Sun, Jun 26, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

U.S. Bancorp Fund Services launches exchange traded fund multiple series trust, ETF Series Solutions

Tuesday, February 21, 2012
Opalesque Industry Update:U.S. Bancorp Fund Services, LLC (USBFS) today announced the launch of its first exchange traded fund (ETF) multiple series trust (MST) and a partnership with Exchange Trade Concepts (ETC). This newest trust, called ETF Series Solutions (ESS), extends the benefits of a shared trust model to one of the industry’s fastest growing segments.

AlphaClone, LLC and Zacks Investment Management will be the first two funds for the trust. AlphaClone will be offering one fund and Zacks Investment Research will be offering two funds, all with unique strategies.

“This new MST and partnership with Exchange Traded Concepts help make entering the ETF market incredibly easy for investment managers,” said Joe Redwine, president of USBFS. “We continuously strive to find new ways to help our clients focus on investing while capitalizing on developments in the market. Our new MST continues that tradition.”

ETC, a private-label ETF advisor, serves as the investment manager. As an advantage to funds in the shared trust, existing investment advisers and trust-level exemptive relief eliminates the cost and time to file separately, and significantly decreases time to market. Although each fund will be responsible for fund-specific expenses, certain expenses are shared by all funds in the Trust, including general legal services, Board of Trustee costs, insurance, and the trust’s Chief Compliance Officer.

“Given their long-standing history in the mutual fund market and strong financial background, we are excited and fortunate to partner with U.S. Bancorp Fund Services to help launch this MST,” said Garrett Stevens, chief executive officer of ETC. “Both of our companies are committed to growing the Trust and, given the increase in awareness in the ETF market, this is an ideal product to launch now.”

ESS marks the fifth MST for U.S. Bancorp Fund Services. In December, USBFS introduced its ETF servicing solution called ETF-FusionTM, offering consultative support including product development and implementation, along with proprietary technology. ESS combines the benefits of ETF-FusionTM with the additional benefits of a shared trust model. Currently, USBFS shared trusts have $12.5 billion in mutual fund assets, 113 participating funds, 166 classes, and 58 different advisers.

“The ETF MST is a new concept in the industry that enables investment advisers to build awareness and recognition for their brand as a private-label ETF and launch an ETF in approximately 75 days for a minimal initial investment,” said Eric Falkeis, officer of ESS and chief financial officer of USBFS. “Our ETF professionals have the operational and regulatory experience, plus the industry contacts needed to navigate the complexities of launching and managing an ETF.”

US Bancorp Fund Services

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Global markets fell, hedge funds gain in mid-June on Brexit, Fed rate concerns[more]

    Komfie Manalo, Opalesque Asia: Global financial markets declined through mid-June, as uncertainty associated with the upcoming Brexit referendum and expected U.S. Fed interest rate hike contributed to increases in volatility across asset classes, data provider