Consulting Services – Existing Funds
U.S. Bancorp Fund Services, LLC's extensive experience allows us to assist clients with streamlining their operations and enhancing their profits. We help clients evaluate the expense and efficiency issues investment companies face including:
- Investment company profitability
- Operations performance
- Service strategy
- Organization structure
- Operations control procedures
- Fund and advisor expenses
Consulting Services – Start-up Funds
Starting a mutual fund is not a simple process. U.S. Bancorp Fund Services, LLC is experienced with guiding investment advisors through all aspects of starting and running a fund, including:
- Distribution channel analysis
- Fund load structure analysis, expense management
- Expense projections
- SEC registration and filing
- Product launch
- Assembling and coordinating any additional independent service providers for high quality, cost-effective independent legal, audit and financial printing services
Our efficient, cost-effective solutions to operating mutual funds allow clients to manage the fund while we manage the fund business.
When deciding whether to launch a mutual fund, investment advisors need to be familiar with all their options. Starting a mutual fund is an excellent opportunity for many investment advisors, however there are several other options. In addition to mutual funds, U.S. Bancorp services Separately Managed Accounts, Investment Partnerships, Multiple Series Trusts, Offshore Funds, and Closed-End Funds. U.S. Bancorp's consultative approach provides clients the guidance they need to choose the best product for their circumstances.
Investment Product |
Portfolio Diversification |
Restriction on Number of Investors |
Restriction on Sales |
Tax Consequences |
Product Valuation |
Other Considerations |
Separate Account |
No limits under securities law. |
No restrictions. |
Advisor personnel must be licensed as advisory reps. |
Portfolio income/gains are taxed to the investor. |
Periodic. |
Not pooled vehicle. Each client account is managed separately. |
Mutual Fund |
40 Act & IRC diversification requirements must be satisfied for pass-through treatment. |
No restrictions. |
Fund must be offered by a broker/dealer distributor or must be self-distributing. Public advertising allowed within guidelines. |
Pass-through entity under subchapter M of the IRC. |
Required daily. |
Distribution requirements. Annual registration update required. |
Investment Partnership |
No limits under securities law. Self imposed restrictions only. |
3-c(1) limitation – 100 accredited investors.
3-c(7) limitation – 499 investors who are both accredited and qualified purchases. |
Generally, advisor personnel may sell without broker/dealer license if no special compensation is paid. No advertising allowed – fund must be privately offered. |
Pass-through entity partnership taxation. |
Normally monthly or quarterly. |
ERISA plan assets rules apply if ERISA plans exceed 25% of assets. |
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