Understanding Fund Custody: Private Versus Publicly Offered Fund Vehicles
May 12, 2023 | Amy Small | UMB
When managers of private funds decide to launch a strategy as a registered mutual fund–such as an interval fund, tender fund, or a daily NAV fund— the topic of custody can sometimes lead to confusion. Private fund managers are typically familiar with custody services provided by their prime brokers as part of a suite of services to support their private funds. However, custody for registered funds, typically provided by a bank custodian, is quite different in both the nature of services and fees…
