The Investment Managers Series Trust, sponsored by UMB Fund Services and Mutual Fund Administration Corporation, reached a milestone last week with AUM hitting $1 billion.

The series trust has 30 active funds from 21 investment advisers, said UMB Fund Services CEO John Zader.

"The second billion is going to be a lot faster to hit than the first billion," Zader said in an interview with The MFWire, noting that some strong performing funds are about to hit their third anniversary and having a strong three-year track record brings with it the potential for more asset flows.

Zader also said that a couple of investment advisers are set to launch funds with substantial assets in them.

The road to the first billion took around three-and-a-half years. UMB Fund Services has co-sponsored the series trust with MFAC since December 2007. Previously, Claymore Advisors sponsored the trust.

After the financial market downturn, fund launches picked up considerably starting in the latter part of 2009, Zader said.

In 2010, UMB and MFAC signed on 13 new clients for the series trust. 

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