 |
RBC |
7 |
1%
|
|
19 |
Stone Coast Fund Services |
6
|
1%
|
|
20 |
Waystone
|
6
|
1%
|
Auditors
Top 10 auditors by number of BDC client
| Rank | Auditors | Number of $bn HF clients | BDC coverage |
|---|---|---|---|
|
1 |
EY |
181 |
31% |
|
2 |
PwC
|
151 |
26%
|
|
3 |
KPMG
|
137
|
24% |
|
4 |
Deloitte
|
84
|
15
|
|
5 |
Grant Thornton
|
17
|
3%
|
|
6 |
RSM
|
12 |
2%
|
|
7 |
Cohen & Co.
|
7
|
1%
|
|
8 |
BDO
|
7
|
1%
|
|
9 |
EisnerAmper
|
4 |
1%
|
|
10 |
Richey May
|
4
|
1% |
