Sep 08. 18:17
White Paper Summary: Unlisted Closed-End Funds: Platform Perspectives and Market Update
Summary: white paper by FUSE Research Network and UMB Fund Services
· The growth of closed-end interval funds (“interval funds” and “CEIFs”) and tender-offer funds (collectively, “unlisted CEFs”) has been attracting attention in the investor community.
· Investor interest in unlisted CEFs is driven by: growing demand for access to alternative investment strategies, which can produce non-correlated returns; lower investment minimums compared to traditional private investments; and simplified tax reporting, replacing the oft-maligned Form K-1 with the streamlined Form 1099.
· While interval funds have traditionally been distributed through RIAs and well-known brokers, FUSE believes the eventual target market for interval funds will be the broadly-defined retail investor (i.e. neither accredited nor institutional investors).
· Technological and operational issues have limited distributors’ ability to further accelerate growth of the interval fund space; UMB Fund Services has been actively involved in promoting “straight-through processing” through the DTCC AIP, which it believes will allow for increased distribution of interval funds, especially to investors outside of a manager’s traditional client base.
Sep 09. 10:36
White Paper Summary: The Final Rule: DOL’s Expanded Definition of Investment Advice Fiduciary Under ERISA and Revised Complex of Exemptions
Oct 09. 15:31
Sep 08. 18:17