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UMB Fund Services releases 2019 report on unlisted closed-end funds

UMB Fund Services partnered with FUSE Research Network to publish a third-annual comprehensive report on unlisted closed-end funds (CEFs).






UMB has again partnered with FUSE Research Network‡ to issue the third edition of this report, which delivers the most comprehensive look at unlisted CEFs in the industry. The report provides insights and data on the number of unique funds and assets; top funds and firms; a market update and outlook; advisor use trends; and a manager spotlight.

Key findings from the 2019 report include:

  • The size of the unlisted CEF market has grown steadily since 2014‡ through year-end 2018 with nearly $53 billion in assets under management (AUM). FUSE anticipates growth to continue through 2019, but at a slower pace than 2018, with interval funds as the key driver of that growth.
  • Since 2014, interval funds have grown‡ at an annual rate of 42.9% to year-end 2018 with $27.2 billion in assets. During the same period, tender-offer funds dropped to $25.6 billion with a compound annual growth rate of negative 2.1%.
  • Although assets in the two structures are nearly even, asset growth for interval funds during the past five years has been significant. In 2014, assets in interval funds were only $6.5 billion, while tender-offer funds assets were nearly $28 billion—showing the dramatic growth of interval fund assets and the retraction in tender-offer funds we see today.
  • At year-end 2018, interval funds represented 51.5% of the unlisted CEF marketplace, which is a significant increase from the 19% seen in 2014. In a Q3 2018 FUSE survey of senior product leaders at 37 asset management firms, more than three-quarters of respondents indicated interval funds are “somewhat of a focus” or “a major focus” of product development initiatives during the next 12 months.

UMB Fund Services has more than 20 years of experience servicing these funds, and our partnership with FUSE allows us to not only educate our clients, but the entire industry, as these products continue to gain popularity.

Download a copy of the report, Unlisted Closed-End Funds: Market Update Amid Building Momentum.graphic line break

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When you click links marked with the “‡” symbol, you will leave UMB’s Web site and go to Web sites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other Web sites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.