Post Summary
The top 25 administrators control 28.8% of fund market share, flat compared to July 2025, and 44% of AUA market share, up from 41.5% in July 2025.
Administrators ranked 6-10 had the highest fund growth at almost 15%.
Administrators ranked 11-25 had the smallest fund growth at about 4%.
Administrators ranked 1-5 had the highest AUA growth at 26.8%, while administrators ranked 25+ had the lowest at 11.6%.
The source cites private equity investment in firms across all size bands, AI reshaping economics and costs, accounting firms entering the space, and new start-ups competing in areas larger firms ignore.
The Fund Administration landscape is changing.
What Is Reshaping the Fund Administration Landscape?
Private Equity investment in firms across all size bands, AI is reshaping the economics and costs, Accounting firms are getting into the game and new start-ups are proving they can compete in areas that larger firms ignore. Check out July 2026 Convergence Fund Administrator League Tables.
How Concentrated Is the Top-25 Administrator Market?
The top 25 Admins control 28.8% of fund market share, which is flat when compared to July 2025, and 44% AUA Market Share - a bump from July 2025 of 41.5%.
Which Administrator Tiers Are Growing Fastest?
How Can Firms Improve Market Share?
Market share improvement takes deliberate and precise market planning. The Convergence Revenue Roadmap will get you there. Contact Convergence to discuss other business intelligence we bring you to power growth.
Key Points
How has top-25 administrator concentration changed year over year?
- Fund market share held flat: The top 25 administrators controlled 28.8% of fund market share in July 2026, unchanged from July 2025.
- AUA market share increased: The top 25 administrators controlled 44% of AUA market share in July 2026, up from 41.5% in July 2025.
- The two metrics moved in different directions relative to each other: Flat fund share alongside rising AUA share suggests the top 25 gained a larger portion of total assets without necessarily gaining a larger share of total fund count, though the source does not state a specific cause for this pattern.
Which administrator tiers are growing fastest and slowest, and on which specific metric?
- Administrators ranked 6-10 lead specifically in fund growth: This tier posted almost 15% fund growth, described in the source as the highest among tiers reported.
- Administrators ranked 11-25 lag specifically in fund growth: This tier posted about 4% fund growth, described in the source as the smallest among tiers reported.
- Administrators ranked 1-5 lead specifically in AUA growth: This tier posted 26.8% AUA growth, described in the source as the highest among tiers reported.
- Administrators ranked 25-plus lag specifically in AUA growth: This tier posted 11.6% AUA growth, described in the source as the lowest among tiers reported, though still positive, unlike the auditor 25+ tier in the prior comparable piece which showed a decline.
- The four figures span two different metrics across non-overlapping tiers: Fund growth and AUA growth are each reported for different tiers, meaning no single tier has both figures reported.
What factors does the source cite as reshaping the fund administration landscape?
- Private equity investment is cited across all size bands: The source states "Private Equity investment in firms across all size bands" as a factor in the changing landscape.
- AI is cited as a cost and economics factor: The source states "AI is reshaping the economics and costs" of fund administration.
- Accounting firms are cited as new entrants: The source states "Accounting firms are getting into the game."
- Start-ups are cited as effective competitors in overlooked niches: The source states "new start-ups are proving they can compete in areas that larger firms ignore."