U.S. Bancorp Fund Services Launches Exchange Traded Fund Multiple Series Trust, ETF Series Solutions
February 21 2012 - 10:00AM
Business Wire
U.S. Bancorp Fund Services, LLC (USBFS) today announced the
launch of its first exchange traded fund (ETF) multiple series
trust (MST) and a partnership with Exchange Trade Concepts (ETC).
This newest trust, called ETF Series Solutions (ESS), extends the
benefits of a shared trust model to one of the industry’s fastest
growing segments.
AlphaClone, LLC and Zacks Investment Management will be the
first two funds for the trust. AlphaClone will be offering one fund
and Zacks Investment Research will be offering two funds, all with
unique strategies.
“This new MST and partnership with Exchange Traded Concepts help
make entering the ETF market incredibly easy for investment
managers,” said Joe Redwine, president of USBFS. “We continuously
strive to find new ways to help our clients focus on investing
while capitalizing on developments in the market. Our new MST
continues that tradition.”
ETC, a private-label ETF advisor, serves as the investment
manager. As an advantage to funds in the shared trust, existing
investment advisers and trust-level exemptive relief eliminates the
cost and time to file separately, and significantly decreases time
to market. Although each fund will be responsible for fund-specific
expenses, certain expenses are shared by all funds in the Trust,
including general legal services, Board of Trustee costs,
insurance, and the trust’s Chief Compliance Officer.
“Given their long-standing history in the mutual fund market and
strong financial background, we are excited and fortunate to
partner with U.S. Bancorp Fund Services to help launch this MST,”
said Garrett Stevens, chief executive officer of ETC. “Both of our
companies are committed to growing the Trust and, given the
increase in awareness in the ETF market, this is an ideal product
to launch now.”
ESS marks the fifth MST for U.S. Bancorp Fund Services. In
December, USBFS introduced its ETF servicing solution called
ETF-FusionTM, offering consultative support including product
development and implementation, along with proprietary technology.
ESS combines the benefits of ETF-FusionTM with the additional
benefits of a shared trust model. Currently, USBFS shared trusts
have $12.5 billion in mutual fund assets, 113 participating funds,
166 classes, and 58 different advisers.
“The ETF MST is a new concept in the industry that enables
investment advisers to build awareness and recognition for their
brand as a private-label ETF and launch an ETF in approximately 75
days for a minimal initial investment,” said Eric Falkeis, officer
of ESS and chief financial officer of USBFS. “Our ETF professionals
have the operational and regulatory experience, plus the industry
contacts needed to navigate the complexities of launching and
managing an ETF.”
About U.S. Bancorp Fund Services, LLCHeadquartered in
Milwaukee since 1969, U.S. Bancorp Fund Services, LLC provides
services to 320 fund families comprised of 2,087 portfolios, 2,372
fund classes, and 3.8 million shareholder accounts with $540
billion in client assets. U.S. Bancorp Fund Services combines
industry-leading technology with high-quality customer service to
provide clients with the best solutions available. For more
information about their comprehensive suite of mutual fund and
alternative investment product services, call 800-300-3863 or visit
www.usbfs.com.
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