Cassandra Borchers, Thompson Hine LLP
Brenda Fleissner, Ernst & Young LLP
Dave Carson, Ultimus Fund Solutions
 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
TRUSTEES
INVESTMENT
MANAGER
ADMINISTRATOR
(Ultimus)
FUND
ACCOUNTANT
(Ultimus)
TRANSFER
AGENT
(Ultimus)
OFFICERS
MUTUAL
FUND
TRUSTEES/
FUND COUNSEL
(Thompson Hine)
UNDERWRITER/
DISTRIBUTOR
(Ultimus)
AUDITOR
(EY)
SHAREHOLDERS
CUSTODIAN
 Proprietary Funds
 Series Trust
 Key Considerations Include
Control, Cost and Speed To
Market
 Adviser vs. Sub-Adviser
 Open End, Closed End, and
Interval Funds
 Typical Class Structures
 When Do You Need Exemptive
Relief?
 Registration Process
 Audit & Financial Considerations
 Naming Officers
 Majority must be
independent
 Need a “financial expert”
 Define and seek diversity of
the board
 Consider committee
structure
Leverage and Derivatives
Liquidity and Valuation
Diversification
Investing in Other Funds
“Bad Income”

15c and Your Obligations

Expense Caps and "Break Even“

Advisor Financial Capabilities

Fee Disclosure

Performance Fees vs. Fulcrum Fees

Cost of Distribution
 Retail
 Transaction Fee and NTF Platforms
 RIAs
 Qualified Plans / Pensions
 Variable Annuity / Variable Life
 General Advertising Rules
 Prior Performance
 Hedge Fund Conversions
 Is Advisor GIPS Compliant?

Role of Service Providers

Board Meetings

Compliance Duties

Prospectus Updates

Annual and Semi-Annual Reports

Other Filings
 www.gcmfa.org
 www.ici.org
 SEC bibliography (Brenda)
 www.ultimusfundsolutions.com/smartsolutions/fund-organization/launchfund/
 Thompson Hine links