Market Intelligence
Fund Services Leadership Index
H1 2026 at a glance
The Fund Services Leadership Index is Phoenix Search’s view of the deals and senior leadership moves shaping the funds and corporate services sector across the US, the UK and Europe. It draws on company announcements, regulatory filings and established trade press, and is published through our sector reports.
- 3 of the sector’s largest platforms in some stage of changing hands in the same six months: JTC, IQ-EQ and Gen II Fund Services.
- About £2.7bn enterprise value for the Permira and CPP Investments take-private of JTC, around 26 times underlying EBITDA.
- Up to $6bn reported potential valuation for Gen II Fund Services, which has more than $1.5tn in assets under administration.
- More than $857bn in assets under administration at IQ-EQ, which Astorg has been selling while IQ-EQ makes acquisitions of its own.
- 9 principal US, UK and European transactions tracked, clustered around US trust and fiduciary scale, governance and compliance infrastructure, and AI-enabled workflow technology.
- 13 senior leadership moves at Director level and above tracked at the major platforms.
- 3 top-of-house leadership changes: a new CEO, a move to co-CEOs and a CFO change.
- 4 major platforms with AI or innovation leadership in place or being hired, from a standalone Chief AI and Digital Officer to a live Head of Innovation search.
Source: The Funds and Corporate Services Sector Report, H1 2026.
What the numbers say
Buyers are paying for capability, not just scale
The deals of the first half point the same way. Buyers are paying for licensed capability and client-servicing depth rather than simply for assets under administration.
Senior hiring follows geography and platform growth
External hiring at the top of the sector has concentrated in commercial leaders tied to new markets and product lines, plus a handful of changes at the very top of the largest groups. Firms expanding into new markets should expect to compete for a small pool of proven country and regional heads.
AI leadership is now a board-level question
AI ownership is moving out of technology teams and into named, board-reporting roles. Two models are emerging: a dedicated AI and digital chief alongside the CTO, or AI folded into an expanded CTO mandate. Platforms without a named owner should expect that gap to become more visible to clients and investors.
Ownership change creates leadership openings
Changes of ownership at the top of the sector tend to accelerate leadership turnover, both for operators brought in by new owners and for senior people choosing to move ahead of integration.
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