A $650-million AUM mutual fund shop is moving to a multi-manager series trust.

Bill Mann Motley Fool Wealth & Asset Management Chief Investment Officer & Senior Portfolio Manager

On September 20 the board for the Motley Fool Funds Trust [profile] approved moving the three Motley Fool funds into the RBB Fund series trust, an SEC filing reveals. The move is subject to a shareholder vote in December.

Denise Coursey, president of Alexandria, Virginia-based Motley Fool Asset Management (advisor to the Funds), explains to MFWire why they're moving the funds into a series trust and out of their own standalone fund trust.

"We had been looking at ways to bring down costs for our shareholders," Coursey says. "RBB can negotiate better contracts with third-party service providers ... RBB offers significant savings for our trust-level fees."

Coursey also notes that RBB already has relationships with some of the Motley Fool Funds' other service providers.

"There are some providers that we will be able to maintain relationships with because they have relationships with RBB," Coursey says. The move to RBB also comes as the Motley Fool folks have been on the hunt to fill one of the board seats for the Motley Fool Funds after a board member died earlier this year.

Coursey also praises RBB as offering "very competitive pricing" and "a very active board."

Sal Faia, president of the RBB Fund series trust and of Vigilant Compliance (which manages RBB), says that RBB continues to grow. Nine mutual fund shops currently work with RBB, which has $18 billion in assets. 

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