RBB Fund

What RBB Fund does

The RBB Fund, Inc. is a private U.S. fund management company founded in 1988 and headquartered in New York that operates the oldest and largest Multiple Series Trust platform in the industry. Its core product is an open-architecture, cost-sharing trust platform that provides turn-key fund administration, compliance, governance, and distribution infrastructure for external investment managers launching mutual funds and ETFs. RBB is 100% independent of any bank sponsor or service provider, and delivers stand-alone trust quality with the operational efficiencies of a multi-series shared platform.

The company's capabilities include specialized ETF services such as mutual fund-to-ETF conversions, ETF creation under Section 351 of the IRS using SMA contributions, semi-transparent ETF structures, and multi-share class structures combining mutual fund and ETF share classes within a single fund — the last of which was achieved in February 2026 via SEC exemptive order in partnership with F/m Investments. Its service-provider ecosystem includes Vigilant (compliance), US Bank (administration, transfer agency, custody, fund accounting), Cohen & Co (auditor), Faegre Drinker and Paul Hastings (legal counsel), and Vigilant/Quasar/Foreside (distribution).

RBB generates recurring fee revenue from investment manager clients utilizing its trust platform, with named customers spanning Tweedy Browne, F/m Investments, Emerald Advisers, Gladius Capital Management, Twin Oak Capital (recently migrated from Goldman Sachs ETF Accelerator), Hill Investments, and the Snowball ETF (Gabe Plotkin). Funds launched on the platform are distributed via major ETF exchanges (Nasdaq, NYSE) and traditional mutual fund distribution networks, with go-to-market executed primarily through direct enterprise sales and B2B relationships with investment managers.

Name

RBB Fund

Legal name

The RBB Fund, Inc.

Website

https://rbbfund.com

Company type

Private

Founded year

1988

Operating status

Operating

Short description

RBB Fund is a private, independent Multiple Series Trust platform founded in 1988 that provides turn-key fund administration, compliance, and ETF structuring services (including Section 351 conversions and multi-share class structures) to external investment managers launching mutual funds and ETFs.

Ownership category

akta.pro rank

Product category

Fund Administration Services

NAICS

Open-End Investment Funds (525910), Open-End Investment Funds (52591), Other Financial Vehicles (52599)

SIC

Finance Services (6199)

akta.pro primary industry

Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL)

Keywords

• Fund administration services
• ETF launch services
• Mutual fund platform
• Series trust services
• Investment manager solutions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D, Marketing or Sales

Revenue model

1. Fund Platform Services: RBB generates revenue by providing trust administration, compliance, and operational infrastructure to investment managers launching funds under its platform. Revenue is derived from fees charged to the funds and managers utilizing its platform services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

The RBB Fund operates the first organized Multiple Series Trust, founded in 1988, providing an open-architecture, cost-sharing platform that enables external investment managers and asset management firms to launch and operate mutual funds and ETFs without building in-house administration, compliance, and distribution infrastructure. The company specializes in turn-key fund solutions including mutual fund to ETF conversions, ETF creation under Section 351 of the IRS with SMA contributions, semi-transparent ETF structures, and innovative multi-share class structures combining mutual fund and ETF share classes under a single fund.

Product overview

RBB Fund operates as the first organized multiple series trust, founded in 1988, providing an open-architecture, cost-sharing platform for investment managers. The company offers specialized ETF-related services including mutual fund to ETF conversion, ETF creation under Section 351 of the IRS, semi-transparent ETF structures, and multi-share-class structures. The company made history in 2026 by launching the first multi-share-class structure combining mutual fund and ETF share classes. RBB Fund is completely independent of any bank sponsor or service provider, positioning itself as a low-cost provider with outsourced expertise in compliance, operations, and distribution.

Differentiator

Problem solved

Functional benefit

Products and services

• Multiple Series Trust Platform Open-architecture, cost-sharing platform founded in 1988 as the first organized Multiple Series Trust, providing investment managers with all the benefits of a stand-alone trust combined with operational efficiencies and economies of scale of a multiple series trust, 100% independent of any bank sponsor or service provider.
• Mutual Fund to ETF Conversion Conversion service enabling asset managers to transform existing mutual funds into ETF structures, facilitating operational and tax-efficient transitions.
• ETF Creation Under Section 351 of IRS (SMA Contribution) ETF creation service utilizing Section 351 of the IRS code, allowing separately managed account (SMA) contributions to form new ETF structures with tax-deferred benefits.
• Semi-transparent ETFs Semi-transparent ETF structure expertise allowing fund operators to launch ETFs while maintaining portfolio confidentiality through analytical data barriers.

Quantifiable outcome

• 38+ years of operating as Multiple Series Trust
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• F/m InvestmentscoreStrategic or Co-development Partner · 12 February 2026F/m Investments and The RBB Fund Complex completed the historic first trade under a multi-share class structure combining a mutual fund share class and an ETF share class, enabled by a modern SEC exemptive order. This partnership marked the culmination of a process that began in 2023 and represents a significant milestone for both firms and the broader financial industry. Alexander Morris, CEO of F/m Investments, and Arnold Reichman, Chairman of the RBB Board, highlighted the collaborative effort.
• Vigilant LLCcoreImplementation/ SI/ Consulting PartnerVigilant serves as RBB's independent compliance firm, providing oversight of the Funds, service providers, and shareholders. Onboarded in 2004 for better oversight and further protecting shareholders and RBB's advisors.
• US BankcoreOthersUS Bank serves as Administrator, Transfer Agent, Custodian and Fund Accounting service provider for RBB Funds.
• Cohen & CocoreOthersCohen & Co serves as the auditor for RBB Funds.
• Vigilant Distributors, LLC and Quasar Distributors, LLCcoreChannel Partner/ Reseller/ DistributorServe as distributors for RBB Funds with the exception of Penn Capital Funds, which are distributed by Foreside Fund Services, LLC.
• Faegre Drinker Biddle & Reath LLPcoreImplementation/ SI/ Consulting PartnerLegal Counsel to RBB and Independent Directors/Trustees.
• Paul Hastings LLPcoreImplementation/ SI/ Consulting PartnerLegal Counsel to RBB.

Scale indicators5 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Investment Managers Series Trust (IMST): Another long-running multiple-series trust that provides turn-key fund administration, ETF launch infrastructure and compliance services to independent investment managers — directly competitive with RBB's core offering.
• Northern Lights Fund Trust (now part of Incapital): Multiple-series trust hosting a large roster of ETFs and mutual funds for boutique managers; competes head-to-head with RBB for new fund launches and re-platforming mandates.
• Tidal Financial Group / Tidal ETF Trust: ETF-focused series trust and turn-key platform that supports managers launching and operating ETFs — closely comparable to RBB's ETF launch service line.
• ETF Series Solutions (now under ACA Group): Series trust dedicated to ETF launches with compliance, distribution and operational infrastructure; operates in the same niche as RBB for new ETF formations.
• SP Funds Trust: Independent ETF sponsor that operates its own series trust; comparable to RBB in providing both platform services and issuer capabilities for thematic and active ETFs.
• Two Roads Sharing Trust: Multiple-series trust organized for boutique managers launching ETFs and mutual funds; directly overlaps RBB's target customer base of independent asset managers.
• ETF Opportunities Trust: Series trust serving emerging and boutique ETF managers with launch and compliance infrastructure; another direct competitor for new fund formations.

Broad incumbents

• ALPS Fund Services / ALPS Distributors: Larger, established financial-services firm offering ETF administration, distribution, fund accounting and trust services alongside a much broader product portfolio; competes with RBB but at greater scale and breadth.
• Ultimus Fund Solutions: Third-party fund administration provider offering mutual fund and ETF launch support, transfer agency and compliance services; competes with RBB for the same B2B fund-administration mandates.
• Gemini Fund Services / Gemini Hedge Fund Services: Fund administration and back-office services provider offering registration, compliance and fund accounting support; broadly comparable as outsourced platform infrastructure for fund sponsors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-rbb-fund-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RBB Fund