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Based on a Q3 2018 FUSE Research Network survey of senior product leaders at 37 asset management firms, product developers are increasingly looking at structures for less liquid and uncorrelated alternative investments. More than three-quarters of survey respondents deemed interval funds as somewhat of a focus or a major focus of product development initiatives over the next 12 months. Given ongoing interest and momentum, this white paper provides a market update as of year-end 2018, as well as insights into financial advisor use, top investment categories, strategies and asset managers.

WHITE PAPER
June 2019

Unlisted Closed-End Funds: Market Update Amid Building Momentum

Interval Fund Services

Experience and expertise to service your interval and tender-offer funds.

Mutual Fund Services

Comprehensive services to support your mutual fund.

ETF Services

Turnkey platform to launch 
your exchange traded fund.

Asset Raising Support

Asset raising solutions to support  your distribution challenges.

Learn about UMB Fund Services

The size of the unlisted CEF market has grown steadily since 2014, ending 2018 at nearly $53 billion in assets under management.

Interval funds in number and assets continue to outpace tender-offer funds. Since 2014, interval funds have grown at an annual rate of 42.9% to end 2018 with $27.2 billion in assets.

FUSE anticipates the growth of unlisted closed-end funds to continue in 2019, but at a slower pace than 2018, with interval funds as the key driver of that growth.

42.9%

$53B

113 Funds

Key Findings

  • Data supports success in interval structures from asset class specialist managers delivering Credit, Sector (primarily Real Estate) and Alternatives expertise
  • Successful managers have demonstrated a willingness to leverage institutional access plus incrementally growing outreach to fiduciary-oriented advisors (primarily RIAs)
  • Education and direct advisor interaction have raised product awareness and suggest potential for broadening advisor acceptance

Data Highlights

UMB Fund Services partnered with FUSE Research Network to produce the above report. While UMB Fund Services believes this report to be accurate and comprehensive, the data presented, positions taken and forward-looking statements made herein are attributable to FUSE Research Network.