UMB Fund Services Partners with FUSE Research Network to Release Comprehensive Report on Unlisted Closed-End Funds
September 07 2017 - 9:30AM
Business Wire
UMB Fund Services (UMB) released today a comprehensive report on
unlisted closed-end funds (CEFs), including interval and
tender-offer funds. The research was conducted by FUSE Research
Network (FUSE).
Key elements of the study include number of funds, product
features, market overview, product and pricing structures and
future outlook.
“While unlisted closed-end funds are not a new concept in the
registered marketplace, they have gained steady interest in recent
years as a viable option to support the growing demand for
non-correlated returns,” said Tony Fischer, president of UMB Fund
Services. “We have been servicing funds in this space for nearly 20
years, but there has not been comprehensive research on these
products until now. We are excited to offer this research to help
inform not only our current clients, but also other managers
looking at product development opportunities.”
Fischer adds “This data validates the increasing momentum we
have been seeing specifically around interval funds. I believe this
is the first published research that has gone to this depth in
order to confirm the record growth in these products.”
Key Findings:
- As of the first quarter 2017, there
were 109 unlisted CEFs available for purchase by investors
regardless of accreditation status, with total assets under
management (AUM) of approximately $41.7 billion.
- 40 percent of the assets under
management belong to the five largest funds in the space.
- The size of the unlisted CEF market has
grown steadily since 2014. Assets have grown at a six percent
compound annual growth rate from 2014 to 1Q 2017.
Methodology:
Underlying asset data was collected by FUSE from audited annual
report filings as well as unaudited semi-annual reports and
quarterly schedule of portfolio holdings (Forms N-CSR/N-CSRS/N-Q).
FUSE searched through all of the N-2 filings over the past four
years in the SEC’s Edgar database to identify funds. In addition,
tender-offer filings were searched for the past six months to
identify tender-offer funds that were launched more than four years
ago. Please see the complete report for additional details on
methodology.
For a copy of the report, An Opportunity to Differentiate
with Unlisted Closed-End Funds, visit
http://contact.umbfs.com/unlistedcefs/.
About UMB Fund Services
UMB Fund Services, headquartered in Milwaukee, Wis., offers a
complete line of products and services to the fund industry,
including administration, fund accounting, distribution, investor
services and transfer agency, and alternative investment services;
custody services through UMB Bank, n.a.; and turnkey solutions
including series trust, collective trust, and registered
alternative investment services. It serves more than 200 clients
with combined assets of more than $200 billion as of June 30, 2017.
For the past eight years, the company has been named one of the top
midsize employers in southeastern Wisconsin by the Milwaukee
Journal Sentinel. UMB Financial Corporation (Nasdaq: UMBF), the
parent company of UMBFS, is a financial services holding company
with more than $20 billion in banking assets as of June 30, 2017,
headquartered in Kansas City, Mo.
*Statutory underwriter and distribution services provided by UMB
Distribution Services, LLC.
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version on businesswire.com: http://www.businesswire.com/news/home/20170907005359/en/
for UMB Fund ServicesKristin Kovach,
816-423-6131kkovach@crossroads.us
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