Recently Deloitte published a paper entitled, "The Omnibus Revolution, Managing risk across an increasingly complex service model." The paper notes that fund shareholder servicing has been transformed dramatically as increasing numbers of intermediaries serving as fund distribution partners move to provide shareholder subaccounting through an omnibus model.
As a result of the shift to intermediary subaccounting, the number of accounts held directly at fund transfer agents has declined, while the number of intermediary servicing relationships has grown. This trend has created a new set of complexities for fund management as funds face an increasingly fragmented network of intermediary service providers that provide both distribution and subaccounting services on behalf of the funds and their shareholders. The paper analyzes some of the significant challenges that have arisen as a result of these factors.
The paper can be found here: http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/FSI/US_FSI_TheOmnibusRevolution_031612.pdf