US Bancorp Fund Services’ (USBFS) Exchanged Traded Funds Series Solution (ESS) multiple series trust (MST) has exceeded USD1 billion in assets.
“We’re proud to share with our clients and partners across the industry that our ESS MST has achieved this important milestone,” says Joe Redwine, president of US Bancorp Fund Services. “Reaching more than USD1 billion in assets is a testament to the opportunities ESS series trusts offer investment management firms entering the exchange traded funds arena.”
ESS allows participants to select from multiple methods of securing required passive and/or active exemptive relief. Advisers may use their own exemptive relief, request that US Bancorp Fund Services file for it on their behalf, or leverage a third party’s existing exemptive relief provided through USBFS.
“The combination of our existing series trust structure, US Bancorp full administration, accounting, compliance, custody, distributor and investor services, our proprietary ETF trading technology, and options for obtaining passive and active exemptive relief offers a compelling comprehensive solution to investment managers,” says Bob Kern, head of business development for US Bancorp Fund Services. “We are fortunate to be working with some very exceptional asset management firms, and the market continues to realise the efficiency this model offers.”
ESS is one of six MSTs sponsored by US Bancorp Fund Services. Of the USD900 billion in fund assets serviced, USBFS now has USD30.5 billion in series trust assets, 143 participating funds, 237 classes, and 81 different advisers in MSTs.