Benchmarking Study for Traditional Asset Managers - PwC

Spring 2014

ambenchmarking

Benchmarking Insights

PwC's asset management perspectives and analysis

PwC's Asset Management Benchmarking Study for Traditional Asset Managers

Dear clients and friends,

PwC's asset management practice is delighted to publish the results of our Traditional Asset Management benchmarking survey designed to gather, analyze, and share information about key industry trends and metrics. In the fall of 2013, we gathered data covering industry practices related to fund boards and governance, business resource models, product development, NAV calculation, valuation, corporate action processing, financial reporting, shareholder transaction processing and tax compliance. This document represents the summarization of that data and includes key takeaways by area to assist you with your review.

The need for such information is clear and present. While 2013 was a successful year for many asset management firms with assets under management eclipsing pre-crisis levels for some, asset management firms continue to face a challenging environment amidst pressure from the competition, regulators and investors.

To help asset managers respond effectively to these demands, PwC conducted this survey to explore trends that would help asset management executives and management teams benchmark their practices against the asset management industry as a whole. We hope that you find our the results and analysis helpful.

Yours sincerely,

PwC

Barry Benjamin US & Global Asset Management Leader

Gary Meltzer US & Global Asset Management Advisory Leader

Peter Finnerty US Asset Management Traditional Funds Assurance Leader

Shawn Baker US Asset Management Traditional Funds Tax Leader

Julien Courbe US Asset Management Advisory Leader

Table of contents

Section 1 Benchmarking overview

4

Section 2 Fund oversight

7

Section 3 Fund accounting and valuation

13

Section 4 Fund reporting

25

Section 5 Shareholder transactions

31

Section 6 Tax filing and distribution

35

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Section 1 Benchmarking overview

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Benchmarking highlights and objectives

Objective

In the fall of 2013, PwC conducted interviews, and collected and analyzed data from the top Traditional Asset Managers with the objective of identifying and analyzing key trends and industry metrics. While not every fund complex participated, we obtained significant coverage with respect to the largest players and believe that the data contained herein is representative of the industry. PwC is a leader working with companies in the Asset Management industry and this document leverages that leading position to provide you with key insights and analysis.

Fund oversight Fund administration/accounting

NAV calculation

Financial reporting ? process

and disclosures

Tax filing and distribution

Corporate action processing

Valuation and security pricing

New product launch

Transfer agent

Shareholder transactions

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