Fund administrator Gemini Fund Services has launched its third shared mutual fund trust, the Northern Lights Fund Trust III.

The trust follows the original Northern Lights Fund Trust, which has grown to include 83 funds and more than $7 billion in assets under management, as well as the Northern Lights Fund Trust II, launched in June 2011, which now includes 12 funds and $243 million in assets under management.

"The new trust's independent board of trustees will provide advisors with much-needed expertise in how to navigate the present regulatory environment," said Andrew Rogers, president of Gemini, in a statement. "With small- and mid-sized funds struggling to compete in a highly regulated and expensive environment, the advice dispensed by Northern Lights Fund Trust III's independent board will be especially helpful to those who join the trust."

Tommy Fernandez writes for Money Management Executive.