Key Takeaways
- According to SEC Form N-CEN filings, 34% of US registered fund series name only an affiliated transfer agent, and those series hold 64% of the assets.
- Among third-party transfer agents, BNY serves the most series, 2,305; BNY, U.S. Bank and SS&C serve 58% of series with one, according to SEC data.
- For ETFs the transfer agent is usually a custodian bank: BNY serves 31% of ETFs with a third-party agent, according to SEC data; for mutual funds it is SS&C.
- 32% of series with an in-house transfer agent also name a sub-transfer agent, most often SS&C, according to Form N-CEN.
34% of US registered fund series keep transfer agency in-house, and those funds hold 64% of the assets of funds that name a transfer agent, according to SEC Form N-CEN filings. Among funds that hire an outside transfer agent, BNY serves the most series, 2,305, followed by U.S. Bank and SS&C; according to the same SEC data, the three serve 58% of those funds.
Every fund registered with the SEC files Form N-CEN once a year and names its transfer agents, the firms that keep the record of who owns its shares. This count covers 13,702 fund series (mutual funds, ETFs, money market, closed-end and interval funds) at their latest report, filed October 3, 2024 to September 29, 2026.
The 25 third-party transfer agents
Counted by the fund series that name each company as transfer agent, leaving out agents affiliated with the fund or its adviser and sub-transfer agents. A series that names two companies counts for both. The source link opens the agent's transfer agent registration on SEC EDGAR, by the file number the funds give.
| Rank | Transfer agent | Fund series | Share of series with a third-party agent | Of which ETFs | Average net assets of those series | Source |
|---|---|---|---|---|---|---|
| 1 | BNY | 2,305 | 25.7% | 1,261 | $4.25 trillion | SEC |
| 2 | U.S. Bank | 1,452 | 16.2% | 938 | $719 billion | SEC |
| 3 | SS&C | 1,448 | 16.1% | 2 | $5.50 trillion | SEC |
| 4 | State Street | 1,096 | 12.2% | 899 | $2.42 trillion | SEC |
| 5 | Ultimus | 607 | 6.8% | 4 | $215 billion | SEC |
| 6 | Brown Brothers Harriman | 449 | 5.0% | 444 | $90.9 billion | SEC |
| 7 | J.P. Morgan | 337 | 3.8% | 335 | $1.53 trillion | SEC |
| 8 | Computershare | 285 | 3.2% | 0 | $169 billion | SEC |
| 9 | Citi | 267 | 3.0% | 267 | $716 billion | SEC |
| 10 | FIS | 238 | 2.7% | 0 | $127 billion | SEC |
| 11 | UMB | 189 | 2.1% | 0 | $147 billion | SEC |
| 12 | Equiniti | 83 | 0.9% | 0 | $54.8 billion | SEC |
| 13 | Northern Trust | 69 | 0.8% | 0 | $38.0 billion | SEC |
| 14 | MUFG Investor Services | 68 | 0.8% | 0 | $46.1 billion | SEC |
| 15 | Mutual Shareholder Services | 68 | 0.8% | 0 | $6.8 billion | SEC |
| 16 | Nottingham Shareholder Services | 24 | 0.3% | 18 | $2.0 billion | SEC |
| 17 | Russell Investments Fund Services | 21 | 0.2% | 0 | $21.6 billion | SEC |
| 18 | Atlantic Shareholder Services | 21 | 0.2% | 0 | $15.1 billion | SEC |
| 19 | Apex Group | 20 | 0.2% | 0 | $9.7 billion | SEC |
| 20 | Paralel Technologies | 20 | 0.2% | 0 | $5.2 billion | SEC |
| 21 | Commonwealth Fund Services | 17 | 0.2% | 0 | $3.5 billion | SEC |
| 22 | M3sixty Administration | 11 | 0.1% | 0 | $1.5 billion | SEC |
| 23 | State Stree Bank And Trust Company | 5 | 0.1% | 5 | $2.6 billion | SEC |
| 24 | Banco Popular De Puerto Rico | 5 | 0.1% | 0 | $172 million | SEC |
| 25 | Gryphon 17 | 5 | 0.1% | 0 | $168 million | SEC |
Download this table (CSV), free, with every filed name grouped under each company. The full dataset, every fund series with its transfer agents, sub-transfer agents and assets, is one email away.
Mutual funds and ETFs use different agents
- For ETFs, the third-party transfer agent is usually a custodian bank: 76% of the 4,103 ETFs with one name a bank, and BNY alone serves 31%, according to Form N-CEN.
- For mutual funds with a third-party agent, SS&C leads, serving 33% of 4,011, according to SEC filings.
In-house, and who works behind it
- Of 13,514 series that name a transfer agent, 4,537, or 34%, name only their own manager's affiliate, according to SEC filings. According to the same SEC data, those series hold 64% of the assets, more than their share of series, so in-house agents serve larger funds on average.
- According to Form N-CEN, 1,443 of those in-house series, 32%, also name a sub-transfer agent, most often SS&C (573 series), then BNY.
The largest in-house transfer agents, by the series that name them:
| Rank | In-house transfer agent (family) | Fund series | Average net assets of those series | Source |
|---|---|---|---|---|
| 1 | Fidelity | 583 | $6.01 trillion | SEC |
| 2 | Franklin Templeton | 283 | $545 billion | SEC |
| 3 | Vanguard | 223 | $10.64 trillion | SEC |
| 4 | State Street | 181 | $1.16 trillion | SEC |
| 5 | T. Rowe Price | 176 | $989 billion | SEC |
| 6 | Columbia Threadneedle | 156 | $351 billion | SEC |
| 7 | Invesco | 137 | $438 billion | SEC |
| 8 | Jackson National | 132 | $264 billion | SEC |
| 9 | PGIM (Prudential) | 130 | $340 billion | SEC |
| 10 | MFS | 125 | $470 billion | SEC |
What this means for technology buyers
The transfer agent keeps the record of who owns a fund's shares, which every purchase, redemption and dividend payment changes. These guides cover systems around it:
- ETF basket trading and creation and redemption platforms: the daily creation and redemption process with authorized participants.
- Corporate actions processing platforms: dividends and other events in the securities a fund holds.
- Data warehouse solutions for financial services: bringing investor, transaction and fund data together.
Designing the operating model? The Asset Management Value Streams and the Asset Management Capability Model map what a manager does and where a provider fits.
More from Finantrix Atlas
- Largest mutual fund and ETF administrators
- Largest mutual fund and ETF custodians
- Who audits mutual funds and ETFs
How this was counted
The SEC publishes Form N-CEN filings quarterly. Each fund series is taken from its most recent filing in the last 4 quarterly files. Because a quarterly file can miss filings, the four files before those are read too, and 507 series are taken from an older record because they still file Form N-PORT (2026q3). Every transfer agent a series names is grouped by company; the filing says whether each is affiliated and whether it is a sub-transfer agent. Assets are N-CEN's average net assets over each fund's fiscal year.
Limits
- Average, not current, assets. N-CEN reports a fund's average net assets over its fiscal year.
- Counts of series, not accounts. The filings do not say how many investor accounts an agent keeps, so a small fund counts the same as a large one; assets are shown so the difference is visible.
- Affiliation is as filed. Each fund answers whether its agent is an affiliated person; the page does not second-guess the answer.
- Grouping is a judgment. The filed names under each company are in the free table.
- Registered funds only. Private funds and operating companies' stock transfer agents are not counted.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
34% of US registered fund series name only an affiliated transfer agent, according to a Finantrix Atlas analysis of SEC Form N-CEN filings.
BNY is the transfer agent for more US registered fund series than any other third-party agent, according to a Finantrix Atlas analysis of SEC Form N-CEN data.
Suggested citation: Finantrix Atlas, "Who Are the Transfer Agents for US Funds?", from SEC Form N-CEN filings, October 3, 2024 to September 29, 2026. https://www.finantrix.com/articles/fund-transfer-agents
Embed the chart:
<a href="https://www.finantrix.com/articles/fund-transfer-agents"><img src="https://www.finantrix.com/atlas/fund-transfer-agents.png" alt="Fund transfer agents by number of fund series, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/fund-transfer-agents">Finantrix Atlas</a>, from SEC Form N-CEN data.</p>
Frequently asked questions
Q: Who is the largest mutual fund transfer agent? A: Among third-party transfer agents, according to SEC Form N-CEN data, BNY serves the most US registered fund series, 2,305. Counting only mutual funds with a third-party agent, SS&C leads.
Q: Do most funds outsource transfer agency? A: Most fund series do, but not most fund assets: 34% of series name only an affiliated transfer agent, and they hold 64% of the assets, according to SEC Form N-CEN filings.
Q: What is a sub-transfer agent? A: A firm a fund's transfer agent hires to do part of the work. According to Form N-CEN, 32% of funds with an in-house transfer agent also name one, most often SS&C.
Download the data
The 25 rows on this page (CSV), free. The full dataset has all 13,702 rows, as of September 29, 2026; we email you a link.
Frequently Asked Questions
Who is the largest mutual fund transfer agent?
Among third-party transfer agents, according to SEC Form N-CEN data, BNY serves the most US registered fund series, 2,305. Counting only mutual funds with a third-party agent, SS&C leads.
Do most funds outsource transfer agency?
Most fund series do, but not most fund assets: 34% of series name only an affiliated transfer agent, and they hold 64% of the assets, according to SEC Form N-CEN filings.
What is a sub-transfer agent?
A firm a fund's transfer agent hires to do part of the work. According to Form N-CEN, 32% of funds with an in-house transfer agent also name one, most often SS&C.