Click here to close now.



Welcome!

News Feed Item

CAIS, Citi and Atlantic Fund Services Announce Collaboration on Turnkey Solution to Launch Alternative Mutual Funds

New ALTX Trust is one-stop option for hedge funds to launch & distribute mutual funds quickly and efficiently?

NEW YORK, Feb. 5, 2014 /PRNewswire/ -- Three leading industry service providers, CAIS, Citi and Atlantic Fund Services have collaborated to create ALTX Trust, the first series trust designed to provide a turnkey solution for hedge fund managers that seek to launch '40 Act mutual funds.

The collaboration of these firms brings together the capabilities and services required to successfully launch and distribute alternative mutual funds, alleviating hedge funds from a significant portion of the operational workflow. CAIS, with its expansive footprint in the RIA and broker-dealer network, will list newly launched ALTX mutual funds on its platform and provide wholesale distribution services. As with all funds listed on CAIS, Mercer will conduct strategy due diligence, ongoing monitoring and provide each new fund with a rating. Atlantic Fund Services will provide fund administration, governance and compliance support, while Citi's Investor Services division will be the exclusive global custodian for the trust, and will serve as the preferred prime broker to newly launched alternative mutual funds.

The launch of ALTX Trust comes at a time when investor demand for premier liquid alternative mutual funds is rapidly increasing. Citi recently estimated that assets held by U.S. alternative retail mutual funds increased from $95 billion in 2008 to $250 billion in Q4 of 2013. In 2014, ALTX Trust intends to attract top tier hedge fund managers and plans to launch multiple alternative mutual funds.  Strategies for these new funds will include both traditional hedge fund styles, such as long/short equity and convertible arbitrage, to new quantitative disciplines and specialized asset classes including global currencies and options-writing.

Alternative mutual funds often pursue low correlations with traditional asset classes, which makes them attractive when building and diversifying portfolios. "Expanding our existing funds menu to include alternative mutual funds is a natural extension of our platform and our wealth management clients will benefit from broader product selection, said Rafay H. Farooqui, co-founder and President of CAIS. "With the combined experience and market credibility of these service partners, the ALTX Trust will be the venue of choice for top hedge funds looking to extend their investment offerings," Farooqui added.

Series trusts have long served as a cost effective way for investment managers to participate in a registered fund without having to manage an SEC-registered legal entity themselves. "Launching and providing ongoing supervision, administration and compliance for '40 Act mutual funds has been our core business since the 1980s," said John Y. Keffer, Chairman of Atlantic Fund Services which is known for its pioneering work in development of the umbrella series trust for unaffiliated investment managers. "With the establishment of the ALTX Trust platform, we are excited to have a dedicated series trust that will focus on the fast-growing alternative space."

"Citi has been tracking the rapid evolution of the '40 Act alternative mutual fund space and sees this as an increasingly important part of our hedge fund client's product mix going forward," said Alan Pace, Global Head of Sales at Citi's Investor Services unit. "We see this platform as an innovative new approach for hedge funds that want to enter the mutual fund space quickly and cost-effectively. We are excited about the opportunity to offer an array of alternative managers, styles and strategies through the world's largest proprietary custody network." 

Since the launch of the CAIS platform, Mercer has provided investment and operational due diligence on all managers that list on CAIS.  The global financial consulting leader will offer ALTX Trust fund managers thematic portfolio guidance and analytic tools, including quantitative analyses and risk assessments of alternative investments, model portfolios, research and ongoing educational resources and support.

"We think that this partnership is an important step in the evolution of hedge fund distribution, as it will make a broader array of alternative investment strategies accessible to individual investors, defined contribution plans, and smaller institutions," said David Eisenberg, the US segment lead for Wealth Managers at Mercer.

For more information, please visit www.altxtrust.com or contact [email protected].

About CAIS
CAIS is a leading financial product platform offering wealth management professionals access to a diversified menu of funds and products. CAIS provides streamlined execution to an expanding list of alternative investment funds, IPOs and follow-ons, structured notes and real assets. CAIS delivers a suite of portfolio construction and reporting tools, and complements its fund offering with independent due diligence provided by Mercer.  www.caisgroup.com

About Atlantic Fund Services
Atlantic Fund Services offers turnkey services for launching and administering investment funds in many structures including mutual funds, series trusts, ETFs, UCITs and pooled vehicles. With 30 years of experience as a third-party fund administrator, Atlantic has a reputation for delivering consistently high levels of service quality.  www.atlanticfundservices.com

About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://www.new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About ALTX Trust
ALTX Trust provides hedge fund managers with a single solution to offer alternative strategies in a mutual fund format. ALTX goes beyond the traditional efficiencies of a series trust to offer superior business capital advisory services and the critical element of distribution. www.altxtrust.com

 

 

 

SOURCE CAIS

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...