MILWAUKEE--(BUSINESS WIRE)--
UMB
Fund Services (UMB) released its second annual comprehensive report
on unlisted closed-end funds (CEFs), including interval and tender-offer
funds today. The research was conducted by FUSE Research Network (FUSE).
Key elements of the study include number of funds and rankings, sizing
and number of unique funds offered and in registration.
“Unlisted closed-end funds continue to accelerate in popularity,
especially in the interval fund space,” said Maureen Quill, president of
UMB Fund Services. “At UMB, after more than 20 years in this space, we
are excited to partner with FUSE to release the second report on CEFs to
not only inform our clients, but the industry as a whole as these
products continue to develop.”
Quill adds “The report issued this year further confirms unlisted CEFs
are a viable option for both retail investors and investment managers.
We hope the depth of the research informs managers about the rapid
growth of these products and the current landscape.”
Key findings from the report:
-
The size of the unlisted CEF market has grown steadily since 2014,
ending 2017 at approximately $48B in assets under management.
-
Interval funds continue to outpace tender-offer funds from an asset
growth perspective. The number of interval funds available for
purchase has increased since July 2017 while the number of
tender-offer funds has decreased.
-
Liquidity and lack of education were the top two challenges
distributors noted with utilizing interval/tender offer funds.
Methodology applied by FUSE:
Underlying asset data and general vehicle attributes (e.g., strategy
type, inception date, minimum investment, etc.) are collected by FUSE
from audited annual report filings as well as unaudited semi-annual
reports and quarterly schedule of portfolio holdings (Forms N-CSR/
NCSRS/ N-Q). FUSE searched through all of the N-2 filings since 2013 in
the SEC’s Edgar database to identify funds for this paper. In addition,
tender offer filings were searched back to 2016 to identify tender offer
funds that were launched prior to 2013. Please see the complete report
for additional details on methodology.
For a copy of the report, Unlisted Closed-End Funds: Platform
Perspectives and Market Update, visit https://contact.umbfs.com/unlistedcefs-update/.
About UMB Fund Services
UMB Fund Services, headquartered in Milwaukee, Wis., offers a complete
line of products and services to the fund industry, including fund
administration, fund accounting, tax, investor services and transfer
agency, distribution* and custody.* It serves more than 200 clients with
combined assets of more than $180 billion as of March 31, 2018. UMB
Financial Corporation (Nasdaq: UMBF), the parent company of UMB Fund
Services, is a financial services company headquartered in Kansas City,
Mo., offering complete banking services, payment solutions and asset
servicing. UMB operates banking and wealth management centers throughout
Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and
Texas, as well as two national specialty-lending businesses. For more
information, visit umbfs.com.
*Services provided by affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180509005889/en/
UMB Fund Services
Kristin Kovach, 816-507-1069
kkovach@crossroads.us
Source: UMB Fund Services