What ReFlow Services does

ReFlow Services, LLC is a San Francisco-based, privately held financial services firm founded in 1997 by Gordon Getty that provides liquidity and cash-management infrastructure to U.S. registered open-end mutual funds. The company addresses a structural problem in open-end fund operations: investor inflows and outflows force portfolio managers to trade against their investment strategy, generating trading costs, cash drag, borrowing costs, and accelerating capital gains distributions for continuing shareholders. ReFlow operates two core products. The Redemption Service uses a proprietary Dutch Auction mechanism (minimum bid of 14 basis points, highest bids filled first) to provide just-in-time cash to funds experiencing net redemptions, acting as a "benevolent shareholder" that can also facilitate in-kind redemptions to reduce trading impact. NAVswap is an ISDA-governed total return swap that equitizes uninvested fund cash on a basis-risk-free basis by resetting daily to the fund's NAV in exchange for a financing rate plus spread, with no collateral posted and monthly settlement.

Since inception ReFlow has provided over $80 billion of just-in-time liquidity through the Redemption Service and equitized more than $5 billion via NAVswaps; 170 funds from nearly 40 sponsors currently participate. The business operates on a usage-based pricing model with no set-up or maintenance fees, requires fund board approval under a 2002 SEC staff no-action letter, and is backed by U.S. Patent No. 8,112,331 B2. Distribution is direct enterprise sales to fund managers and boards. In 2026 a controlling interest was acquired by an entity affiliated with Thomas E. Faust Jr. (former Eaton Vance CEO and Morgan Stanley Investment Management Chairman), who became Chairman alongside newly appointed President Evan T. Smith, Ph.D., while long-tenured CEO William G. White announced a planned Q4 2026 retirement. ReFlow Fund, LLC, a Delaware LLC affiliate, runs the underlying investment activities and initiated custody services and credit facilities with UMB Bank in October 2025.

Name

ReFlow Services

Legal name

ReFlow Services, LLC

Website

https://reflow.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

ReFlow Services provides just-in-time liquidity and cash equitization to U.S. registered open-end mutual funds through its Dutch Auction-based Redemption Service and ISDA-governed NAVswap, currently serving 170 funds from nearly 40 sponsors.

Ownership category

akta.pro rank

Product category

Fund Liquidity Services

NAICS

Miscellaneous Intermediation (523910)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Loan Brokers (6163)

akta.pro primary industry

Personal Loan Refinance (Rate/Term) (FSAKAIAB)

akta.pro secondary industry

Fund Custody & Transfer Agency Services (FSACAHAG)

Keywords

• Fund liquidity services
• Mutual fund services
• Cash equitization
• Redemption management
• Investment management solutions

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Redemption Service Fees: Transaction-based fees charged only when participating funds use the service. Fees are transparent, qualify as bona-fide fund expenses, and determined through Dutch Auction with minimum bid of 14 basis points. No set-up or maintenance charges.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

ReFlow Services provides just-in-time liquidity and cash equitization solutions to registered open-end funds. Its Redemption Service acts as a benevolent shareholder to meet net redemptions via a proprietary Dutch Auction mechanism, while NAVswap is an ISDA-governed total return swap that enables participating funds to equitize uninvested cash with no basis risk.

Product overview

ReFlow Services offers a platform of two core products for open-end funds: the Redemption Service and NAVswap. The Redemption Service provides just-in-time liquidity through a Dutch Auction mechanism, acting as a benevolent shareholder to meet net redemptions and facilitate in-kind distributions. NAVswap is a total return swap that enables cash equitization with no basis risk, allowing funds to earn returns matching their NAV. ReFlow Fund, LLC is a private investment fund that operates both services, seeking absolute returns for qualified investors. Since inception, the company has provided over $80 billion of liquidity through the Redemption Service and equitized more than $5 billion of fund cash using NAVswaps.

Differentiator

Problem solved

Functional benefit

Brands

• Redemption Service: Provides just-in-time cash to meet net redemptions and facilitates use of in-kind redemptions by funds holding U.S. stocks or eligible non-U.S. stocks.
• NAVswap

Products and services

• Redemption Service

Quantifiable outcome

• $80 billion of just-in-time liquidity provided through Redemption Service
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• StoneCastle Partners: StoneCastle provides cash sweep and short-duration cash solutions to registered investment companies, including mutual funds, with a focus on bank deposits and cash management. Its cash management programs for funds directly overlap with ReFlow's NAVswap product as alternatives for funds seeking to equitize uninvested cash without basis risk.
• Federated Hermes: Federated Hermes is one of the largest money market fund and cash management providers serving mutual fund sponsors that need to invest uninvested cash. Its cash sweep and offshore money market funds compete directly with NAVswap for funds seeking to minimize cash drag, and it serves many of the same sponsor relationships as ReFlow.

Broad incumbents

• State Street Corporation: State Street provides custody, fund administration, and a broad suite of services to registered open-end funds, including cash management tools and ETFs. As a global custodian and fund services incumbent, it offers overlapping capabilities to the same fund sponsor customer base that ReFlow serves, though not as a focused liquidity solution.
• BNY Mellon: BNY Mellon is the world's largest custody and fund services provider, offering administration, accounting, and liquidity-related services to thousands of registered open-end funds. While it does not offer a direct ReFlow-equivalent product, its platform competes for the same fund services wallet and could in principle replicate the Redemption Service functionality.
• Northern Trust: Northern Trust provides custody, fund administration, and investment operations outsourcing to mutual fund complexes and institutional asset managers. As a broad incumbent in fund services, it overlaps with ReFlow's sponsor customer base and provides cash and liquidity tooling as part of a wider portfolio offering.
• Dreyfus (BNY Mellon Investment Management): Dreyfus, part of BNY Mellon Investment Management, is one of the largest US money market fund families and a long-standing provider of cash management solutions to mutual fund sponsors. Its cash sweep products are widely used by funds seeking to invest uninvested cash, directly overlapping with ReFlow's NAVswap value proposition.
• Invesco (formerly AIM): Invesco is a large global asset manager offering mutual funds, ETFs, and cash management products, including cash sweep vehicles used by other fund sponsors. Its cash management offerings and fund administration capabilities address similar pain points to ReFlow's Redemption Service and NAVswap, particularly for funds with frequent flow activity.
• Goldman Sachs Asset Management (Liquidity Solutions): Goldman Sachs Asset Management's Liquidity Solutions business offers money market funds, cash sweep, and short-duration products to institutional clients including mutual fund sponsors. As a broad incumbent, it competes for the cash management use case ReFlow addresses with NAVswap and serves many of the same fund complex relationships.

Emerging players

• Ultimus Fund Solutions: Ultimus Fund Solutions provides fund administration, accounting, and transfer agency services to a broad range of registered open-end funds, including smaller and emerging manager complexes. As a fund services platform addressing many of the same operational pain points, it represents an emerging channel through which ReFlow-style liquidity services could be bundled to fund sponsors.

Others

• Eaton Vance (Morgan Stanley Investment Management): Eaton Vance, now part of Morgan Stanley Investment Management, has a long historical relationship with ReFlow dating to 2006 when it worked with ReFlow to develop the in-kind redemption feature. As both a former Chairman's prior firm and a major active mutual fund sponsor, it is thematically related to ReFlow's mission and customer base rather than a direct competitor.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/reflow-services-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 ReFlow Services