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Nottingham Receives SEC Effectiveness for Its First Mutual Fund to ETF Conversion
04/29/2021 | 12:15pm EDT
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Rocky Mount, North Carolina (Newsfile Corp. - April 29, 2021) - The Nottingham Company, a leading fund administrator and private label issuer to the mutual fund and ETF industry, is pleased to announce completion of the registration process for its first conversion of an open-end mutual fund to an exchange traded fund (ETF). Nottingham affiliated series trust Starboard Investment Trust completed the registration portion of the process recently, with an agreed upon conversion date of May 7 for The Adaptive Growth Opportunities Fund. The Adaptive Growth Opportunities Fund will convert all its assets to the Adaptive Growth Opportunities ETF (AGOX) on May 7th, with public trading of AGOX beginning on Monday May 10.
Index funds emerged from the world of mutual funds in the early 1970s, and two decades later they helped create the first exchange-traded funds. Now, in the latest asset management evolution, some mutual funds are converting into ETFs in what could be the start of a trend across Wall Street. In the process, money managers embracing the new wrapper are set to accelerate the shift of assets into the already rapidly growing ETF industry.
Fund Administrator Nottingham Files to Convert Mutual Funds to ETFs The Nottingham Company said it expects one of Adaptive Investments mutual funds to be converted to an ETF in January.
Fund administrator and private label issuer The Nottingham Company has filed with the Securities and Exchange Commission to convert mutual funds managed by Adaptive Investments into exchange traded funds. In an announcement this week, Nottingham said it expects one of those Adaptive funds to be converted in January.
Nottingham has hired law firm Greenberg Traurig to help with the legal hurdles.
There’s a growing interest among asset managers to convert their existing open-end mutual funds into exchange traded funds, especially with the rise of nontransparent active structures. Attorneys in the space have been working over the last year to help managers do just that.