Post Summary
$437 million of fund administration revenue changed hands during the calendar year ended 2025.
1,136 managers changed fund administrators across 6,724 private funds, representing $1.178 trillion in gross asset value (GAV).
The number of managers making switch decisions declined 1.7%, while the number of funds switched increased 12.5% and the assets affected increased 8.3%.
It suggests that switching decisions are increasingly affecting broader, multi-fund relationships rather than isolated single-fund mandates.
Yes. The opportunity is available to fund administrators of every size, and smaller administrators won 40% of funds moving from one third-party administrator (TPA) to another.
How Much Fund Administration Revenue Changed Hands in 2025?
$437 million of fund administration revenue changed hands during the calendar year ended 2025.
How Many Managers, Funds, and Assets Were Affected?
1,136 managers changed Fund Administrators across 6,724 private funds representing $1.178 trillion in GAV.
What Does the Year-Over-Year Trend Show?
This suggests that switching decisions are increasingly affecting broader, multi-fund relationships—not isolated mandates.
Is This Opportunity Available to Administrators of Every Size?
The opportunity is available to Fund Administrators of every size. Smaller Administrators won 40% of funds moving from one TPA to another
What Is Convergence's Likely to Switch Predictive Analytics?
The call to action is simple: Stop waiting for the RFP. Convergence's Likely to Switch Predictive Analytics uses more than a decade of Adviser and fund decision history to detect signals that identify and rank the managers most likely to change Fund Administrators.
How Does This Intelligence Help Fund Administrators Act Earlier?
That intelligence enables Fund Administrators to act earlier in two ways:
Win new mandates: Prioritize likely switchers by estimated revenue, fund count, assets, strategy, complexity and incumbent provider—then engage before a formal search becomes visible.
Protect existing revenue: Identify current clients exhibiting the same business conditions that preceded prior switches and intervene before the decision is made.
The competitive advantage is not knowing which managers have switched in the past. It is knowing which Adviser is likely to switch next.
Key Points
What was the total scope of fund administrator switching activity in 2025?
- Total revenue affected was substantial: $437 million of fund administration revenue changed hands during the calendar year ended 2025.
- Manager count, fund count, and asset value were all reported: 1,136 managers changed fund administrators across 6,724 private funds, representing $1.178 trillion in GAV.
- This represents a full calendar year of activity: The figures are stated as covering "the calendar year ended 2025" specifically, not a partial-year or trailing-twelve-month snapshot.
What does the year-over-year comparison reveal about switching behavior?
- The number of switching managers declined: Managers making switch decisions declined 1.7% year over year.
- The number of switched funds increased at a much larger rate: Funds switched increased 12.5% year over year, despite fewer managers making decisions overall.
- The assets affected increased as well: Assets affected (GAV) increased 8.3% year over year.
- The source draws a specific conclusion from this divergence: Fewer managers switching, combined with more funds and more assets moving, suggests "switching decisions are increasingly affecting broader, multi-fund relationships—not isolated mandates."
- This reframes what a single switching decision represents: A decline in the number of managers switching does not indicate declining market activity if each decision now moves more funds and more assets on average, which is what the underlying figures show.
Is this switching opportunity available to fund administrators of every size?
- The source states the opportunity spans all size bands: "The opportunity is available to Fund Administrators of every size."
- A specific competitive outcome is cited for smaller administrators: Smaller administrators won 40% of funds moving from one third-party administrator (TPA) to another, indicating scale is not a strict prerequisite for winning switched business.
What is Convergence's Likely to Switch Predictive Analytics, and what does it detect?
- The product is built on a substantial historical dataset: It uses "more than a decade of Adviser and fund decision history" to build its detection capability.
- Its core function is identifying and ranking likely switchers: The product "detects signals that identify and rank the managers most likely to change Fund Administrators."
- The stated call to action is proactive rather than reactive: The source frames the approach as "stop waiting for the RFP," positioning the tool as an alternative to responding only after a formal search is announced.
How does this intelligence help fund administrators act earlier, according to the source?
- Two specific use cases are named: The source states the intelligence "enables Fund Administrators to act earlier in two ways."
- The first use case is winning new mandates: Administrators can "prioritize likely switchers by estimated revenue, fund count, assets, strategy, complexity and incumbent provider—then engage before a formal search becomes visible."
- The second use case is protecting existing revenue: Administrators can "identify current clients exhibiting the same business conditions that preceded prior switches and intervene before the decision is made."
- The source frames the core competitive advantage explicitly: "The competitive advantage is not knowing which managers have switched in the past. It is knowing which Adviser is likely to switch next."