3.2.6.2Vertical
Fund Administration Services
Third-party fund administrators providing NAV calculation and reporting.
Market snapshot
These figures describe Securities Processing & Back Office (3.2.6), the segment that Fund Administration Services sits within — not Fund Administration Services on its own.
FragmentationConsolidatingEstimate
No discrete Census NAICS code under outsourcing — securities processing sits within securities-industry (523xxx) and data-processing classifications, so the segment is not separately sized here.
Business model & economics
Revenue model
Asset-based and per-transaction processing fees
Key economics
- Recurring revenue
- High
- EBITDA margin
- 20–35%
- Capex intensity
- Low
embedded, asset-based processing
Characteristics
- The operational infrastructure of investing.
- High switching costs once embedded in operations.
- Asset managers outsourcing more middle/back office.
M&A deal context
Deal activityModerate
Who’s acquiring
- Securities-services majors
- Fund-administration consolidators
- PE-backed processing platforms
What’s driving deals
- Scale and technology separating the leaders.
- Outsourcing of middle- and back-office functions.
- Consolidation of fund administrators.
Find Fund Administration Services acquisition targets
Search Acquisera’s index for companies classified under Fund Administration Services (3.2.6.2) and build a targeted deal pipeline.
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