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Rating:Bragg Switches Service Providers Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, December 23, 2011

Bragg Switches Service Providers

Reported by Armie Margaret Lee

Bragg Financial Advisors [profile] has hired UMB Fund Services as transfer agent, fund accountant and administrator for the Queens Road Small Cap Value Fund and Queens Road Value Fund [SEC filing]

Previously, Charlotte-based Bragg Financial handled fund administration in-house and outsourced transfer agency and fund accounting work to Mutual Shareholder Services.

"We were happy with Mutual Shareholder Services, but we had been doing administration in-house and MSS didn't offer fund administration," said Steve Scruggs, principal and PM at Bragg Financial Advisors and president of Bragg Capital Trust, in an interview. "The board decided to have fund administration done by a third party."

MSS offers fund administration, but not the complete range of services offered by others in the space. According to MSS president Gregory Getts, his firm provides at least 70 percent of fund administration services offered by other firms.

"We spent a long time looking for a vendor," Scruggs said, adding that Bragg sent out six to eight RFPs and did site visits with three firms before narrowing the finalists to UMB and Huntington Asset Servicing.

"It was a tough decision but we ended up going with UMB," he said.

The contract with UMB for fund administration and accounting took effect December 1 and the contract for transfer agency services took effect December 19. 

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