The Billion Dollar Club service providers
Share:
Each year, we publish our Billion Dollar Club (BDC) Report, which this year ranks 533 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 among all AuM bandings and 63% overall BDC penetration.
- Leading primes Goldman and Morgan Stanley remain the only PBs with more than 50% coverage of the BDC market.
- Fidelity climbed into the Top 10 PB ranking over the past year by number of BDC clients.
- Morgan Stanley narrowed Goldman’s lead by number of $10bn+ clients.
- Among the BDC clients they serve, Barclays, Citi, and BNP had the highest proportion of $10bn+ firms.
Top 20 prime brokers by number of BDC clients
| Rank | Prime broker |
|---|---|
| 1 | Goldman Sachs |
| 2 | Morgan Stanley |
| 3 | JPMorgan |
| 4 | BofA |
| 5 | UBS |
| 6 | Barclays |
| 7 | Citi |
| 8 | BNP |
| 9 | Fidelity |
| 10 | Deutsche Bank |
| 11 | Credit Suisse |
| 12 | Societe Generale |
| 13 | Wells Fargo |
| 14 | HSBC |
| 15 | BNY Mellon |
| 16 | Scotiabank |
| 17 | Jefferies |
| 18 | Cantor Fitzgerald |
| 19 | TD Bank |
| 20 | State Street Bank |
Data as of Q4 2024. All data subject to future revision.
Ranking sorted by number of larger BDC clients where total number is equal.
Deutsche Bank and Credit Suisse’s exit from prime brokerage yet to be fully reflected in the survey data.
Source: With Intelligence database, HFM Billion Dollar Club survey, SEC ADV filings
Administrators
- Citco retains its lead as administrator with most BDC clients overall, closely followed by SS&C and Morgan Stanley.
- Citco, SS&C, and State Street are the most utilised admins among $10bn+ hedge fund firms.
- SS&C has emerged over the past year as admin with the most $1bn-$3bn BDC clients.
- JP Morgan climbed into the Top 10 admin ranking over the past year by the number of BDC clients.
Top 20 administrators by number of BDC clients
| Rank | Administrator |
|---|---|
| 1 | Citco |
| 2 | SS&C GlobeOp |
| 3 | Morgan Stanley |
| 4 | State Street Bank |
| 5 | Northern Trust |
| 6 | HedgeServ |
| 7 | U.S. Bank |
| 8 | BNY Mellon |
| 9 | NAV Fund Services |
| 10 | JPMorgan |
| 11 | SEI |
| 12 | Brown Brothers Harriman |
| 13 | MUFG |
| 14 | HSBC |
| 15 | Apex |
| 16 | BNP |
| 17 | Internal |
| 18 | CACEIS |
| 19 | Citi |
| 20 | RBC |
Data as of Q4 2024. All data subject to future revision.
Ranking sorted by number of larger BDC clients where total number is equal.
Source: With the Intelligence database, HFM Billion Dollar Club survey, SEC ADV filings
Auditors
Top 10 auditors by number of BDC client
| Rank | Auditors |
|---|---|
| 1 | EY |
| 2 | PwC |
| 3 | KPMG |
| 4 | Deloitte |
| 5 | Grant Thornton |
| 6 | RSM |
| 7 | Cohen & Co. |
| 8 | EisnerAmper |
| 9 | BDO |
| 10 | Pitcher Partners |
Data as of Q4 2024. All data subject to future revision.
Ranking sorted by number of larger BDC clients where total number is equal.
Source: With Intelligence database, HFM Billion Dollar Club survey, SEC ADV filings
