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2013 Business Expense Benchmark Survey
Chart 22: Treatment of Third Party Expenses – Ex-Administration Costs
(Management Company Charge vs. Fund-Level Chargeback)
Source: Citi Prime Finance. Total dataset examined (124 firms, $465 billion AUM)
$100M
$500M
$1.5B
$5B
$10B
>$10B
Fund-Level Chargeback
Management Company
24%
0%
20%
30%
40%
50%
60%
70%
80%
90%
100%
10%
26%
38%
30%
31%
24%
Chart 21: Operational Chargebacks to the Fund Level
Source: Citi Prime Finance. Total dataset examined (124 firms, $465 billion AUM)
$100M
$500M
$1.5B
$5B
$10B
>$10B
Middle Office Outsourcing
Administration
24%
0%
20%
30%
40%
50%
60%
70%
80%
90%
100%
10%
20%
38%
30%
Other (Governance, Valuation, Legal)
Fund Accounting, Audit & Tax
40%
59%
44%
52%
37%
45%