North American and European managers have been more active in switching service providers in 2013, with 35 percent on both sides of the pond changing service providers during the past year, a new report from Preqin reveals.
The trend was more pronounced in certain regions. The report indicates that 55 percent of Asia and rest of world managers have switched a service provider in the past five years (excluding the last 12 months).
Fund administrators and prime brokers were the most commonly switched service providers in the past year and over the longer time frame. Three-quarters of all Asia and rest of world fund managers have switched fund administrators over the past five years, compared to 56 percent of Europe-based and 52 percent and North America-based managers.