special research report: selecting a series...

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Special Research Report:

Selecting a Series Trust

August 2013

©Copyright 2013. Infovest21 LLC. All rights reserved

IMPORTANT DISCLAIMER

Any information or written materials provided to you by Infovest21 concerning a manager or a hedge fund is solely

the responsibility of the manager and the fund. All information included in these materials has been provided by the

participating managers. Infovest21 has merely compiled them in these materials for your convenience. The

information and written materials contained in these materials have not been reviewed or approved by Infovest21.

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constructed as an endorsement or recommendation by Infovest21 of any fund or manager or of any information

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information contained in the Material.

3

Table of Contents

Topic Page

I. Introduction 4

II. Series Trust Versus Stand-Alone 5

III. Advantages of Series Trust 6

IV. Criteria to Select Series Trust 7

V. Appendix: Comparing Characteristics of Select Administrators 13

VI. Directory Listings 21

VII. Footnotes 22

VIII. About Infovest21 25

4

I. Introduction

Infovest21’s just released survey, “Hedge Funds’ Use of ’40 Act Registered Investment Funds,”

found that 79% of managers that have started a ’40 Act fund have used a series trust as opposed

to a stand-alone trust. The main reason for using the series trust structure is that it is a turnkey

solution. Hedge fund managers generally don’t have a lot of experience in the retail mutual fund

market, so a comprehensive turnkey solution is beneficial. Cost and time savings are other major

advantages.

More administrators are bringing out series trusts because it provides an easier entry for hedge

fund managers to access retail channels. Administrators say the series trust is the fastest growing

area of their services.

The purpose of this special research report is to determine how a hedge fund manager should

select a series trust and how administrators’ series trusts differ. The table in the appendix, page

13, compares a number of administrators.

In researching this paper, Infovest21 spoke with over ten administrators of various sizes,

locations and specialties.

5

II. Series Trust Versus Stand-Alone Trust

The series trust is the fastest growing area for new mutual funds. More administrators are

coming to market with these trusts because they provide easier entry for new managers to access

retail channels.1

Administrators say a large demand exists for series trust solutions while very little exists for

stand-alone vehicles.

“We’ve helped 48 investment managers launch funds since 2011, 39 or 80% have used series

trusts. The advantages are infrastructure of the existing trust, an experienced board and

compliance.”2 The advantages are described in detail on page 6.

Infovest21’s just released survey, “Hedge Funds’ Use of ’40 Act Registered Investment Funds,”

supports that thesis. It found that 79% of managers that have started a ’40 Act fund have used a

series trust structure as opposed to a stand-alone trust.

Those managers that use the stand-alone structure want more participation in the selection of

board members and more participation in the administration of the quarterly board meetings. It is

a different business model. 3

If the manager thinks they will offer other funds and have a family of funds in the future, it also

may make sense to go with a stand-alone trust.4

Some managers have a significant asset base that they can move into a fund during the first year.

In many cases, they are well past breakeven and therefore don’t need the economies of scale that

a series trust offers.5

That asset size threshold depends on the manager’s business objectives. For example, if a

manager has accumulated $10 - $100 million in small separate managed accounts (SMAs), they

may want to launch a fund and move all of these small accounts into a fund. By moving the

small SMAs into a fund, the manager will look at the fund as one large SMA. In addition to

looking at the cost of operating the fund, managers will look at the cost and efficiency savings

from their middle and back office by eliminating all of the management, reporting and operations

associated with all of these small SMAs.6

With a stand-alone structure, the onus for the product i.e. the service provider selection is on the

manager. With a series trust, the manager is able to leverage the experience and expertise from

the provider.7

Administrators say once hedge fund managers get more comfortable with ’40 Act funds, they

will move more into stand-alone trusts. For now, however, most are using series trusts.

6

III. Advantages of Series Trusts

Alternative managers generally don’t have a lot of experience in the retail market. The series

trust provides a comprehensive turnkey style solution.8

The series trust sponsor typically provides fund administration, fund accounting and transfer

agent services and has selected a team of other service providers to service the trust such as legal

counsel, auditors, custodian and distributor. Managers simply plug into the service model

offered by the series trust sponsor.9

Another major advantage of the series trust is its lower cost. Economies of scale are afforded the

funds in a series trust.10

Time saving is another plus.

Setting up a series trust new fund launch can be as short as 3 ½ months, with the prospectus

drafted and filed with the SEC in 30 days and effective 75 days thereafter (day 105). Much of the

fund launch process is procedural and relatively easy to predict from a cost and timing

perspective. “Like any process, the key to success is a well-managed project plan with clearly

delineated roles and responsibilities.”11

Setting up a stand-alone trust requires additional time to select the board and develop the fund’s

compliance programs. Also, the first fund is not subject to 75 day automatic effectiveness. Major

timing drivers are the due diligence process (of both advisor and service providers), the clarity of

the advisor’s fund strategy going into the project and raising initial “seed” capital before the fund

launch.12

The ease of the turnkey model provides both risks and rewards for investment managers. The

outsourcing of almost all aspects of operating a mutual fund allows the manager to focus on its

core operations, but also exposes managers to reputational risk if the various service providers in

the turnkey model are not acting with the appropriate diligence. This makes the selection of the

turnkey provider and the other service providers with the turnkey model all the more important.13

7

IV. Criteria to Select Series Trusts

Categorizing administrators

New series trusts are being adopted just for alternatives managers. Although there is no reason

why they can’t be put in a regular series trust, specialist products are evolving with specialist

boards.14

Alternatives managers are talking to a small group of about six to 12 administrators.

One way to categorize administrators is by those that service established managers versus those

focusing on start-ups. Some such as SEI focus on established managers while others such as

Ultimus, ALPS and Gemini focus on start-ups. (See appendix on page 13)

Importance of making the best initial choice

Series trusts are less flexible than a stand-alone vehicle in allowing advisers to change service

providers as the administrator is the entry point to the series trust. In addition, changing transfer

agents, regardless of fund structure, involves additional risk given the potential impact of a

misstep with fund investors.15

This natural lack of change stresses the need to make the best service provider choice.

“Remember, fees can be negotiated, trust is often impossible to recreate once lost.”16

A manager should look at the administrator’s experience with the series trust solution and ask

questions such as: how long they’ve been in the space, what’s the diversity of managers, how

large or important that business is for them, what is their experience with alternatives

investments, the distribution networks they are in i.e. the markets they can get the manager into,

and their access to platforms.17

Specific factors to consider are:

Demonstrated capabilities and experience in strategy

The managers need to have an administrator with experience in valuing the type of assets the

manager is holding. Series trusts are an easier way to enter the market but you don’t want to give

up quality for speed to the market. Certain series trusts are known for certain things or the ability

to administer certain strategies.18

The criteria for any manager are whether the service provider has demonstrated capabilities and

experience with the manager’s investment strategy/investment objectives. A manager who does

master limited partnerships (MLPs) doesn’t want to go to service providers if they’ve never done

MLP accounting which can be very complex. The manager should focus on firms that have

experience in their specialty, especially if they have complex investment strategies such as global

or international, long/short, market neutral or hedged strategies.19

8

If the manager is using a long-only strategy, it makes less difference what series trust he’s in.20

Comfort level, personality and culture

A manager should talk to a number of series trust providers before they make their decision. Is

the series trust sponsor the right fit for the manager? If it is a very large investment manager that

has typically worked with larger organizations, will they be comfortable working with a smaller

series trust sponsor? Or the opposite – will a small manager be comfortable working with a

larger series trust sponsor? Will the manager be a valued client in a small shop? In a big shop? 21

Some series trust sponsors won’t work with start-up managers while other series trust providers

embrace start-up managers. “We take a partnership approach to help them [start-ups] bring their

first mutual fund to market and navigate regulatory challenges. We consult and advise them on

distribution. We approach each firm uniquely. We take the time and effort in understanding each

client’s unique needs,” says an executive at a boutique administrator.22

An executive at a large administrator says, “We do all strategies and are very large in alternative

investment product outsourcing. We have the largest series trust in the industry and are very

experienced on the investment side. We have a strong institutional client base and offer multiple

series.”23

Some series trust sponsors have a higher threshold for accepting a new fund manager. Some

series trust sponsors want the manager to have at least $250 million in assets under management

while others want $500 million or $1 billion in assets under management. Some series trust

sponsors look for managers who have at least a three-, five- or ten- year track record in the

strategy they intend to use in their new fund.24

Culture/fit, people and reputation address the advisor’s trust in their service providers. Trust is

naturally an important consideration as an administrator has a large impact on the success of an

adviser’s fund business.25

Positioning in the market place

Is the service provider committed to being the best service provider or the lowest cost provider?

Mutual funds have to meet all the regulatory requirements whether they are in a series trust or

stand-alone trust. It is important for the manager to evaluate where the series trust provider is

trying to position themselves in the marketplace.26

The service providers’ reputation for quality may also impact a manager’s ability to raise capital

if there is a perception that the quality of the fund’s critical functions is impaired. Thus, selecting

providers on price alone may not be an effective strategy in the long term.27

9

Number of series trusts and manager cap in a trust

The board determines the number of managers in a trust. If you look at series trust sponsors who

do a good job, they are on their third or fourth series trust.28

“There is not a set number [of managers in a trust]. We [ALPS] closed our most recent trust at

20-25. It’s a flexible number depending on where we feel the trust is at capacity for our trustees.

We want the trustees to have good fiduciary oversight of the funds. It depends more on the

number of advisers than on the number of funds. One adviser could have ten funds. That is

different than ten different advisers of ten funds.”29

Some of the administrators have multiple series trusts. They have experience of having done it

before and understand how to manage the process.30

Many of these series trust have different auditors and law firms. It’s not only a capacity issue for

the board but also the service providers to the series trust.31

Size of the funds in the trust

Trusts allocate expenses based on the assets of the funds. If you want your fund to be $100

million or $1 billion and the other funds in the trust are $10 million, your fund is going to take on

the burden of the largest percentage of expenses in the series trust.32

“It is not to say that it is unfair but you want to be around funds that are a similar size as yours.

You don’t want to be the outlier from a cost and management view point. You want to make sure

that administrator knows how to manage and effectively oversee a larger fund.”33

Infrastructure of the administrator

The depth of the team supporting those services

While the service provider may have the investment strategy experience the manager is looking

for, do the people have capacity to work on the new fund coming in? Are those people still

there? Will they be working on that engagement? “It is one thing to say we have experience with

a certain investment strategy while it is another thing to say we have current employees who

have experience and capacity to service that strategy.”34

Who will the manager be dealing with? How are they going to engage with that group? What are

their expectations? Who is the management team at the trust sponsor level that they will be

working with day to day? Is there a good fit? 35

Hedge fund managers need to look at each of the service providers.

Legal administration and guidance are needed to design the product. The administrator needs to

take the manager’s alternatives strategy and apply it to a mutual fund. There are more regulatory

10

requirements and liquidity requirements. The 15% limitation on illiquid securities, daily

investment liquidity, valuation, and limitations on leverage are key considerations. The

investment manager also needs tax expertise from the administrator to support the Internal

Revenue Code requirements of the mutual fund.36

In assessing a series trust, the hedge fund manager should look at board experience, the trust’s

external legal counsel and the independent audit firm to assess depth of knowledge regarding

alternative strategy mutual funds.37

Technology capabilities need to be assessed. Does the service provider use industry leading

software and technology or a low cost system with outdated technology?

Board of trustees

“There has been enhanced scrutiny of mutual fund boards by the SEC. Two regulatory

developments that in some way have impacted alternative mutual fund governance best practices

are the recent Morgan Keegan and Northern Lights enforcement actions,” says one attorney.38

These settled enforcement actions suggest the SEC is inquiring into fund governance procedures

and taking a closer look at the actions of fund boards. The SEC is more willing to bring

enforcement actions against boards and in some cases, against individual directors and trustees.

Given the SEC's recent scrutiny of board oversight responsibilities, alternative mutual fund

managers are focusing more on board composition. An emerging best practice is for alternative

mutual fund boards to have a quantitative expert serve on the board. It's particularly helpful to

have an expert on the board who understands quantitative models and how complex derivatives

trade.39

Trustees should have credible oversight and financial advisory experience. The trustees should

be truly independent and not an extension of the administrator.40

“We want a board with business acumen that builds a relationship with the advisors in the trust

that is responsive to the needs of clients, has good judgment and doesn’t necessarily come from

the mutual fund world.”41

Pricing

The cost of setting up a mutual fund impacts performance, so it is naturally a major consideration

in selecting service providers. 42

Breakeven is defined as the point at which assets of the funds can support all the infrastructure

costs and the manager starts to earn the first dollar of revenue.43

11

There are many variables that need to be considered in determining whether a hedge fund will be

viable as well as the breakeven. Variables include trade volume, number and type of securities

traded, class structure, investor accounts etc. 44

A number of administrators say breakeven ranges between $25 million and $50 million.

Breakeven analysis can be difficult to compare between series trust sponsors. Pro-forma

breakeven analysis is based on many assumptions and series trust sponsors take different

approaches to their pro-formas. Some of the sponsor’s pro-forma assumptions may be

inconsistent with the manager’s investment and distribution philosophy. Items that need to be

factored into the pro-forma analysis include: 45

High turnover investment strategies will typically increase custody fees.

Concentrated portfolios holdings will have lower daily pricing fees than a broad based

portfolio with hundreds of securities.

Depending on the manager’s distribution plan for the fund, the fund may only need to be

registered in five states but if the fund is going to be offered on a supermarket platform

the fund may have to register in 50 states.

Under fund administration, one administrator may have 30 services listed while others may list

only 20 services. Where do the other services go? These services have to be provided by

somebody. Are these services provided by counsel or auditors? If so, how do these fees

compare? “In reality, we’re providing more services than our competitors and having our

counsel and auditors do less. In order to get an apples-to-apples comparison, a manager may

need to add fund administration, legal and audit fees together to get a better comparison across

the series trust sponsors.”46

In order to assist managers, administrators have a list of questions they ask the manager in order

to determine the assumptions used in the pro-formas. “We prepare custom pro-formas to meet

each manager’s needs. In some cases, we have revised the pro-formas as many as five to six

times in order to help the manager get a more realistic sense of their fund’s operating

expenses.”47

Asset raising

All operational issues only make sense if there is a business plan with a keen focus on

distribution. How fast can the manager get to critical mass of $20-$50 million? Once there, how

will the hedge fund manager grow assets? 47

Series trust sponsors offer different levels of distribution services. A manager needs to

understand the different distribution services offered by each series trust sponsor. Distribution

services range from statutory to active distribution.

12

Passive marketing includes regulatory and marketing support such as FINRA ad review, dealer

agreement execution, collateral material and fact sheet production, as well as website hosting and

maintenance.

If a sponsor provides active distribution, the manager should talk to three to five of the sponsor’s

clients to see how satisfied the clients are with the sponsor’s distribution services and asset

raising capabilities.48

A trust level selling agreement allows the fund to gain access to distribution channels. Ask the

administrator how many selling agreements are in place. The more trust level agreements a series

trust has, the more distribution opportunity the fund will have. It speeds up the process in gaining

access to platforms for the fund.49

Contract terms

Before any manager selects a series trust provider, the manager should request a copy of the

sponsor’s service contracts/agreements. The manager should review or have its counsel review

the terms of the agreement. What are the contract termination provisions? Are there penalties?

Is it a guaranteed contract? The manager may find they are committed for three years and can’t

leave for any reason. “Too many managers’ select a series trust sponsor based on cost and don’t

review the detailed terms of the contract.”50

Series trust sponsor’s due diligence on managers

If the series trust sponsor isn’t doing as much or more due diligence on the manager as the

manager is doing on the series trust sponsor, then the sponsor is simply interested in adding fund

products to their series trust.51

“When we talk to a potential manager to get into our trust, we have a detailed due diligence

questionnaire that they must complete. We need to know about their front office and middle

office operations, management systems, reporting systems, trading systems, other products they

manage, how they handle trade allocations and other procedures. We need to receive and review

their compliance manual and compliance program. We want to see recent SEC exam letters and

responses. If they have a broker-dealer, we want to see their FINRA exams letters and

responses. We don’t continue the dialogue with those managers who don’t complete the DDQ

and provide us the information to our satisfaction.”52

13

V. Appendix: Comparing Characteristics of Select Administrators

ALPS, a DST

Company

Atlantic Fund Services Gemini Fund Services SEI Ultimus Fund

Solutions

US Bancorp Fund

Services

Inception for mutual

fund services

1985

1986

1983

1983

1999

1969

Inception for current

series trust

1997

1988

-Northern Lights Fund

Trust I - 2006


Trust II - 2011


Trust III -2012

-Two Roads Shared Trust

- 2012

-Northern Lights Variable

Trust - 2006

1991

2012

1992

Working with hedge

funds/ alternatives

since

2006

1997

Early 2000s

1998

2000

1995

Strategy expertise

All, with specialty in

alternatives

All, with specialty in FX,

funds of funds, long/short,

multi-strategy multi-

manager

All All All, with specialty in

Long/short, market

neutral, arbitrage,

hedged futures

All

14

ALPS, a DST

Company


Solutions

US Bancorp Fund

Services

Number of:

- registered hedge

funds/alternatives

administered

-number of clients

-number of assets

259

130

$11 billion

9

5

$4.5 billion

4

3

$36 billion

N/A

N/A

N/A

17

8

$10.6 billion

1859

285

$872.5 billion

Number of:

- nonregistered hedge

funds administered

-number of alternative

clients

-number of assets

NA

NA

NA

6

2

$200 million

21

13

$804 million

1050+

140+

$250 billion+

3

1

$1.4 billion

795

149

$61.7 billion

15

ALPS, a DST

Company


Solutions

US Bancorp Fund

Services

Number of:

- series trust (included

in unregistered)

-clients

-number of funds

-assets

2

95

28

$3.8 billion

3

16

23

$5.9 billion

5

113

147

$12.7 billion

2

120+

1000

$24 billion

1

6

7

$73 million

5

73

127

$17.5 billion

Number of people in

firm

434

60

200+

2,600+

67

1043

Number of people in

legal department

18

7

12

50+

10

30

16

ALPS, a DST

Company


Solutions

US Bancorp Fund

Services

Distinguishing

characteristics

-Meet specific manager

needs

- Work with start-ups

-Relationship focused

service

-Global independent

-One of first series trust

-Can accommodate

complex fund structures

including multi-manager,

multi-strategy funds

-Experienced in managing

prime brokerage

relationship including

ISDAs and related

agreements

-High quality services

customized for client

-Over 30 years’

experience

-Multiple shared trusts

- Vast employee expertise

- Established relationship

with industry partners

- Offered a series trust for

more than 20 years.

-Extensive expertise.

-One of the leading

providers of

administration services to

the hedge fund market

-Board has a strong

understanding of

alternative strategies and

has members with

working experience of

alternative investment

strategies

-Long history of

servicing alternative

strategy funds

-The entire client base

will serve as a reference

for their services

-Alternative strategy

expertise

-Technology

-Financial strength of

US Bancorp

-Service customization

to manager’s mutual

fund

-60+ legal and tax

professionals provide

product design,

education and guidance

to registered alternative

investment mutual fund

sponsors

-The only ISO 9001:

2008 certified transfer

agent.

-Best-in-class service

rating from National

Quality Review for past

six years.

17

ALPS, a DST

Company


Solutions

US Bancorp Fund

Services

Fund administrator ALPS Atlantic Fund Services Gemini SEI Ultimus Fund Solutions US Bancorp Fund

Services

Fund accountant/

transfer agent

ALPS Atlantic Fund Services Gemini SEI Ultimus Fund Solutions US Bancorp Fund

Services

Counsel -Davis, Graham &

Stubbs

-K&L Gates

-Seward & Kissel

-Stradley Ronon

-NLFT I:

Thompson Hine

-NLFT II:

Alston Bird

-NLFT III:

Thompson Hine

-Two Roads Shared:

Dechert

-NL Variable Trust:

Thompson Hine

-Morgan, Lewis and

Bockius LLP

-Kilpatrick Townsend -Paul, Hastings,

Janofsky & Walker

LLP

-Godfrey & Kahn SC

-Bernstein, Shur,

Sawyer & Nelson PA

-Bingham McCutchen

LLP

Compliance ALPS Atlantic Fund Services Northern Lights

Compliance Services

SEI Ultimus Fund Solutions US Bancorp Fund

Services

Custodian Union Bank -Citi

-Union Bank

UMB, First National

Bank, Union Bank, BNY

Mellon, Huntington, Fifth

Third, US Bank

Multiple US Bank US Bancorp Fund

Services

18

ALPS, a DST

Company


Solutions

US Bancorp Fund

Services

Auditor -Deloitte

-Rothstein Kass

-BBD -BBD

-Cohen

-Rothstein Kass

-McGladrey

-Tait Weller & Baker

-Price WaterhouseCoopers

- Ernst & Young

Various -Tait, Weller & Baker

-Deloitte & Touche

-Cohen Fund Audit

Services

-Ernst & Young

Contact

Lisa Mougin

ALPS, a DST Company

Head of business

development

1290 Broadway

Suite 1100

Denver, CO 80203

303-623-2577

lisa.mougin@

alpsinc.com

www.alpsinc.com

David Sandrew

Atlantic Fund Services

Head of business

development

Three Canal Plaza

Portland, ME 04101

212-828-3333

david.sandrew@

atlanticfundservices.com

www.atlanticfundservices.

com

Eddie Lund

Gemini Fund Services

Vice-president of business

development

80 Arkay Drive

Suite 110

Hauppauge, NY 11788

402-896-7176

eddie.lund@

geminifund.com

www.geminifund.com

John Alshefski

SEI

Senior vice president and

managing director

One Valley Drive

Oaks, PA 19456

610-676-1270

managerservices@

seic.com

www.seic.com

Bob Dorsey

Ultimus Fund Solutions

Managing director

225 Pictoria Drive

Suite 450

Cincinnati, OH 45246

513-587-3401

bdorsey@ultimusfund

solutions.com

www.ultimusfundsoluti

ons.com

Bob Kern

US BancorpFund

Services

Executive vice

president

777 East Wisconsin

Avenue

Milwaukee, WI 53202

800-300-3863

[email protected]

www.usbfs.com

21

VI. Directory Listings

Administrator

Gemini Fund Services Eddie Lund

Vice president of business development

80 Arkay Drive

Suite 110

Hauppauge, NY 11788

P: 402-896-7176

W: www.geminifund.com

E: [email protected]

Gemini partners with investment companies to deliver successful, comprehensive pooled

investment solutions for mutual funds, hedge funds, and alternative investments. Our industry

leading solutions include comprehensive fund servicing which encompasses administration,

account and transfer agency services. Gemini also offers retail and variable insurance series

trusts, and shared compliance services.

SEI John Alshefski

Senior vice president and managing director, Investment Manager Services

One Freedom Valley Drive

Oaks, PA 19456

P: 610-676-1270

W: www.seic.com


SEI's Investment Manager Services division provides comprehensive operational outsourcing

services to traditional and alternative investment managers globally across a range of registered

and unregistered fund structures, investment strategies and jurisdictions. Entrusted with over

$550 billion in client assets, the division applies customized operating services, innovative and

industry-leading technologies, and business and regulatory insights to each client’s objectives.

US Bancorp Fund Services

Bob Kern

Executive vice president

777 East Wisconsin Avenue

Milwaukee, WI 53202

P: 800-300-3863

W: www.usbfs.com


22

VII. Footnotes

1 Eddie Lund, Gemini Fund Services, vice president of business development

2 Bob Kern, US Bancorp Fund Services, executive vice president


4 Bob Dorsey, Ultimus Fund Solutions, managing director



7 John Alshefski, SEI, Investment Manager Services, vice president and managing director




11 David Sandrew, Atlantic Fund Services, head of business development


13 Scott Mackey, McGladrey LLP, partner









22 Lisa Mougin, ALPS Fund Services, head of business development

23 Mike Beattie, SEI, Investment Manager Services, managing director of series trust solution


23



27 Scott Mackey, McGladrey LLP, partner


29 Lisa Mougin, ALPS Fund Services, head of business development






35 Infovest21 Seminar, “Operating a ’40 Act Mutual Fund Business,” May 20, 2013



38 Aisha Hunt, Dechert, partner

39 Aisha Hunt, Dechert, partner


41 Infovest21 Seminar, “Operating a ’40 Act Mutual Fund Business,” May 20, 2013









24




25

VIII. About Infovest21

267 Fifth Avenue

Suite 104B

New York, NY 10016

Contact: Jingle Huang

Phone: 212-686-6440

Fax: 212-686-6289

Website: www.infovest21.com

Email: [email protected]

Infovest21 '40 Act Mutual Fund Products and Packages

Seminars

Considering the Sub-Advisory Route to ‘40 Act Funds (September 27)

Seminar Recordings

‘40 Act Alternative Assets for DC Plans (July 18, 2013)

Convergence of Mutual Funds and Hedge Funds (July 18, 2013)

Operating a ‘40 Act Mutual Fund Business (May 20, 2013)

How to Start a ‘40 Act Mutual Fund (April 30, 2013)

Tapping Innovative ‘40 Act Distribution Channels (April 23, 2013)

Manager Case Studies (March 7, 2013)

Game Changer for Funds of Funds? (February 7, 2013)

Special Research Reports

Selecting a Series Trust (August 2013)

Status Report: Assessing ‘40 Act Funds (July 2013)

Practical Considerations in Setting Up a ‘40 Act Mutual Fund (December 2012)

Surveys

Subadvisors: Their Goals and Plans (August 2013)

Hedge Fund Use of ’40 Act Registered Investment Funds (July 2013)

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special research report: selecting a series...

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