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Unlisted CEF market passes USD48bn in AUM, says new report from UMB and FUSE

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The size of the unlisted closed-end fund (CEF) market has grown steadily since 2014, ending 2017 at approximately USD48 billion in assets under management, according to the second annual report on the sector from UMB Fund Services (UMB) and FUSE Research Network.

Interval funds continue to outpace tender-offer funds from an asset growth perspective. The number of interval funds available for purchase has increased since July 2017 while the number of tender-offer funds has decreased.
Liquidity and lack of education were the top two challenges distributors noted with utilising interval/tender offer funds.
“Unlisted closed-end funds continue to accelerate in popularity, especially in the interval fund space,” says Maureen Quill (pictured), president of UMB Fund Services. “At UMB, after more than 20 years in this space, we are excited to partner with FUSE to release the second report on CEFs to not only inform our clients, but the industry as a whole as these products continue to develop.
“The report issued this year further confirms unlisted CEFs are a viable option for both retail investors and investment managers. We hope the depth of the research informs managers about the rapid growth of these products and the current landscape.”

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