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February 27, 2025 By By Maureen Quill, executive vice president, executive director registered funds, UMB Fund Services In November, the U.S. Securities and Exchange Commission issued a risk alert for fund managers that highlighted some deficiencies and weaknesses in its examinations of funds over the past four years.
February 27, 2025 By By Maureen Quill, executive vice president, executive director registered funds, UMB Fund Services In November, the U.S. Securities and Exchange Commission issued a risk alert for fund managers that highlighted some deficiencies and weaknesses in its examinations of funds over the past four years.
UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today its service expansion for StepStone Group Private Wealth LLC, part of StepStone Group Inc. (NASDAQ: STEP), one of the largest asset managers focused exclusively on private markets.
Second registered funds platform will launch with Redwood Investment Management as first client UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today the launch of its second turnkey Registered Fund Solutions (RFS) platform service for starting and operating unlisted closed-end funds. Redwood Real Estate Income Fund (ticker: CREMX) launched as the first fund on the new platform.
Launching a private fund is far quicker than launching a registered fund. The big difference is not waiting on SEC comments. That speed differential is prompting some managers to launch a strategy privately with a plan, from the beginning, of converting to a registered fund. Managers have described the process to us as using the private-fund stage as “training wheels” on their way to launching what is typically their first registered product.
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