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So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013

So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013. Today’s Presenters. Why Launch a Registered Fund? . Diversify Client Base and Product Offering Access to Distribution Channels Solution for Small SMA Accounts Investors Looking for Alternative Products

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So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013

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  1. So You’re Thinking of Starting A Mutual Fund Cincinnati| November 7, 2013

  2. Today’s Presenters

  3. Why Launch a Registered Fund? • Diversify Client Base and Product Offering • Access to Distribution Channels • Solution for Small SMA Accounts • Investors Looking for Alternative Products • Gain Recognition for Your Strategy

  4. BASIC TRUST STRUCTURE TRUSTEES TRUSTEES/ FUND COUNSEL (Thompson Hine) INVESTMENT MANAGER OFFICERS ADMINISTRATOR (Ultimus) UNDERWRITER/ DISTRIBUTOR(Ultimus) MUTUAL FUND FUND ACCOUNTANT (Ultimus) AUDITOR (EY) TRANSFER AGENT (Ultimus) SHAREHOLDERS CUSTODIAN

  5. Proprietary vs. Series Trust • Proprietary Funds • Series Trust • Key Considerations Include Control, Cost and Speed To Market • Adviser vs. Sub-Adviser

  6. Nuts and Bolts of Fund Formation • Open End, Closed End, and Interval Funds • Typical Class Structures • When Do You Need Exemptive Relief? • Registration Process • Audit & Financial Considerations • Naming Officers

  7. Understanding the Role of Trustees • Majority must be independent • Need a “financial expert” • Define and seek diversity of the board • Consider committee structure

  8. Investment Strategies – Is There a Rule Against That?

  9. Follow the Money • 15c and Your Obligations • Expense Caps and "Break Even“ • Advisor Financial Capabilities • Fee Disclosure • Performance Fees vs. Fulcrum Fees • Cost of Distribution

  10. Distribution: Opportunities and Obstacles • Retail • Transaction Fee and NTF Platforms • RIAs • Qualified Plans / Pensions • Variable Annuity / Variable Life

  11. Performance – The Holy Grail • General Advertising Rules • Prior Performance • Hedge Fund Conversions • Is Advisor GIPS Compliant?

  12. Care and Feeding After the Launch • Role of Service Providers • Board Meetings • Compliance Duties • Prospectus Updates • Annual and Semi-Annual Reports • Other Filings

  13. Helpful Links • www.gcmfa.org • www.ici.org • SEC bibliography (Brenda) • www.ultimusfundsolutions.com/smart-solutions/fund-organization/launch-fund/ • Thompson Hine links

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