The economics workbench
Incumbent evidence
A source-by-source view of the market. No blended peer average.
Source-reviewed research
Dated evidenceBundled snapshot · 12 Sep 2026
Research reviewed as of 12 Sept 2026
The app download includes all 30 companies and their source citations. Reading, filtering, peer checks and exports work without the data service. External source pages require internet access.
30 company records bundled in the application. No connection is required to read or export the snapshot; external source pages and optional refresh require internet access.
Research status
Complete dated research and archived standardized financial evidence, included in the app download.
30 company records
Public financial data
Historical snapshotBundled snapshot, not live data. FY2025 provider figures were fetched on 12 September 2026. Five public firms have operating profit; three remain intentionally partial. Live refresh requires the hosted data service.
Live refresh is optional and requires the hosted backend. A downloaded copy starts with the bundled snapshot, not live data. A recent request does not mean a new reporting period or fresh values for every field.
Provider details
status: bundled_snapshot · message: Bundled snapshot, not live data. FY2025 provider figures were fetched on 12 September 2026. Five public firms have operating profit; three remain intentionally partial. Live refresh requires the hosted data service. · period: FY2025 · fetchedAt: 2026-09-12T11:29:42.248Z · publicEntities: 8 · availableEntities: 5 · partialEntities: 3 · unavailableEntities: 0 · refreshSupported: true
The incumbent evidence base
30 firms available · source currency, period and scope retained
Full JSON includes all 30 companies in the displayed dataset, regardless of filters, with source URLs, quotations and provider provenance. CSV includes only the filtered rows. The app download retains the bundled snapshot even after an optional live refresh.
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| Company & reporting scope | Revenue | Human workforce | Revenue / employee | Ratio assessment | Open details |
|---|---|---|---|---|---|
| Specialists & service firms · verify scope before comparison | |||||
| Alter Domus Global S.à r.l. consolidated IFRS financial statements (top consolidating entity of the Alter Domus group)specialist | €935.9mFY2025 (year ended 31 December 2025)audited consolidated revenue audited consolidated revenue Alter Domus, Management Report and Consolidated Financial Statements 2025 | 5,952FY2025 · average number of people employed (employees 5,719 + directors 233)Source qualifier company-disclosed average for the year; not FTE-adjusted Alter Domus, Consolidated Financial Statements 2025, employee note | €157.2k | usable Same consolidated group scope and same FY2025 period; denominator is the company-disclosed average number of people employed (5,952 incl. 233 directors). Using employees only (5,719) gives EUR 163,648. | |
| Apex Structured Intermediate Holdings Limited (Fitch-rated restricted group); revenue figure is pro-forma for acquisitions and is a rating-agency estimate, not audited company disclosurespecialist | US$1.5bnFY2024 (pro-forma)Source qualifier approximate; 'around USD1.5 billion of revenue on a pro-forma basis'; third-party (Fitch) estimate, not company-reported Fitch Ratings, Apex Group rating action, 11 Feb 2025 | 13,000undated company web page read 2026-09-12 · unspecifiedSource qualifier '13,000+' / 'over 13,000' — lower bound, marketing figure, no date or FTE basis Apex Group, About us | Not disclosed / not verified | excluded Revenue is a rating-agency pro-forma estimate for FY2024 while headcount is an undated company web figure with a 'more than' qualifier. Scope and dates do not align, so no ratio is reported. | |
| Artex Risk Solutions (insurance/captive management arm of a Fortune 500 insurance brokerage); no standalone financials disclosedspecialist | Not disclosed / not verified | Not disclosed / not verified | Not disclosed / not verified | excluded Artex is a business unit of a larger listed broker and no unit-level revenue or headcount was verified in this session, so no ratio can be formed. | |
| Aztec Group (private); company web page onlyspecialist | Not disclosed / not verified | 2,200company web page read 2026-09-12 · unspecifiedSource qualifier 'more than 2,200 people' — lower bound, undated Aztec Group, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. | |
| The Citco Group of Companies (private, no public financial statements located)specialist | Not disclosed / not verified | Not disclosed / not verified | Not disclosed / not verified | excluded Neither a revenue figure nor a company-published headcount was verified in this session, so no ratio can be formed. | |
| CSC group (private; Intertrust Group acquired 2022 and rebranded into CSC)mixed administrator | Not disclosed / not verified | 8,500company web page read 2026-09-12 · unspecifiedSource qualifier 'more than 8,500 people strong' — lower bound, undated CSC, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. The private group's own pages state no revenue figure and none was found elsewhere. | |
| Equiom Group (private, Isle of Man-headquartered)specialist | Not disclosed / not verified | 400company careers page read 2026-09-12 · unspecified'400 - Employees' as displayed, undated '400 - Employees' as displayed, undated Equiom, Careers | Not disclosed / not verified | excluded No revenue figure was verified for Equiom from a primary source, so no ratio can be formed. The workforce figure (400 employees, from the company's careers page) is verified but undated, and a denominator alone cannot produce a ratio. | |
| Gen II Fund Services, LLC (private)specialist | Not disclosed / not verified | Not disclosed / not verified | Not disclosed / not verified | excluded Neither a revenue figure nor a company-published headcount was verified in this session, so no ratio can be formed. | |
| HIGHVERN group (private, Jersey-based; combined with Permian)specialist | Not disclosed / not verified | Not disclosed / not verified | Not disclosed / not verified | excluded No revenue figure was verified from a primary source, so no ratio can be formed. | |
| Saphilux S.à r.l. (IQ-EQ) rated group; financial figures are as characterised in an S&P Global Ratings research update, not audited company disclosurespecialist | €637mFY2023Source qualifier 'about €637 million' of sales in 2023 as described by S&P Global Ratings; latest revenue figure located from a citable source — three years older than the FY2025 peers S&P Global Ratings research update: Saphilux (IQ-EQ) upgraded to 'B' | 5,000as stated in the S&P research update (period not stated; document relates to 2023-2024) · unspecifiedSource qualifier 'over 5,000 people' — lower bound, undated. The company's own 2026 homepage states '6,500+ professionals'. S&P Global Ratings research update: Saphilux (IQ-EQ) upgraded to 'B' | ≈ €127.4k | approximate Numerator and denominator come from the same S&P research update and the same rated group, but revenue is FY2023 while the workforce figure is undated and a 'over 5,000' lower bound. Not comparable with the FY2025 peer ratios and it overstates revenue per head if the workforce was materially above 5,000. | |
| JTC PLC consolidated (IFRS); listed on LSE through FY2025, taken private by Permira 1 September 2026mixed administrator | £381.9mFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | 2,500company news page published with the FY2025 results (undated as a workforce measure) · employee-owners as described by the companySource qualifier approximate, undated; the FY2025 results announcement itself states no headcount, and no average-employee note was located in the fetched text JTC, 2025 full year financial results news page | Not disclosed / not verified | excluded FY2025 revenue is audited, but the only source-linked workforce figure ('2,500 employee owners') is undated and of unspecified basis, so revenue and headcount cannot be date- or scope-aligned. No ratio is reported. | |
| Langham Hall (private, partner-owned)specialist | Not disclosed / not verified | 900company web page read 2026-09-12 · unspecifiedSource qualifier 'around 900 professionals' — approximate, undated Langham Hall, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. UK LLP statutory accounts were not retrieved in this session and may contain turnover. | |
| Ocorian group (private); company web page onlyspecialist | Not disclosed / not verified | 2,000company web page read 2026-09-12 · unspecifiedSource qualifier '2,000+ Staff worldwide' — lower bound, undated Ocorian, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. | |
| SS&C Technologies Holdings, Inc. consolidated (software + tech-enabled fund/asset services)mixed administrator | US$6.3bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | 28,800as of December 31, 2025 · year-end full-time employeesSource qualifier approximately; year-end count, not an average SS&C Technologies Holdings 10-K for FY2025 (SEC) | ≈ US$217.8k | approximate Same consolidated scope and same FY2025 period, both values source-linked to the FY2025 10-K. Denominator is a year-end full-time count rather than an average FTE, and roughly one sixth of revenue is software licence and maintenance, so this is not a pure fund-administration services ratio. | |
| Standish Management, LLC (private, THL-backed)specialist | Not disclosed / not verified | 1,10021 January 2026 · unspecifiedSource qualifier '1,100-plus professionals' — lower bound, as at the dated press release Standish press release via Business Wire, 21 January 2026 | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. | |
| TMF Group consolidated (TMF Group Holding, redomiciled to Jersey 2 Jan 2025); adjusted figures as presented in the FY2025 annual reportmixed administrator | €962.4mFY2025Source qualifier adjusted revenue as reported (2024: €883.2m, +9.0%) TMF Group Annual Report 2025, Financial review | 11,906FY2025 · average number of FTEsSource qualifier company-disclosed average FTE (2024: 11,352) TMF Group Annual Report 2025, Financial review | €80.8k | usable Same group scope and same FY2025 period; denominator is company-disclosed average FTE (11,906), the cleanest denominator in the cohort. | |
| Trident Trust group (private, partner-owned)specialist | Not disclosed / not verified | 1,100company web page read 2026-09-12 · unspecified'1100 staff' as stated, undated '1100 staff' as stated, undated Trident Trust, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. | |
| Ultimus Fund Solutions (private, US)specialist | Not disclosed / not verified | 1,200company web page read 2026-09-12 · unspecifiedSource qualifier '1,200+ Associates' — lower bound, undated Ultimus, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. | |
| Vistra group (private, Baring PE Asia/EQT-backed); company web page only. NOT Vistra Corp (NYSE: VST), a US power company.mixed administrator | Not disclosed / not verified | 9,000company web page read 2026-09-12 · unspecified'9k+ experts' — lower bound, undated '9k+ experts' — lower bound, undated Vistra, About us | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. The private group's own pages state no revenue figure and none was found elsewhere. | |
| Waystone Group (private); no company-published scale figures located on fetched pagesspecialist | Not disclosed / not verified | Not disclosed / not verified | Not disclosed / not verified | excluded No revenue figure was verified from a primary source, so no ratio can be formed. | |
| ZEDRA group (Luxembourg-incorporated holding, Jersey operational centre)specialist | Not disclosed / not verified | 1,400'as of early 2025' per company page (read 2026-09-12) · unspecified'over 1,400 employees' — lower bound 'over 1,400 employees' — lower bound ZEDRA, The ZEDRA Story | Not disclosed / not verified | excluded No revenue figure was verified from a primary source in this session, so no ratio can be formed. | |
| Diversified groups · context, not fund-admin efficiency | |||||
| BNP Paribas Securities Services business line inside BNP Paribas CIB; business-line headcount is published but not business-line revenuediversified financial group | Not disclosed / not verified | 10,921as at 30 June 2026 · employees (as published)Source qualifier business-line figure; 'All figures as of 30/06/2026' BNP Paribas Securities Services in numbers | Not disclosed / not verified | excluded Business-line headcount is published but business-line revenue is not; parent-group revenue would be a scope mismatch. | |
| The Bank of New York Mellon Corporation consolidated; fund services sit in Securities Servicesdiversified financial group | US$20.1bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | Not disclosed / not verified | Not disclosed / not verified | excluded Diversified financial group and no source-linked FY2025 headcount: Securities Services is one of three segments and segment headcount is not disclosed. | |
| CACEIS group (asset-servicing subsidiary of Crédit Agricole S.A.); group revenue/headcount for CACEIS itself not located on the fetched pagediversified financial group | €2.1bnFY2024 (figures as at 31 December 2024)Source qualifier net banking income, the banking revenue measure, as published in CACEIS's 2025 corporate brochure; not an FY2025 figure CACEIS Asset Servicing brochure 2025 | 7,000as at December 2024 · employees as publishedrounded company figure rounded company figure CACEIS Asset Servicing brochure 2025 | ≈ €297.6k | approximate Same organisational scope (CACEIS group) and same FY2024 reference date for both numerator and denominator. Numerator is net banking income rather than a services revenue line, headcount is a rounded year-end figure, and the period is FY2024 rather than FY2025. | |
| MUFG Investor Services, a division of Mitsubishi UFJ Financial Group; no divisional P&L discloseddiversified financial group | Not disclosed / not verified | 2,300February 2024 · unspecifiedSource qualifier 'more than 2,300 employees' — lower bound, as at the Feb-2024 press release MUFG Investor Services press release, 6 February 2024 | Not disclosed / not verified | excluded No divisional revenue is disclosed for MUFG Investor Services; parent-group revenue would be a scope mismatch. | |
| Northern Trust Corporation consolidated; fund administration sits in Asset Servicingdiversified financial group | US$8.1bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | 23,800as at 31 December 2025 · end-of-period full-time equivalent employeesSource qualifier company-disclosed period-end FTE (not an average) Northern Trust Q4 2025 earnings release | Not disclosed / not verified | excluded Diversified financial group: revenue and FTE cover wealth management and asset management as well as Asset Servicing, and segment headcount is not disclosed, so no fund-administration ratio can be formed. | |
| SEI Investments Company consolidated; fund administration sits in the Investment Managers segmentdiversified financial group | US$2.3bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | 4,997at December 31, 2025 · full-time employees (plus 32 part-time)Source qualifier year-end count from the FY2025 10-K; replaces the provider-profile figure SEI Investments FY2025 10-K | Not disclosed / not verified | excluded Diversified financial group: fund administration sits in the Investment Managers segment (USD 815.0m of USD 2,297.4m FY2025 revenue) and segment headcount is not disclosed, so a group ratio would not describe fund-administration economics. | |
| State Street Corporation consolidated; fund/asset servicing sits in the Investment Servicing segmentdiversified financial group | US$13.9bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | 52,000as of the FY2025 results release (31 December 2025 reporting date) · worldwide employees, approximateSource qualifier 'approximately 52,000' as published by the company; replaces the earlier provider-profile figure State Street FY2025 results release | Not disclosed / not verified | excluded Group revenue and group headcount span a diversified financial group; fund administration and asset servicing sit inside the Investment Servicing segment, whose headcount is not disclosed. A group-level ratio is not a fund-administration productivity measure. | |
| U.S. Bancorp consolidated; U.S. Bank Global Fund Services is a business unit with no separate public P&Ldiversified financial group | US$28.5bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | 70,000as at the 4Q25 earnings release (December 31, 2025 reporting date) · employees, approximateSource qualifier 'approximately 70,000 employees' as published by the company; replaces the provider-profile figure U.S. Bancorp 4Q25 earnings release | Not disclosed / not verified | excluded Universal bank: U.S. Bank Global Fund Services has no separately disclosed revenue or headcount, so no fund-administration ratio is possible. | |
| UMB Financial Corporation consolidated; UMB Fund Services sits within the Institutional Banking segmentdiversified financial group | US$2.7bnFY2025Originally fetched 12 Sept 2026Standardized snapshot Archived provider snapshot, originally fetched 2026-09-12T11:29:42.248Z. Provider-standardized FY2025 value retained from the original verified fetch; the linked company report is documentary context and may use a different definition. Report context | Not disclosed / not verified | Not disclosed / not verified | excluded Diversified bank and no source-linked headcount; UMB Fund Services has no separately published revenue or workforce figure. | |
Showing 30 of 30 firms. AuA, AuC and AuM are distinct measures, not revenue. Numeric cells link to their evidence; standardized provider figures link to report context, with exact provenance in the source drawer.
An outside-in reasonableness check
One suitable peer · never a blended all-peer average
Diversified groups and excluded ratios are not offered. An eligible ratio is not proof of a like-for-like service mix.
Illustrative FX only. Model economics stay in EUR.
Alter Domus
Alter Domus Global S.à r.l. consolidated IFRS financial statements (top consolidating entity of the Alter Domus group)
Same consolidated group scope and same FY2025 period; denominator is the company-disclosed average number of people employed (5,952 incl. 233 directors). Using employees only (5,719) gives EUR 163,648.
- Peer revenue / employee
- €157.2k
- Top-down implied incumbent FTE
- 254.4
- Bottom-up modeled incumbent FTE
- 317
- Modeled FTE vs implied
- +24.6%
- Infra One revenue/FTE vs peer
- 1.73×
Implied FTE = modeled incumbent revenue ÷ selected peer revenue per employee in EUR. Top-down FTE is not rounded hiring. This check does not change the model.