US Bancorp Fund Services has added another exchange-traded fund from Vident Financial to its ETF Series Solution (ESS) multiple series trust (MST).
Vident Core US Equity launched on 22 January 2014.
“We are grateful to the team at US Bancorp Fund Services for helping make the Vident Core US Equity Fund launch a resounding success. Their attention to detail and client orientation made a complicated endeavour go smoothly,” says Nick Stonestreet, chief executive officer for Vident Financial.
Vident Financial’s Core US Equity Fund offers a principal-based investment approach that assesses each company’s risk factors, including their expense recognition, financial reporting, and corporate governance. Vident Core US Equity Fund identifies companies that exhibit high standards of corporate governance, accounting, and higher principle expression. It is currently comprised of approximately 500 securities.
“We are excited to add another Vident Financial fund to our growing MST, allowing shareholders the opportunity to invest in these products. We believe our MST model provides managers with the opportunity to leverage our administration services so they can focus on investing, while capitalising on developments in the market,” says Joe Redwine, president of US Bancorp Fund Services.
Vident Financial’s first fund in US Bancorp Fund Services ESS MST, Vident International Equity Fund (VIDI), launched in October and has approximately USD515m in assets under management. It combines principle-based country and securities selection with risk management to balance risk across developed and emerging economies. For both of Vident’s ETF MST funds, Exchange Traded Concepts (ETC) serves as the investment adviser.
US Bancorp Fund Services announced the launch of ESS its ETF MST in February 2012. ESS extends the benefits of a shared trust model to one of the industry’s fastest growing segments, and marks the fifth MST, out of six, for US Bancorp Fund Services. Currently, US Bancorp Fund Services shared trusts have USD24.8bn in mutual fund assets, 140 participating funds, 226 classes, and 76 different advisers.
“The ETF MST 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,” says Mike Castino, president of ESS. “Our ETF professionals have the operational and regulatory experience, plus the industry contacts needed to navigate the complexities of launching and managing an ETF.”