- Business
- The RBB Fund, Inc. (RBB) operates as the oldest and largest independent multiple series trust, providing turnkey solutions for exchange-traded funds (ETFs) and mutual funds that enable investment advisors to focus on asset management while outsourcing fund establishment, servicing, corporate governance, administration, compliance, and distribution. Founded in 1988 and headquartered in Milwaukee, Wisconsin, with registered offices in Lutherville Timonium, Maryland, RBB oversees approximately $23 billion to $35 billion in assets across more than 60 mutual fund and ETF offerings, supporting 13 investment advisors and over 20 unaffiliated subadvisors through its open-architecture, cost-sharing platform independent of banks or service providers. Core offerings include passively managed ETFs such as the US Treasury 12 Month Bill ETF (OBIL; launched November 2022), which tracks the ICE BofA US 1-Year Treasury Bill Index by investing in the most recently issued 12-month US Treasury bills; F/m 6-Month Investment Grade Corporate Bond ETF; F/m US Treasury 2 Year Note ETF; and active strategies across equity, fixed income, life sciences innovation (e.g., F/m Emerald Life Sciences Innovation ETF, LFSC), and international value (e.g., Tweedy, Browne International Insider + Value ETF, ICPY), alongside mutual funds emphasizing large-cap growth, emerging markets, and managed futures. RBB primarily serves institutional and retail investors in the United States, with operations centered domestically and potential for international expansion in ETF structures.
Recent developments include significant platform growth, with assets rising from $18.5 billion in 2022 to over $28 billion by 2024, driven by ETF launches such as First Eagle Investments' active equity ETFs (December 2024), F/m and Greenlight's inaugural equity ETF (November 2024), Emerald Advisers' LFSC ETF (October 2024), and Tweedy, Browne's ICPY ETF (September 2025); strategic advisor shifts like Twin Oak moving to the RBB platform (February 2025) and boutique firms disengaging from competitors; executive appointments including Thomas M. Reynolds, CPA (October 2024) and Steve Plump as President and CEO; and Board-approved changes effective 2025 for certain F/m funds, alongside exploration of interval funds and multi-share class structures to facilitate mutual-to-ETF conversions. These expansions underscore RBB's focus on scalability, profitability, and rapid time-to-market for advisors targeting thematic, active, and fixed-income strategies amid rising demand for ETF structures.