What Is A Transfer Agent? - Phoenix American

A transfer agent may be a bank, a trust company, a stand-alone transfer agent provider or a team within a corporation or investment fund acting as the company’s own transfer agent. An in-house team may license a transfer agent system to increase their own efficiency without the licensor being the ‘transfer agent of record’. Many investment funds, however, employ a third-party transfer agent even if it is not required. Having a third-party ‘transfer agent of record’ satisfies the due diligence requirements of sophisticated and institutional investors.

For private investment funds, transfer agents have traditionally had a limited role. Funds that were publicly registered with the SEC were required to use an SEC-registered transfer agent. These tended to be large funds with many thousands of non-accredited investors. Private funds, however, (private equity, venture capital, private real estate funds) typically had few investors and were not subject to significant regulation and so, typically, did not use a transfer agent. In recent years, private fund investor counts have increased, investor-related regulatory requirements have been introduced and fee compression and cost pressures have pushed more private equity funds to use transfer agents. Today, sophisticated investors and institutions like pension funds expect an investment fund under consideration to employ a transfer agent as a standard of operational professionalism.

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