Sun, May 29, 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. Americas - Australian banks sending U.S. hedge funds broke, Ryan Puerto Rico ‘rescue’ bill could be windfall for hedge funds[more]

    Australian banks sending U.S. hedge funds broke From SMH.com.au: US hedge funds are not having the best of years. Profits are hard to find, they're underperforming and the punters are losing patience, withdrawing US$15 billion ($20.8 billion) in the March quarter. They're expected to wit

  2. Investing - Billionaire Wilbur Ross likes the look of Chinese bad loans, Hedge funds are still relevant in a diversified portfolio: 4 fundamental criteria for superior manager selection[more]

    Billionaire Wilbur Ross likes the look of Chinese bad loans From Bloomberg.com: U.S. billionaire Wilbur Ross said he’s considering investing in nonperforming loans in China, as Moody’s Investors Service said that the nation has the tools to prevent a financial crisis in the near term. I’

  3. Investing - Blackstone gives pricey Canadian energy and property thumbs down, One of the most concentrated hedge fund bets is getting crushed, Facebook is hedge funds' new tech darling,[more]

    Blackstone gives pricey Canadian energy and property thumbs down From Bloomberg.com: Canada’s energy assets are uneconomic and real-estate markets overvalued, making them less attractive for investment than in the U.S. and elsewhere, according to Tony James, president of Blackstone Group

  4. Study - Only 30% of institutional hedge fund portfolios beat the benchmark[more]

    Bailey McCann, Opalesque New York: A new study from CEM Benchmarking, an independent provider of cost and performance analysis for pension funds, shows that only 30 percent of institutional investors hedge fund portfolios beat the benchmark after fees. The study provides in depth analysis of real

  5. Opalesque Exclusive: $1bn hedge fund club grows to 668 managers, continues to dominate (Part One)[more]

    Komfie Manalo, Opalesque Asia: Despite an underwhelming 2015 and a slow start to 2016 in terms of performance, one group of managers that continues to dominate the assets of the hedge fund industry is the so called $1bn club – hedge fund managers with at least $1bn in assets under management (AU