Choosing Your Next Fund Administrator: Killer Questions to Ask in the RFP Process
Choosing a fund administrator is one of the most important decisions a fund manager will make.
We spoke with Yegor Lanovenko, Global Co-Head of Fund Services, Richard Hansford, Head of European Business Development in Fund Services, and Charlotte Cruickshank, Global Head of Fund Onboarding and Solutions, about the key risks to watch for and the critical questions to ask during the RFP process.
Get it wrong, and you could face reporting errors, inefficiencies, and the constant headache of explaining your fund’s operations to administrators new to your mandate. Many fund managers have run into the same frustrating issues: high staff turnover, bad data management and a lack of transparency in service.
That’s why the Request for Proposal (RFP) process is crucial. Asking the right questions will help you find an administrator that offers stability, strong technology and great client service, instead of one that just looks good on paper.
Watch on YouTube or read the transcript summary below.
Will their team keep changing?
One of the biggest red flags in fund administration is high staff turnover. If an administrator is repeatedly losing and replacing staff, you’ll find yourself explaining your processes over and over again to a revolving door of new people. That’s time-consuming, inefficient, and frustrating, especially when you need long-term consistency to benefit from an outsourced model.
What to ask:
“What is your staff turnover rate over the past three years?”
A good administrator will be upfront about this and explain how they keep experienced professionals on board. Look for firms with low turnover and structured plans to ensure continuity even when changes happen.
A weak response might brush it off as “just part of the industry.” A strong response will include specific retention strategies like career growth opportunities, staff share ownership, training programs, and competitive salaries.
Is their system up to the task?
Messy data is another major issue in fund administration. Some firms still use outdated, fragmented systems that force staff to work outside their main platforms, increasing the risk of errors You need a provider that has a single, fully integrated technology system across all their locations with a comprehensive control framework to support it
What to ask:
“Do you use a single technology platform across all locations?”
“Can you walk us through a full demonstration of your technology?”
Many administrators claim to use the best platforms, but the way they actually implement them can vary. A good administrator will show you exactly how their system works, from onboarding to reporting.
If they can’t clearly explain their tech or hesitate to do a live demo, be cautious. A reliable partner will have a seamless, well-integrated system that minimises human error and keeps everything running smoothly.
Will they deliver on their promises?
One of the biggest complaints from fund managers is the bait-and-switch tactic, where the sales team makes all sorts of promises, but once the contract is signed, the operational team can’t deliver. The best way to avoid this is to meet the actual servicing team before committing.
What to ask:
“Who will be on my servicing team, and can I meet them before we sign?”
A strong administrator will introduce you to the real people handling your fund and explain their experience. They should also outline how often you’ll interact with them and who your main point of contact will be.
If they seem hesitant to introduce their team, they’re not the right one for you. Too often, firms win a mandate with a polished pitch, only for you to be handed off to a completely different (and sometimes less experienced) team once the deal is signed.
How many clients have left?
Switching fund administrators isn’t always smooth, and a bad migration can cause data loss, reporting errors, and delays. You need a provider with real migration experience who can guide you through the process.
What to ask:
“How many migrations have you successfully completed in the past three years?”
“What percentage of your clients have left in the past three years, and why?”
A high number of client exits should raise concerns. A good administrator will be open about this and explain why clients have left, hopefully, for reasons unrelated to service quality. If they avoid answering or make vague excuses, take that as a warning sign.
What do their current clients say?
Even the slickest RFP responses can’t replace real-world experience. One of the best ways to assess a fund administrator is to speak directly with clients they currently serve — ideally ones with similar structures, jurisdictions, or complexity to your own.
What to ask:
“Can you introduce us to one or two existing clients for a reference?”
A transparent and confident administrator will gladly connect you with clients who can speak candidly about the day-to-day experience. You’ll get a clearer sense of responsiveness, reliability, and problem-solving capability — things that rarely show up in an RFP document.
If a provider is reluctant or only offers heavily curated references, take note. It may signal deeper issues with client satisfaction or delivery. A trustworthy partner should be proud of their track record and happy to put you in touch with those who’ve seen it first-hand.
Making the right choice
Choosing a fund administrator is about more than just price and reputation. You need a partner that will provide long-term stability, strong technology, and real transparency.
The right questions will help you separate the truly reliable administrators from those who just put on a good sales show. If an administrator is honest, clear, and confident in their answers, that’s a good sign. If they avoid key questions, hesitate on details, or overpromise without proof, think twice before signing.
By focusing on staff stability, technology, transparency, and client retention, you’ll be in a much better position to choose an administrator who will support your fund for years to come.
At Ocorian, our highly qualified specialists deliver consistent, quality service. Our teams are equipped to handle large and complex engagements while ensuring transparency, security and peace of mind.
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