Services rendered

罗伯特·普罗尔山脉罗伯特·普罗拉尔·摩根大通蔡斯·蔡斯·蔡斯公司的财政部和证券服务领导，监督一个专注于通过收购发展的集团。现在，经过复杂的交易链，他正在运行私募股权基金服务，是银行全球证券服务的全新单位。目标：抓住多汁的生长切片，但仍然高度分散的私募股权管理派。他可以伸手吗？这将取决于推动外包私募股权服务的若干因素。

最明显的是进入这一资产类别的壮观金额。据汤姆森财务称，2006年，私募股权公司筹集了221亿美元的纪录。麦肯锡公司认为，到2010年，管理人员将在私募股权等替代品中投资30％的资金。“这是一个令人沮丧的案例，由托管人大举动，”帽子说。

With more and more institutions putting money into this area, PE firms are considering ways to add safeguards to their businesses. In addition to wanting sophisticated technology, institutional investors often prefer that the funds they invest in use third-party service providers. Doing so adds a level of independence to a fund's recordkeeping. It's a model the investors are familiar with from the long-only world.

由于私募股权公司越来越复杂，他们更倾向于将其运作工作外包给后台专家，也可以提供现金管理和其他银行服务。

鉴于最近在对冲基金世界发生的高调的运营爆破，该领域的大型银行的机会可能特别成熟。例如，古代资本最近崩溃是部分归咎于其管理员的错误记录，破坏了投资者的信心。这是一个不能忽视的问题。托管银行正在将其作为银行和全球品牌名称推向其作为额外的防止诽谤程序的保障措施。

大银行长期以来一直向其传统机构客户提供养老保管服务，如养老金和捐赠，他们需要跟踪和监督其日益增长的替代投资以及更传统的控股。最近，拥有大型监护武器的银行已经自动化了许多这些过程，并增加了风险测量和性能分析等复杂的服务。现在他们正在搬到私募股权公司的这些服务，希望进入一些更有利可图的后勤和中间业务。这是他们开始为共同基金，单独的账户，对冲基金和其他投资经理进行的大部分支持工作的自然延伸。

Finally, the competition is fragmented. Players include Roseland, N.J.based administrator Bisys Alternative Investment Services, with about $60 billion in private equity money under administration; Boston-based Investors Bank & Trust Co., with about $30 billion; and HSBC's Alternative Fund Services, with about $8 billion in private equity assets.

And the field is about to expand. Bank of New York is building capabilities for private equity using its Alternative Investment Services platform, initially designed for hedge funds. Northern Trust Corp., one of the largest offshore private equity fund administrators in Europe after its acquisition of Baring Asset Management's Financial Services Group, is now readying its platform for the U.S. Citigroup is considering a move into the arena in the latter part of 2007. There's plenty of PE money out there waiting for the right service provider to come along. "We see private equity administration as a cottage industry," says JPMorgan's Caporale.

Caporale launched Private Equity Fund Services out of the back-office activities of the bank's two private equity arms: JPMorgan Partners (since spun off into CCMP Capital Advisors) and One Equity Partners, acquired as part of JPMorgan's 2004 purchase of Bank One. The unit's original $25 billion stake has since grown to $35 billion, thanks in part to last month's agreement to manage the assets of Dallas-based HM Capital Partners, the successor firm to Hicks, Muse, Tate & Furst.

Some prospective clients might see Private Equity Fund Services' close ties with Morgan's private equity business as a conflict. But Caporale believes its origins as the back end of a top-tier PE firm should give it a leg up on the competition, thanks to its special expertise in handling complex global structures. Meanwhile, he expects that the bank's position as a mergers and acquisitions adviser to private equity firms will serve as a door-opener to firms looking to outsource their back offices. "JPMorgan's investment bank is the leader in providing M&A advice to private equity firms," he says. "Our goal in Worldwide Securities Services is to lead on the fund administration side as well."

JPMorgan offers the standard menu of fund services: fund and partnership accounting systems for the firm's books and records, systems for tracking investors and generating reports, and capital call and distribution processing. To eliminate much of the paper processing, the unit has also created Web-based reporting and transactions for investors as well as Web sites clients can use to handle capital call communications, distributions, notices about acquisitions and other information. Though he won't say exactly how much JPMorgan is spending to build up the business, Caporale notes that the bank has already made significant investments in the group -- and WSS as a whole is in the middle of a $600 million technology expansion.

银行的推动正在被现有和潜在的竞争对手仔细观察。投资者银行和信托委员会的替代投资总监Chris Coleman在监护下的替代投资中，包括对冲基金的替代投资，表示提供全球监管和行政服务的能力是一个有吸引力的组合。他说，IBT，每天移动巨大的现金桩进行资本呼叫和分配。“客户可以通过管理员向投资者提出资本调用的事实，这也是全球银行的巨大优势，”他说。

IBT too is seeing a big increase in the number of potential clients looking to consolidate multiple services, such as tax support and cash management, with one provider. And if that provider is a bank, even better, says Coleman, who adds that a number of IBT's wins in the past year have been driven by the desire for one-stop shopping.

一些机构投亚博赞助欧冠资者甚至推动他们投资的资金，以聘请具有品牌名称识别的服务提供商，科尔曼笔记。鉴于私募股权的机构投资者数量越来越多的机构投资者以及归因于后台服务提供商的公共崩溃，“借助银行的管理人越来越重要，”他说。亚博赞助欧冠

至于增加数量的托管人拥挤the field, Coleman believes private equity firms will demand even more sophisticated technology. "Among custodian banks, the leading-edge providers are those that run an integrated technology platform that can handle the complex accounting and tax recordkeeping for private equity partnerships on one system."

汇丰银行正在采用其替代基金服务 - 在行政管理下的资产约为2000亿美元的最大对冲基金服务团体之一 - 作为私募股权的跳板，在2005年底推出新的PE单位。产品管理负责人Douglas对于新的单位，该银行表示，该银行在外部管理人员的平台上有80亿美元的私募股权资产。采取私人职位的对冲基金数量越来越多地将汇丰银行推入该地区。“这对我们来说是一种自然的进展，”道格拉斯说。

HSBC is focusing on providing services in addition to administration, including foreign exchange, credit, liquidity financing on capital calls and access to investment banking. "Most administrators can get valuations and accounting right. But if custodians can tie in all the components, such as forex, international banking and bridge financing," they are bound to win, Douglas concludes.