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Mike Beattie

Managing Director, President, Advisors’ Inner Circle Fund®

SEI 

Since 2011 Mike has served as Managing Director of SEI Investment Manager Services (IMS) business unit and is President of the Advisors’ Inner Circle Fund (AIC), a $75 billion ’40 Act fund platform.   In this role, Mike oversees SEI’s '40 Act administration business serving mutual funds, ETFs and closed-end funds.  He focuses on the growth, health and strategic direction of this business, and is responsible for managing all aspects of the AIC infrastructure, including setting the future product direction for the platform.

Mike joined SEI in 1990 spending nine years in fund accounting and administration before transitioning to client service and relationship management in 1999.  Mike held a variety of senior client service and relationship management roles including Director of Relationship Management and Client Service for IMS. In these roles, Mike developed his expertise in registered investment products and cultivated a passion for client service that has enabled him to build strong partnerships with investment managers globally.

Mike received his MBA from Saint Joseph’s University in 1999 and a BS in Economics from Lehigh University in 1988.

Opening Act: Institutional Quality Private Portfolios for Accredited Investors: New Practical Solutions: A 3-Part Workshop

Part 2: Accredited Investor Products: Interval to Auction Funds

  1. Candidate Product Structures
  2. Private BDCs & REITs; Traded CEFs
  3. Interval, Tender Offer, and Auction Fund Structures
  4. Similarities:
    1. Can deliver diversified asset classes
    2. Continuously offered, small minimums,
    3. 40 Act & Tax RIC  protections and benefits
  5. Comparing Entry and Exit Mechanisms
    1. Fund-sourced Liquidity
      1. Limitations;  time from election to exit; tender costs
      2. Price uncertainty
      3. Cash drag, interest, tender costs & other performance penalties
      4. Penalize all investors for sake of those who exit
  6. Market-sourced Liquidity: Auction Funds
    1.  Mechanics
      1. Monthly auctions with limit order
      2. Single price auctions protects individual investors
      3. Depth of buying bench
      4. Investors do retain ability to tender if they wish
  7. Benefits:
    1. Short time to exit, no cost to sell
    2. Price certainty via limit orders
    3. Performance benefits: no cash drag; no cash-driven investment constraints; benefits to all investors because performance benefits & savings exceed costs