Don McClean at UBS Ireland believes it would be a rare thing if the outsourcing of administration did not add value. He also thinks investors are the administrator's client. "They are our client's client. The feedback from investors is key to the relationship between the investment manager and the administrator. From the investment manager's point of view, they want to choose an investor who they are familiar with and who they can trust, so it is very important for a fund and for investors,"