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So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013. Today’s Presenters. Why Launch a Registered Fund? . Diversify Client Base and Product Offering Access to Distribution Channels Solution for Small SMA Accounts Investors Looking for Alternative Products - PowerPoint PPT Presentation
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So You’re Thinking of Starting A Mutual Fund
Cincinnati| November 7, 2013
Cassandra Borchers, Thompson Hine LLP
Brenda Fleissner, Ernst & Young LLP
Dave Carson, Ultimus Fund Solutions
Today’s Presenters
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?
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
Proprietary Funds
Series Trust
Key Considerations Include Control, Cost and Speed To Market
Adviser vs. Sub-Adviser
Proprietary vs. Series Trust
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
Majority must be independent
Need a “financial expert” Define and seek diversity
of the board Consider committee
structure
Understanding the Role of Trustees
Leverage and Derivatives
Liquidity and Valuation
Diversification
Investing in Other Funds
“Bad Income”
Investment Strategies – Is There a Rule Against That?
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
Retail Transaction Fee and NTF Platforms
RIAs
Qualified Plans / Pensions
Variable Annuity / Variable Life
Distribution: Opportunities and Obstacles
General Advertising Rules
Prior Performance
Hedge Fund Conversions
Is Advisor GIPS Compliant?
Performance – The Holy Grail
Role of Service Providers
Board Meetings
Compliance Duties
Prospectus Updates
Annual and Semi-Annual Reports
Other Filings
Care and Feeding After the Launch
www.gcmfa.org
www.ici.org
SEC bibliography (Brenda)
www.ultimusfundsolutions.com/smart-solutions/fund-organization/launch-fund/
Thompson Hine links
Helpful Links