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Markets, payments and financial infrastructure

Fund administrator financial model, built free.

A three-statement Excel model for a custodian, fund administrator or share registry, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Holds and services assets for funds and institutions, administers funds, keeps share and unit registers, and earns basis-point fees on assets, per-transaction and per-holder fees, and margin on client cash.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Fund administrator sample model.xlsx
The Summary sheet of the sample fund administrator model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a fund administrator.

  1. How it earns revenue3 formulas
    Custody, fund administration and registry fees · The business
    Custody, administration and registry feesAverage AUC × yearsFee margin (bps a year)
    Custody, fund administration and registry fees · The business
    AUC at the end of the periodAUC at the start of the periodNet new businessMarket movement
    Custody, fund administration and registry fees · The business
    Average AUC × yearsAUC at the start of the periodAUC at the end of the periodshare of the year
  2. What drives its costs3 formulas
    Headcount and payroll · The business
    Total salariesDirect labourSales and customer serviceAdministration and financeManagement
    Headcount and payroll · The business
    Total staff costsTotal salariesOn-costs
    Headcount and payroll · The business
    Direct labour costsTotal staff costsDirect labour share of salaries
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

18 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Licence capital and liquidity requirements (non-banks)NTA and liquidity requirementMinimum capital, net tangible assets and liquid funds required of licensed non-bank firms, and the surplus available for dividends.
  • Custody, fund administration and registry feesAssets under custody × fee rateFees for holding and servicing assets, administering funds and keeping registers of holders.
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Headcount and payrollFTEs by department x loaded cost
  • Case selectionStackable stress toggles
  • R&D and capitalised developmentGross R&D × capitalisation rate
  • Interest-rate forecastMarket forward curve
Key numbers

The numbers it tracks.

  1. 01assets under custody or administration
  2. 02fee margin (bps)
  3. 03holder records
  4. 04client cash balances
  5. 05margin income
  6. 06EBITDA margin
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

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Every financial services model

Looking for a fund administrator financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.