U.S. Bancorp Fund Services (USBFS) says it is now offering chief compliance officer (CCO) services, and has been appointed CCO for 41 mutual funds.
“The added compliance responsibilities in today’s business environment are a challenge for some mutual fund companies to provide their own CCO services,” says USBFS.
USBFS’s CCO services include developing comprehensive compliance programs for the funds, soliciting policies, procedures and audit reports from all of the funds’ service providers, attending board meetings, preparing and delivering annual reports on the funds’ compliance programs to the boards and meeting in executive sessions with independent directors and trustees.
“The majority of our clients are naming a senior person at the investment adviser as the CCO, however several smaller funds do not have the resources to effectively act in that capacity,” adds Mike McVoy, senior vice president and chief compliance officer of USBFS. “For those smaller funds, USBFS’s CCO services have become a valuable added service. Our industry expertise and familiarity with our clients enable us to fill this need for select clients. Before agreeing to serve as CCO for a fund, each relationship is evaluated to determine if it is in the collective best interests of USBFS and the client.”
Where another serves in the CCO role, USBFS provides support and consulting services to the individual acting in that position.
Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC currently provides services to more than 200 fund families, with 980 portfolios and 1,300 fund classes and administers 2.1 million shareholder accounts with $174 billion in client assets. U.S. Bancorp Fund Services clients include mutual funds, investment partnerships, hedge funds, separately managed accounts, fund-of-funds, and offshore funds.
U.S. Bancorp Fund Services is a subsidiary of U.S. Bancorp.