The Billion Dollar Club service providers H1 2025

We have released our latest Billion Dollar Club H1 2025 report. Read it now.

Each year, we publish our Billion Dollar Club (BDC) Report, which this year ranks 551 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 BDC clients and 61% overall BDC penetration.
Leading primes Goldman and Morgan Stanley remain the only PBs with more than 50% coverage of the BDC market.
Morgan Stanley and JP Morgan have now matched Goldman’s $10+ billion client tally.

Top 20 prime brokers by number of BDC clients

Rank	Prime Broker	Number of $bn HF clients	BDC coverage (%)
1	Goldman Sachs	337	61%
2	Morgan Stanley	312	57%
3	JP Morgan	259	47%
4	BofA	188	34%
5	UBS	154	28%
6	Barclays	126	23%
7	Citi	114	21%
8	BNP	94	17%
9	Fidelity	69	13%
10	Deutsche Bank	65	12%
11	HSBC	43	8%
12	Societe Generale	41	7%
13	BNY Mellon	39	7%
14	Wells Fargo	39	7%
15	TD Bank	19	3%
16	Cantor Fitzgerald	18	3%
17	Scotiabank	18	3%
18	Jefferies	18	3%
19	CIBC	14	3%
20	State Street Bank	13	2%

Data as of Q3 2025. All data subject to future revision.
Ranking sorted by number of larger BDC clients where total number is equal.
Deutsche Bank completed the transfer of its prime finance and electronic equities business to BNP in early 2022 but retains FX prime brokerage.
Source: With Intelligence data, Billion Dollar Club survey, SEC ADV filings.

Administrators

Citco retains its lead as administrator with most BDC clients, closely followed by SS&C and Morgan Stanley.
Trio of Citco, SS&C, and State Street are jointly the most utilised admins among $10+ billion hedge fund firms.
Citco has the most $3 billion – $10 billion clients, SS&C retains lead 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	110	20%
2	SS&C GlobeOp	104	19%
3	Morgan Stanley	102	19%
4	State Street Bank	70	13%
5	Northern Trust	49	9%
6	HedgeServ	41	7%
7	U.S. Bank	27	5%
8	BNY Mellon	23	4%
9	NAV Fund Services	20	4%
10	JPMorgan	19	3%
11	SEI	17	3%
12	HSBC	16	3%
13	Apex	16	3%
14	Brown Brothers Harriman	15	3%
15	MUFG	13	2%
16	BNP	13	2%
17	CACEIS	12	2%
18	Citi	10	2%
19	Stone Coast Fund Services	6	1%
20	Waystone	6	1%

Data as of Q3 2025. All data subject to future revision. Ranking sorted by number of larger BDC clients where total number is equal.
Source: With Intelligence data, Billion Dollar Club survey, SEC ADV filings