U.S. Bank introduces new platform for launching closed-end funds

CEF Accelerator Platform helps clients reduce start-up and operational costs and reduces time to market

MINNEAPOLIS (March 17, 2025) – U.S. Bank Global Fund Services has introduced its CEF Accelerator Platform, which provides an efficient and cost-effective way for investment managers to launch alternative investment products through registered closed-end funds. Rockefeller Municipal Opportunities Fund (RKMIX) from Rockefeller Asset Management is the first fund to use the platform.

The CEF Accelerator Platform brings a suite of skilled partners – legal counsel, auditors and distribution – to manage the compliance, operations and governance of closed-end fund products. The platform also includes oversight by an experienced board of four independent directors.

“The closed-end fund market continues to expand at a record pace. Investment managers are broadening access to alternative investment products, with the transparency and regulated structure of an SEC-registered fund, for retail investors,” said Jay Martin, president, U.S. Bank Global Fund Services. “The CEF Accelerator Platform gives investment managers an advantage by offering a turnkey solution to launch registered closed-end funds through a shared service model, similar to a multiple series trust (MST)."

U.S. Bank services nine multiple-series trusts and more than 100 registered closed-end funds. The CEF Accelerator Platform combines their multiple-series trust offering with the product expertise of their registered closed-end fund services, including transfer agency, custody, fund accounting, fund administration, regulatory administration and tax services.

Martin adds, “Offering all these capabilities via a shared-service model helps clients reduce fund start-up and ongoing operational costs, and shortens time to market. This allows investment managers to dedicate attention and resources to more value-added activities like asset management and capital-raising responsibilities."

Alex Petrone, head of Fixed Income and head of Distribution for the Americas at Rockefeller Asset Management, says, “We are pleased to launch the Rockefeller Municipal Opportunities Fund (RKMIX) as the first fund on this new platform. The fund seeks to capitalize on municipal market inefficiencies and deliver superior returns for our shareholders through a quarterly liquid closed-end fund vehicle that may offer distinct advantages for municipal market investors. The CEF Accelerator Platform allows us to leverage the expertise and resources of our trusted partner, U.S. Bank Global Fund Services, through a differentiated and cost-effective solution.”

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Contact:

Kimberly Mikrot, U.S. Bank Public Affairs and Communications

kimberly.mikrot@usbank.com | 612.206.2553

About U.S. Bank

U.S. Bancorp, with more than 70,000 employees and $678 billion in assets as of December 31, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks. To learn more, please visit the U.S. Bancorp website at usbank.com and click on “About Us.”