Course dates
The course is designed to equip delegates with a clear understanding of how and why funds are established, the nature and impact of investment decisions, pricing and valuation, related activities such as portfolio balancing and performance measurement and how these processes affect operational, compliance, reporting, and other administration procedures.
The course covers a wide range of fund types, their characteristics, operation and administration features, including: mutual funds and unit trusts, pension fund, hedge funds and FOFs, real estate funds, venture capital funds, money market funds.
The course also provides delegates with enhanced market knowledge not only of traditional investment products such as bonds, equities and money market products, but also of more complex products such as derivatives, CDOs, structured products, exchange traded funds, real estate, private equity, commodities and any related structures such as SPVs, SIVs etc.
By the end of the course, delegates will have greater confidence in controlling fund administration procedure, accurate pricing, valuation and best execution skills, greater assurance of the correct legal and compliance procedures, and confidence in liaising with fund managers, investors, sponsors, fund services providers, custodians, and regulators.
Featuring practical in-depth coverage of:
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All types of assets – including alternative, illiquid and volatile assets
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Comparative fund types, structures, and legal aspects
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Understanding benchmarks, mandates, investment objectives and constraints
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Pricing and valuation
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Reporting and compliance – valuation, reconciliation and settlement
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Registrar and transfer agency services
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International client services
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Client reporting: customised reporting, multi-currency/instrument reporting, and tax reporting
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Compliance, tax and anti-money laundering issues
Who should attend?
Delegates are likely to be working in a fund management, fund administration or related roles such as:
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Operations supervisor or manager
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Compliance manager
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Risk manager
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Fund administrator
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Fund services relationship manager
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Hedge fund administrator
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Software provider or consultant
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Custodian
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Finance and administration
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Audit and supervision
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Regulators
To find out more about accommodation, and places of interest within Paris please visit; http://en.parisinfo.com/
Day 1
The Investment Environment
Overview of the investment environment today
- Drivers in investment strategies
- Evolving products
- Growth of Hedge Funds and their impact
- Globalisation of investment
Use of Products in Investment
- Debt Instruments
- Money Market Instruments
- Equities
- On Exchange Derivatives
- Off Exchange Derivatives
- Structured Products
- Exercise (1): Using these products in strategy decisions – assessing suitability and verifying return objectives
- Exercise (2): Analysing the skills and product knowledge that fund administrators need
Types of Investment Products
- Off shore
- On shore
- Retail
- Institutional
- Exercise: Analysing the key issues in the investment environment today and the impact that this is having in fund administration
Structure of Funds
- Setting up funds
- Legal structures
- Limited Liability Partnerships
- Limited Liability Companies
- Private Equity
Day 2
Overview of Fund Jurisdictions and Comparisons
- Luxembourg
- Channel Islands
- Mauritius
- Bermuda
- Dublin
- Cayman
Different Types of Funds and their Characteristics
- Off-shore vs domestic funds
- Background, structures and types of funds
- Overview of the legal structures of funds
- Examining types of funds and investment products
- Conventional funds
- Pension funds
- Mutual funds and unit trusts
Collective investment schemes (OEICS)
- Tracker / index funds
- Hedge funds
- Money market funds
Investment products and their applications
- Equities
- Bonds
- Commodities
- Derivatives: futures, options, swaps
- Fund Management Exercise: Delegates will prepare two portfolios one for a mutual fund, one for a hedge fund from a selection of investment products. These portfolios will then be used throughout the program i.e. when looking at NAV, performance fees etc.
Understanding the Fund Management Process
- Understanding the theory behind fund management
- Role and responsibilities of fund managers
- Setting investment objectives
- The constraints of the fund manager
- Asset allocation to enhance portfolio performance
- Other strategies to maximise performance
- Managing to the mandate/trust deed
- Benchmarks and what they mean
- Controlling the process
- Performance measurement
- Attribution analysis
Fixed Income Fund Management
- Mastering the concepts of duration and convexity
- Bond portfolio management
Equity Fund Management
- Understanding the fundamentals of equity analysis
- Active vs passive equity fund management
- Examining index funding or tracker funds
Other Types of Fund Management
- Cash fund management
- Money market funds
- Alternative investments
- Real estate
- Venture capital
- Unlisted equities
- Pricing/Valuation Exercise: Delegates will prepare a checklist of pricing and valuation issues and resolutions to problems about illiquid securities, volatile prices, fund of fund values etc
Day 3
Roles, Responsibilities, Reporting & Compliance
Defining the responsibilities of each player involved in the overall administration of the fund
- Valuation
- Reconciliation
- Settlement
Investment managers
- Brokers
- Custodians
- Fund sponsors
- Trustees
- Investors
Registrar and Transfer Agency Services
- Buying and selling shares in the fund
- Maintenance of the shareholders' register for the fund
- Issuing certificates
- Amendments to investor details
- Arrangements on the death of a shareholder
- Powers of attorney
- Global transfer agency function
- Managing the Fund Process
- AGM decisions
- Distributions
Client Services in an International Context
- Documentation and regulation
- Master agreements for OTC derivatives and repo transactions
- Trusteeship
- Scheme particulars
- Key feature docs
- Efficient portfolio management
- Customer protection
Reporting to clients
- Preparation of financial statements
- Customised reporting and information
- Multi-currency and multi-instruments reporting
- Tax reporting
- Client Presentation Exercise: Delegates work in groups to prepare a client meeting presentation to cover fund admin services, reporting, transfer agency services etc
Compliance in Fund Administration
- Legal compliance
- How the compliance function differs from the risk management function
- Monitoring of investment policy compliance
- comparison to internal and external benchmarks or model portfolios
- over and underperformance
- tracking errors
- sensitive calculations
- Adhering to regulatory and client investment restrictions
- Compliance with tax and regulatory rules
- Money laundering: to what extent are asset management companies obliged to perform money laundering checks?
Course summary and review
Centrally located hotel in Paris, Paris, France
This programme takes place on a non-residential basis at a hotel in central Paris. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.
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David Loader
David Loader has been involved in the financial markets for over 30 years during which time he has worked in a variety of roles within fund management, operations, and investment banking.
His experience covers both front office and operations functions, having held positions as Director of S.G.Warburg Securities Ltd, Operations Director of Warburg Futures & Options Ltd and Director Exchange Traded Derivatives at SBC. David now specialises in training and consultancy in the area of fund administration and operations, settlement, custody, operational risk and subjects related to securities and derivatives trading and investment.
David works with clients in the United Kingdom and Channel Islands as well as internationally in Singapore, Malaysia, Belgium, France, The Netherlands, Austria, Germany, Gibraltar, Malta, Cyprus, Monaco, Lebanon, Abu Dhabi, Kuwait, Dubai, Bermuda, Panama, India, Mauritius, The Seychelles, Switzerland, USA, India, Australia and Ireland.
David is also the author of many finance and investment textbooks published by Wiley, Elsevier and The Securities & Investment Institute. He is a member of Worshipful Company of International Bankers, The Securities and Investment Institute and the Institute of Directors.
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
Course dates