According to the Investment Company Institute ("ICI")1, at the end of 2013 approximately 79%
of U.S. mutual fund complexes were independent fund advisers. They surmise that this is largely
due to the "series trust" structure, which is an arrangement that provides multiple unaffiliated
SEC registered investment advisers with the ability to have their own mutual fund(s) within the
same registered investment company ("RIC"). A series trust is generally offered by third party
vendors, such as banks and trust companies, and gives investment advisers a turnkey solution to
offering proprietary mutual funds to investors.
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