So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013
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Transcript of So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013
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So You’re Thinking of Starting A Mutual Fund
Cincinnati| November 7, 2013
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Cassandra Borchers, Thompson Hine LLP
Brenda Fleissner, Ernst & Young LLP
Dave Carson, Ultimus Fund Solutions
Today’s Presenters
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Diversify Client Base and Product Offering
Access to Distribution Channels
Solution for Small SMA Accounts
Investors Looking for Alternative Products
Gain Recognition for Your Strategy
Why Launch a Registered Fund?
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BASIC TRUST STRUCTURE
TRUSTEES
TRUSTEES/FUND COUNSEL
(Thompson Hine)OFFICERS
CUSTODIAN
INVESTMENTMANAGER
AUDITOR(EY)
SHAREHOLDERS
ADMINISTRATOR(Ultimus)
FUND ACCOUNTANT
(Ultimus)
TRANSFERAGENT
(Ultimus)
UNDERWRITER/DISTRIBUTOR
(Ultimus)MUTUALFUND
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Proprietary Funds
Series Trust
Key Considerations Include Control, Cost and Speed To Market
Adviser vs. Sub-Adviser
Proprietary vs. Series Trust
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Open End, Closed End, and Interval Funds
Typical Class Structures When Do You Need Exemptive
Relief? Registration Process Audit & Financial Considerations Naming Officers
Nuts and Bolts of Fund Formation
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Majority must be independent
Need a “financial expert” Define and seek diversity
of the board Consider committee
structure
Understanding the Role of Trustees
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Leverage and Derivatives
Liquidity and Valuation
Diversification
Investing in Other Funds
“Bad Income”
Investment Strategies – Is There a Rule Against That?
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15c and Your Obligations
Expense Caps and "Break Even“ Advisor Financial Capabilities
Fee Disclosure
Performance Fees vs. Fulcrum Fees
Cost of Distribution
Follow the Money
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Retail Transaction Fee and NTF Platforms
RIAs
Qualified Plans / Pensions
Variable Annuity / Variable Life
Distribution: Opportunities and Obstacles
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General Advertising Rules
Prior Performance
Hedge Fund Conversions
Is Advisor GIPS Compliant?
Performance – The Holy Grail
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Role of Service Providers
Board Meetings
Compliance Duties
Prospectus Updates
Annual and Semi-Annual Reports
Other Filings
Care and Feeding After the Launch
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www.gcmfa.org
www.ici.org
SEC bibliography (Brenda)
www.ultimusfundsolutions.com/smart-solutions/fund-organization/launch-fund/
Thompson Hine links
Helpful Links