Interval funds rely on a variety of third party fund service providers in order to operate. An administrator oversees the operational performance to ensure that it complies with regulatory requirements. An independent accounting firm performs annual audits and certifies the fund's financial statements. The interval fund transfer agent keeps ownership records, and also handles transaction processing. Additionally, other service providers with critical roles include the distributor, the custodian, and legal counsel. A CSV file with a list of service providers for all active interval funds as of August 2017 is available for download at the end of this post.
Interval Fund Transfer Agent Market Share (as of August 2017)
Several users of this site have asked about interval fund transfer agents. As of August 2017, DST Systems leads the market, and currently serves as transfer agent for 26% of active interval funds. The early lead may be due to this whitepaper that DST Systems recently produced on exploring new product structures. Additionally, UMB Services is a close second serving as transfer agent for 21% of interval funds. UMB Services recently wrote about its turnkey interval fund solutions in HedgeWeek, and also seems to be making a significant push into the space.
The following chart summarizes interval fund transfer agent market share, as of August 2017:
To download a complete dataset with service provider information for all active interval funds, please fill out the form below.
Also see Researchfor additional information on launching and operating an interval fund.