Mutual fund custodian gives a name and face to a sometimes-anonymous job

While some companies put fund custodians behind a generic inbox, Erika Reitz is well-known by her clients

When Erika Reitz gets an order from a client, there can be a lot on the line.

As a fund custody account manager overseeing accounts with nearly $30 billion in market value in the U.S. Bank Global Fund Services group, Reitz manages cash and securities in mutual funds for her clients.

“I see all kinds of amounts,” she said. “Sometimes it’s a $340 million wire and sometimes it could be $800.”

Clients submit the trades electronically and, in most cases, there isn’t any additional contact until the trade is executed. But if there are special requests or issues, Reitz is who they contact.

“I’m the face of custody,” she said. “If they have a question about a trade or any cash movement, they come to me first and if I can’t answer it, I loop in the people who can.”

Reitz said she works proactively to ensure clients don’t need to call too often.

“I act on behalf of my clients,” she said. “If I’m not seeing something actioned as quickly as I’d like, I’ll reach out to the team and advocate for my client. That’s a huge part of what I do.”

Sometimes a trade can be delayed because a file sent by a client is corrupted or a wire request didn’t include the account number, Reitz said. Whatever the issue, she reaches out to the right person, whether it’s the client or a colleague, to get things working.

“My clients are happiest when I respond quickly to them and I let them know I’m advocating for them,” Reitz said. “I answer my phone, they know they can reach me. It makes them feel seen and heard, and that keeps them happy.”

One happy client is Josh Schwab, chief financial officer and chief operating officer for Aristotle Pacific Capital, an investment management firm based in Los Angeles that has close to 30 accounts with U.S. Bank.

“I interact with various custody banks and don’t have a custody relationship anywhere near what I have with Erika,” Schwab said. “I talk to her a couple of times a week and she adds value to a service that’s largely become commoditized. Her desire to help the client is a huge differentiator.”

Schwab said he appreciates Reitz’s ability to solve problems that arise.

“Just today, I had wire that needed to go out and the person who’s the signer on the account is on vacation,” he said. “Erika helped me find a solution and she did it with a customer focus, within the requirements of the bank. She understands what the requirements are and is able to get answers more quickly because of that.”

That quickness in solving issues is good for Aristotle’s business, Schwab said.

“It supports the nimble and efficient way we work,” he said. “We don’t spend an inordinate amount of time jumping through hoops and red tape to get things done and can focus more on growing the business.”

Reitz’s manager, operations manager Michael Klamecki, said she helps set the standard for others in the group.

“Erika is our go-to team member to provide training for new team members,” he said. “She also continues to be a mentor and provides support to team members beyond their training through her effective listening skills and ability to understand the questions. She frequently gives feedback to management with opportunities on how to improve processes and isn’t afraid to challenge the status quo.”