UMB Financial Services’ Fund Services subsidiary (UMBFS) has launched its second Registered Fund Solutions (RFS) platform.
The platform facilitates the starting and operation of unlisted closed-end funds, with the first fund launched by Redwood Real Estate Income Fund.
Clients can benefit from management of the initial fund registration process and ongoing reporting, establishment of a fund board of directors and ongoing board coordination through the service.
Additionally, the RFS platform obtains errors and omissions, directors and officers and fidelity bond insurance, ensure that partners are vetted and experienced and conduct anti-money laundering reviews on behalf of clients.
The new platform follows significant growth for UMBFS in 2022. More than 2000 funds were serviced over the year, with the firm holding more than US $362 billion in assets under management by year end.
US $13.05 billion of assets under administration were added to the closed-end fund segment during 2022, with 62 unlisted closed-end funds serviced by the end of the year.
The RFS platform will be overseen by Stacy Roode, Steve Mace, Mike Fields and Amy Small as independent directors.
Maureen Quill, executive vice president and executive director for registered funds, comments: “As our first RFS platform continued to grow, we knew we’d need a second, parallel platform to support demand.
“We’re seeing more and more managers choosing shared services as a long-term solution as they review economics—not only about service-provider costs but also with respect to their own time, such as working with fund boards.”
