Unlisted Closed-End Interval and Tender-Offer Fund Services
UMB Fund Services’ turnkey platform, Registered Fund Solutions, provides the full spectrum of professional services to launch and service an unlisted closed-end fund such as an interval or tender-offer fund. This unique platform is designed to lower overhead through shared expenses and eliminate barriers to entry such as the difficulty of selecting service providers and trustees.
Our platform solution supports your fund by:
- Managing the initial registration process
- Setting up a board of trustees
- Hiring a custodian, chief compliance officer (CCO), distributor, fund and board counsel
- Performing regulatory and fund administration activities
- Handling SEC registration and reporting
- Obtaining E&O/D&O and fidelity bond insurance
- Handling potentially high volumes of investor activity
- Conducting anti-money laundering review
UMB Fund Services and affiliates provide overall sponsorship, coordination and program management, fund accounting, administration, transfer agent, Blue Sky, tax reporting and custody services. Participating professional partners provide fund registration and legal counsel, CCO and compliance consulting services, audit services, distribution and insurance services.
An interval or tender-offer fund offers distinct attributes to investment managers seeking a retail vehicle with limited liquidity:
- Funds can continuously offer shares to the public based on current net asset value (daily, quarterly, monthly)
- Shareholders have the ability to participate in periodic repurchase/tender offers by the fund
Compared to an unregistered product, registered funds* give investment managers the ability to broaden distribution and increase transparency:
- Fund can accept an unlimited number of accredited investors
- Fund’s minimum investment requirement can be reduced
- SEC registration and regular filings increase transparency
- Improved due diligence profile makes it easier to access distribution platforms
- In some cases, investor tax reporting is simplified
06/23/2016 - There are many benefits to registering a private fund, but the process can be daunting. President of UMB Fund Services, Tony Fischer, discusses using a streamlined turnkey solution on Asset.tv.