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UMB Launches Second Turnkey Registered Funds Solutions Platform as More Funds Choose Shared Services
Second registered funds platform will launch with Redwood Investment Management as first client MILWAUKEE--(BUSINESS WIRE)-- UMB Fund Services, Inc. (UMBFS),
About this update from Umb Financial Corporation
[{"type":"text","content":"\nSecond registered funds platform will launch with Redwood Investment Management as first client\n\n\n MILWAUKEE--(BUSINESS WIRE)--\nUMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today the launch of its second turnkey Registered Fund Solutions (RFS) platform service for starting and operating unlisted closed-end funds. Redwood Real Estate Income Fund (ticker: CREMX) launched as the first fund on the new platform.\n\n\nDuring 2022, even as financial markets struggled, UMB Fund Services experienced strong growth in its closed-end fund segment, adding $13.05 B of assets under administration, much of which was interval and tender-offer fund assets. At the end of 2022, the firm serviced 62 unlisted closed-end funds. Across all fund types, UMB serviced more than 2,000 funds with a total of more than $362 billion in assets under administration at year end.\n\n\n“As our first RFS platform continued to grow, we knew we’d need a second, parallel platform to support demand,” said Maureen Quill, executive vice president and executive director, registered funds. “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. That’s as true for RFS as it is on the listed-fund side of our business with our Series Trust platform.”\n\n\nThe RFS platform provides the following benefits:\n\n\n\nRegistration: Management of initial fund registration process and ongoing reporting\n\n\n\nBoard: Establishment of fund board of directors, ongoing board coordination\n\n\n\nVetted, experienced partners: CCO, fund counsel, board counsel, auditor\n\n\n\nInsurance: Obtaining E&O/D&O and fidelity bond insurance\n\n\n\nCompliance: Conducting anti-money laundering review\n\n\n\nThe platform will be overseen by a board of four directors, each with extensive experience in the financial services and legal industries. The directors are:\n\n\n\nStacy Roode, independent director. Roode is a senior executive with almost 30 years of experience in the financial services industry, including deep risk and regulatory experience such as cybersecurity of shareholder systems.\n\n\n\nSteve Mace, independent director. Mace has over four decades of professional legal ...