Custom House Global Fund Services Reviews | Glassdoor

Custom House Global Fund Services Reviews

Updated February 14, 2017
16 reviews

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16 Employee Reviews

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  1. "Fund Administrator"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Recommends

    Pros

    A lot to learn about how Hedge Funds work, good people to work with, good work life balance.
    Overall a great place to work.

    Cons

    Compensation can be improved or revised.


  2. Helpful (1)

    "Overall experience at custom house"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend

    I worked at Custom House Global Fund Services full-time

    Pros

    The people are great and you can learn a lot depending on the team you are on

    Cons

    The compensation can be greatly improved or revised


  3. Helpful (1)

    "Great People, Poor Pay"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Team Leader in Chicago, IL
    Former Employee - Team Leader in Chicago, IL
    Doesn't Recommend
    Negative Outlook

    I worked at Custom House Global Fund Services full-time (More than 3 years)

    Pros

    - Great coworkers make the day go by quickly
    - Good for entry level individuals/new college graduates looking to get their foot in the door
    - Fun company sponsored events
    - Free snacks, k-cups/coffee, and lunches once a month

    Cons

    - Poor pay
    - High turnover (although may be a pro because advancement opportunities arise this way)
    - Management always has their "hands tied" so forget about asking for anything that will benefit you (i.e. cost them money)

    Custom House Global Fund Services Response

    Nov 14, 2016 – Managing Director

    Executive committee is focused on offering competitive packages that include excellent benefits and yearly raises.


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  5. Helpful (2)

    "Likely one of the poorest run companies you will ever see, definitely in the industry."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Custom House Global Fund Services full-time (More than 3 years)

    Pros

    Any pros that may have existed are now gone. Time off/health benefits/good work to life balance are all gone. Only pro may be that it gets you into the industry but even then you will not truly learn anything that you don't teach yourself.

    Cons

    Well where do you start...
    -salaries are well below industry standard
    -leadership is made up of inexperienced, and frankly extremely unqualified people
    -toxic office environment, almost like a morgue. About 60% turnover in the last year has everyone looking over their shoulder
    -no investment in staff or systems at all. Years behind.
    -any knowledgable/senior people are gone. Only ones left are those who haven't been able to find a new job elsewhere.
    -almost no new business in years I worked there, while losing almost all major clients
    -leadership out of Europe has no grasp of US business and is absolutely leading the company into failure
    -be prepared to be asked to take on continuously more work with no likelihood of any increase in pay

    Advice to Management

    From everything I have seen and heard management doesn't take advice, and will react harshly for any input at all.

    Custom House Global Fund Services Response

    Nov 14, 2016 – Managing Director

    Turnover is well below 60% and in line with industry average. The company has invested in system upgrades and various training sessions for its employees.


  6. "Terrible company good people to work with"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Fund Accountant
    Former Employee - Senior Fund Accountant
    Doesn't Recommend
    Negative Outlook

    I worked at Custom House Global Fund Services full-time

    Pros

    Honestly nothing outside of vacation days and friendly people to work with

    Cons

    Not sure where to start as they are so many, terrible pay, no major decisions made in Chicago, If you have to work there get the experience and get out . Turnover rate is so much that it's a running joke

    Advice to Management

    They don't care so it doesn't make any sense to ask them to take advice


  7. Helpful (1)

    "No room for growth"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Fund Administrator in Chicago, IL
    Current Employee - Fund Administrator in Chicago, IL
    Doesn't Recommend
    Negative Outlook

    I have been working at Custom House Global Fund Services full-time (More than a year)

    Pros

    Casual work environment, nice people. fun happy hours

    Cons

    Low pay, no training, bad management

    Advice to Management

    Treat employees better, they might stay with the company longer

    Custom House Global Fund Services Response

    Nov 14, 2016 – Managing Director

    Various training sessions offered to employees such as Excel (intermediate and advanced), written communication etc.


  8. Helpful (1)

    "A good place to waste your time"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend

    I worked at Custom House Global Fund Services full-time (More than 3 years)

    Pros

    Sure, once you join the company, you will find that you will have plenty of free time to kill. Most of the time, there is nothing for you to do for the whole day. It would be fine if you didn't let the boredom kill you.

    Cons

    No annual standard cost of living raise
    No positions to promote you to
    No room to grow
    No one to complain all the above to

    Advice to Management

    The management is fully aware of the situation but turns a blind eye. As long as they are getting their own annual raise and bonus, why should they care about you being under paid? The best way to resolve the situation is to look for another job like I did.


  9. Helpful (1)

    "Bad experience - Fund administrator section only."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Fund Administrator in Chicago, IL
    Former Employee - Fund Administrator in Chicago, IL
    Doesn't Recommend
    Positive Outlook

    I worked at Custom House Global Fund Services full-time (Less than a year)

    Pros

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

    Cons

    I 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 Management

    For Fund Administrators there should be a more concise, regimented, and consistent training program. Review of your supervisors.


  10. "A Good Place For Going Nowhere"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Fund Accountant in Chicago, IL
    Former Employee - Senior Fund Accountant in Chicago, IL
    Doesn't Recommend

    Pros

    Custom 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.

    Cons

    Your 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 Management

    Fire 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.


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

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Fund Accountant in Chicago, IL
    Former Employee - Fund Accountant in Chicago, IL
    Doesn't Recommend

    Pros

    Custom 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 Management

    Train 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.



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