Custom House Global Fund Services

  www.customhousegroup.com
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Custom House Global Fund Services Reviews

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2.4 7 reviews

7 Employee Reviews
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    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Great entry level company to learn the financial services industry, but this is just a job, not a career path company.

    Fund Accountant (Former Employee) Chicago, IL

    ProsCustom House is a good place to work as an entry level position. You will learn a lot about the hedge fund administration and financial services industries. The working environment is very causal and the majority of employees are young (recent college grads). Vacation time is excellent and the working week is only 37.5 hours per week.

    Cons-There is very little room growth within the company without working there for years, with little increase in pay once an promotion is given
    -The job gets very routine as you will be completing the same work month after month, and after some time you will not be challenged by the work
    -Training is on the job and employees are not really explained "why" things are done, but "how" they are done. This leads to problems down the road as employees lack the skills to communicate basic financial terms and information to its clients and auditors
    -There is an extreme lack of communication from the top down
    -The pay is low compared to other companies of the same industry
    -A lack of new clients brings to much free time, management does not give its employees additional work or training to fill this time. Boredom sets in and most employees fill there time by taking hourly smoke breaks or Starbuck runs; anything to kill as much time as possible. Internet is limited to financial and banking websites only

    Advice to Senior ManagementTrain and teach new employees about the company and the fundamentals of the hedge fund administration industry. Upper management needs to more open about what is happening in the company so its employees actually know what is going on within the company it works for. Cross training in various departments will help its employees understand all concepts of the company. Challenge and reward its employees will make people feel like they are appreciated.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Bad experience - Fund administrator section only.

    Fund Administrator (Former Employee) Chicago, IL

    ProsGreat pay, good benefits(so I read, wasn't kept long enough to find out), good hours, great additional benefits.

    ConsI was poorly trained. I maybe SAW 1-2 transactions in a given day my first week. I didn't do my own transaction until the first Friday and I had not done the type of transaction before, but I was expected to do it without knowing exactly how. The transactions I did daily required PDF forms of signatures for every transaction. Every transaction I worked on had different locations for files and some were difficult to locate. I had 2 trainers tell me how to find the signatures and files their way(both slightly different). Their methods were fine for their funds, but were not they same for all other funds. I did transactions the way my trainers taught me and then I was scolded by my three sub bosses for being wrong. I finally had a sub boss show me how to find items easier. It worked for a few funds but not all. I even had to show them(sub-bosses). Make an error while in training and your trainer will say something, your three sub bosses inform you of your error and your supervisor for the sub bosses also tells you. Sadly I did not pick up and understand what needed to be done for transactions until the last week before I was fired.

    Before my first week ended I was spoken to about several issues my supervisors had with me. Most of which had nothing to do with my work. One was I asked to many questions about transactions. I was told in regards to my questioning work related items (by one of my supervisors in that meeting) that I should "maybe do more and ask less" at that meeting. How am I suppose to do my job if I don't know why something is being done? Basically any question I asked of a fellow coworker or even a sub-boss I would be scrutinized by a higher boss. From then on I consistently felt I was under the gun of you're going to be terminated, and most of that feeling was just from my first week's meeting. When they did call me into an office to be let go/fired I was immediately relieved of all the stress of the job. Of course I was unhappy of my performance of the job (not being as good as I thought I could have been), and that they decided to let me go, but the stress was over.

    Advice to Senior ManagementFor Fund Administrators there should be a more concise, regimented, and consistent training program. Review of your supervisors.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    A Good Place For Going Nowhere

    Senior Fund Accountant (Former Employee) Chicago, IL

    ProsCustom House offers good health benefits and a decent amount of PTO. Also, when you first start out (~ 1 year or so, or until you get promoted), your hours are good (37.5 per week). You are left with a lot of time for other pursuits like looking for another job.

    ConsYour coworkers will, in general, be lazy and undereducated. Custom House doesn't pay enough to hire quality employees and if they get lucky enough to do so, they don't pay enough to retain them beyond 2 years. Proof positive: there are 2 CPAs in an office of 60+. Those that have moved up the ranks are generally competent but have been switched from the core competency of the company (issuing NAVs for hedge funds) to nonsense positions like "business development" or "business operations" which add little to no value to the company. The result is a group of overpaid, cliquey employees who don't want anything to due with issuing NAVs, and a group of underpaid, unhappy employees actually completing the work necessary for the company to make money. This is a recipe for resentment and discontent.

    Should you work hard but not take part in political positioning you will be rewarded with marginal raises (5-10%) and marginal bonuses (3-5%) while seeing your workload increase considerably. What is your reward for working overtime? In the real world it would be....OVERTIME. Not at Custom House. If you have been assigned more work than you can accomplish in your allotted 37.5 hours (aka the weekly time upon which your salary is based), tough luck. You will be paid for 37.5 hrs of work whether you work 50 or, in the case of most employees, 10-15.

    Advice to Senior ManagementFire the bottom 15 people, give bonuses and raises to the high performers in in the core competency areas of the firm and reassign those that have been with the company for 4+ years to roles where they interact with and improve the work of newer employees.

    No, I would not recommend this company to a friend

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Good for entry-level positions

    Anonymous Employee (Former Employee)

    ProsThere is work life balance and good learning opportunities for people without much experience in finance. Positions can provide insights into the hedge funds administration business. Colleagues are friendly.

    ConsThere may be little growth unless the company has plans to expand. Hierarchy is rather flat and there is very little pay adjustment each year.

    Advice to Senior ManagementThere seem to be little concern in grooming the staff of the company. Can strive to provide more training courses to keep staff motivated and up to date.

    Yes, I would recommend this company to a friend

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Good entry level job

    Anonymous Employee (Current Employee)

    ProsThe people are great, but the job is not.

    ConsUnderpay, Poor management, No Bonus,

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    A Great place to build a good foundation

    Anonymous Employee (Former Employee)

    ProsNice environment to work for freshers who seek carrer in hedge fund. Different culture people to work with makes the company a good choice.

    ConsTimezone difference can play a big part when working of with projects or handling clients.Timezone difference can play a big part when working of with projects or handling clients.

    Advice to Senior ManagementNothing much to say as most of them are experience staff who moved up the corporate ladder who know how to run the firm.

    Yes, I would recommend this company to a friend

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Bored & Frustrated - Felt like I was rotting slowly over there.

    Fund Accountant - Singapore (Former Employee)

    Pros+ Work - life balance good in the past (Not so since the new COO came over from Equity Trust)
    + Interactions at work is good, friendly.
    + Almost impossible to get fired.

    Cons- IT functions can be in a mess on random days and either of their 4 different timezone office is bound to be much affected as they geographically cover most of the time zones.
    - Low pay, Lowered headcounts, Ever increasing workload. Looks like they figured out paying OT is cheaper than hiring in the other offices.
    - Flat Hierarchy leads to few promotions - politics.
    - Suggestions often knocked back without reaching the Senior management.
    - Information exchange very much frowned upon and could be recorded unless it is purely work.
    - Very rigid & regimental management system.
    - Almost no choice of departments to transfer to as the company can still be considered relatively small - very few departments.
    - Any transfer of departments would be be very much based on your pay and not interests.

    Advice to Senior ManagementDon't squeeze your employees so much. There is simply too few perks and too many cons. Getting rid of the COO would be the quicker way to make everyone happier and the company more attractive to job hunters.

    No, I would not recommend this company to a friend

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