Largest Mutual Fund and ETF Administrators (2026)

Of the US registered fund series that name an administrator on Form N-CEN, 57% are administered in-house, by their own manager or an affiliate. Among funds that hire an outside administrator, BNY serves the most series, 1,184, and 58% use BNY, U.S. Bank or State Street. By the assets of the funds served, State Street leads with $2.32 trillion.

Every fund registered with the SEC files Form N-CEN once a year and names its administrators. This count covers all 13,195 fund series at their latest report, filed October 6, 2025 to September 29, 2026.

The 25 third-party fund administrators

Counted by the fund series that name each company as administrator, leaving out administrators affiliated with the fund's own manager and sub-administrators. A series that names two companies counts for both.

Rank	Administrator	Fund series	Share of series with an administrator	Average net assets of those series
1	BNY	1,184	21.6%	$1.46 trillion
2	U.S. Bank	1,036	18.9%	$518 billion
3	State Street	937	17.1%	$2.32 trillion
4	Ultimus	894	16.3%	$254 billion
5	J.P. Morgan	341	6.2%	$1.61 trillion
6	Citi	296	5.4%	$743 billion
7	SEI	204	3.7%	$119 billion
8	Brown Brothers Harriman	145	2.6%	$351 billion
9	SS&C	141	2.6%	$49.8 billion
10	UMB	106	1.9%	$44.3 billion
11	Northern Trust	100	1.8%	$79.1 billion
12	Commonwealth Fund Services	93	1.7%	$9.7 billion
13	MUFG Investor Services	69	1.3%	$46.7 billion
14	Paralel Technologies	40	0.7%	$6.6 billion
15	The Nottingham Company	22	0.4%	$2.0 billion
16	Aristotle Investment Services	21	0.4%	$16.3 billion
17	Tidal ETF Services	20	0.4%	$3.1 billion
18	Premier Fund Solutions	15	0.3%	$1.5 billion
19	Foreside Management Services	13	0.2%	$3.8 billion
20	Mutual Shareholder Services	12	0.2%	$426 million
21	M3sixty Administration	11	0.2%	$1.5 billion
22	Goldman Sachs	9	0.2%	$2.7 billion
23	Global X Management Company	7	0.1%	$3.2 billion
24	Gryphon 17	5	0.1%	$168 million
25	Empirical Administration	5	0.1%	$102 million

Download this table (CSV), free, with every filed name grouped under each administrator. The full dataset, every fund series with its family, assets and administrators, is one email away.

In-house or outsourced

• Of 12,655 series that name an administrator on Form N-CEN, 7,179, or 57%, name only their own manager or an affiliate.
• 5,476 series name an outside administrator, holding $7.53 trillion in average net assets between them.
• The filings name 33 outside administrators in all.

In-house series hold 83% of the assets of series that name an administrator, more than their 57% share of series: the largest fund families generally run administration themselves, and outside administrators serve smaller ones.

What this means for technology buyers

Whether administration is in-house or outsourced, these guides cover the systems a fund manager runs around it:

• Order management systems for asset managers: the front office the administrator's books reconcile to.
• Multi-asset portfolio analytics: risk and performance across a fund range.
• Securities lending platforms for asset managers: a revenue line many funds share with their custodian.

Designing the operating model? The Asset Management Capability Model and the Asset Management Value Streams map what a manager does and where a provider fits.

More from Finantrix Atlas

• Largest mutual fund and ETF custodians
• Who audits mutual funds and ETFs
• Who administers private funds

How this was counted

The SEC publishes Form N-CEN filings quarterly; the last 4 quarters hold every registered fund's latest annual report. Each fund series is taken from its most recent filing, and every administrator it names is grouped by company. Affiliated administrators and sub-administrators are excluded from the table and counted in the in-house figure above. 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, so the figures are not a single-date snapshot.
• Counts of series, not fees. A small fund counts the same as a large one; assets are shown so the difference is visible.
• Grouping is a judgment. The filed names under each company are in the free table, so any grouping can be checked or redone.
• Registered funds only. Private funds are covered on the private fund administrators page.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

57% of US registered fund series that name an administrator are administered in-house, according to a Finantrix Atlas analysis of Form N-CEN filings with the SEC.

BNY administers more US registered fund series than any other third-party administrator, according to Finantrix Atlas analysis of SEC Form N-CEN data.

Suggested citation: Finantrix Atlas, "Largest Mutual Fund and ETF Administrators," from SEC Form N-CEN filings, October 6, 2025 to September 29, 2026. https://www.finantrix.com/articles/largest-fund-administrators

Embed the chart:

<a href="https://www.finantrix.com/articles/largest-fund-administrators"><img src="https://www.finantrix.com/atlas/largest-fund-administrators.png" alt="Fund administrators by number of fund series, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-fund-administrators">Finantrix Atlas</a>, from SEC Form N-CEN data.</p>

Frequently asked questions

Q: What is the largest mutual fund administrator? A: Counted by fund series on Form N-CEN, BNY is the largest third-party administrator, with 1,184 series. By the assets of the funds served, State Street leads.

Q: Do most funds outsource administration? A: No. According to SEC Form N-CEN data, 57% of fund series name only their own manager or an affiliate as administrator.