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Investment Fund Operations & Administration
This course is being offered as a hybrid course with delegates able to attend in-person in London or virtually via Zoom. If you would like to book on to the virtual course, you can do so here
Reasons you should attend this course:
- The Collective Learning Experience: Working together in teams, delegates learn from shared experiences. They will gain the Technical Skills necessary to work in, or with the Investment Fund Operations and Administration area..
- Participants will be involved in “scenario case studies”, where they have the opportunity to practice “real life simulated” experiences. Learning by Doing.
- Because by looking at a typical Fund Fact Sheets, participants understand the likely challenges that Fund Operations and Administration will face on a day-to-day basis.
- Delegates will understand the “Investment Management Life Cycle”, which covers the department roles and how they interact. Fund Types, such as Asset Manager, Dealers, M.O, B.O and Safekeeping.
- By completing the Fund Administration Map attendees learn how Fund Administration is structured and the key roles such as Transfer Agent, Fund Accounting, Custody, Trustee, etc fit within it.
- Practice calculating the NAV for an International Cross Border Fund. Appreciate the “real life” issues such funds encounter, such as NAV timings and FX risk.
- Understand how the performance of a Fund is attributed. Learn how to assess if an Asset Manager has outperformed or underperformed the Benchmark. And show in which Assets or Sectors gains and losses were made.
- Have confidence that you understand what the future of the Asset Management Industry looks like and what impact DLT, A.I, Robotics, APIs, Tokenisation etc will have on the Operations and Administration.
- Understand the role “Securities Services” has in the Outsourcing of many Asset Management support roles and how this may change going forward.
- Behavioural Issues: How to interact with the Front office successfully. Dealing with senior or junior staff.
Course Aims - Participants will:
- Understand how Asset Management Industry operates. Including Retail Funds such as UCITS, Pension Fund Schemes, Insurance Companies and the Asset Classes they invest in.
- Learn who the big Asset Managers are and how they invest on behalf of their clients in the Financial Markets and Alternatives.
- Appreciate the Structure of Traditional v Hedge Funds, Private Equity Fund v Investment Manager, or Hedge Fund and Custodian v Trustee
- Understand the Key stages of Setting Up a Fund. The players and their roles.
- Learn about how “Woodford Fund Disaster” started Regulators to ask who was to blame and question the role if the ACD
- Gain knowledge of which departments handle which role, and how they interact. Covering Fund Types, Asset Manager, Dealers, M.O. B.O and Safekeeping.
- Use the Fund Administration Map to understand the various roles companies play: from Board Directors to, Investment Manager, Transfer Agent, Fund Administrator, Custodian and Depository
- Appreciate the all important Settlement Process for Securities and Derivatives. How do these trades settle, what can go wrong and what might it cost?
- Understand Fund Accounting, the importance of the NAV and the role that the Custodian and / or Securities Services play in this role.
- Learn about the impact of Regulations and the Role of Compliance in managing the risk in Funds.
Who should attend:
- Operations Staff
- Asset Management Middle Office
- Anyone from Securities Services
- Senior Management
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
Investing Fundamentals and Asset Classes
- The current investment environment
- Introduction to investing asset characteristics and asset allocation
- Asset Classes
- Securities, Derivatives, Alternatives etc.
- Current investment environment – trends, economic environment, etc
- Multi-Asset Class
Scenario based Case Study: Understanding Fund Fact Sheets
Participants look at a typical Fund fact sheets and discuss and in groups discuss the assets required to build the fund and the likely challenges to Fund Operations and Administration.
Investment Fund Types
- Retail and non-retail funds
- Off-shore vs domestic funds
- SICAV in France and Luxembourg
- Mutual Funds and Unit Trusts (OEICs in the UK)
- Collective Investment Schemes
- UCITS and AIFMD
- ETFs (Exchange Traded Funds)
- Hedge Funds
- Private Equity Funds
- What are Investors Looking for from their Investments
- Strategic Allocation
- Tactical Allocation
- The Asset Management Process
- Active v Passive
Scenario Based Case Study: Creating a Portfolio
Participants work in their Teams to create a $1 Billion Fund to be invested on a Global basis. They must explain to the group what the Fund is hoping to achieve and the Risk/Reward appetite
They explain which countries and what type of assets the fund will be investing in.
The purpose of this scenario is to allow participants to appreciate the Global Allocation and increasing variation in the type of assets held
Later in the course participants will be asked how their assets will need to be managed from a Fund Operation and Administration perspective.
Scenario Based Case Study: Fund Operations and Administration Challenges
Participants are given Fund Fact Sheets and asked to consider how the funds will be:
- Custody and Settlement
- Regulatory Impact
- The Role of the Trustee
Teams give their assessment on their particular type of fund to the group.
Overview of Investment Funds
- Setting Up a Fund
- Key players and their Roles
- From Investment Manager, through to the Custodian and Trustee
- The Structure of Traditional v Hedge Funds
- Private Equity Fund Structure
Scenario Based Case Study: Setting Up A Fund
Participants work in teams to produce a simple flow diagram showing who is involved and where they firm fits into the process, dependent on which type of Fund is being created.
The New APAC Funds
ASEAN - Collective Investment Schemes (Singapore, Malaysia, China)
MRF - Mutual Region of Funds (HK and China)
ARFP – Asia Region Funds Passport (Australia, Japan, South Korea, New Zealand, Thailand)
Exercise: Participants are asked to list the type of funds that they are currently supporting and give feedback on what new types of fund they are expecting to see in the near future.
The Asset Management Life Cycle - Asset Manager to Administration
- ACD Asset Manager
- Role of the front, middle and back office
- How do investment managers make decisions?
- Asset allocation switches, stock selection (buy/sell orders), active investment strategies
- Role of the dealers
- Role of the administration team, corporate actions, valuation, accounting, custody etc.
Scenario Based Case Study: Regulatory Action over ACD Failures
Delegates read the attached FT article explaining the FCA probe into the “Woodford Fund Disaster”. They then discuss with the group,
- How important is the role of the ACD?
- What role do you think they should play?
Mutual Funds Around the World
- Fund Sponsor, Trust and Asset Management Co
- How Unit trusts Operate
- Unit Trust Dealing
- Front, Middle and Back Office Roles
- How to interact with the Front office successfully.
- Dealing with senior and/or junior staff.
The Fund Administration Map
- Investment Manager
- Transfer Agent
- Fund Administrator
Scenario Based Case Study: The Investment Management Life Cycle
In groups delegates complete a flow diagram, which explains which departments handle which role, and how they interact. Covering the Fund Type, Asset Manager, Dealers, M.O. B.O and Safekeeping.
The Fund Administration Life Cycle
- Types of Fund
- Fund Fact Sheets
- Equity, Fixed Income, Alternatives etc
- UCITS or AIFMD, something else?
- Transfer Agent and Custodian Roles in Mutual Funds (Unit Trusts)
- Trustee or Custodian
Scenario Based Case Study: The Fund Administration Map
In their Teams, delegates must complete The Fund Administration Map. They are given a blank flow diagram and the labels to complete the diagram. Participants learn how Fund Administration is structured and the key roles within it.
The Fund Administration Process
- Transfer Agency
- Subscriptions / Redemptions Registrar and transfer agency service
- Maintaining the shareholders' register for the fund
- Issuing Certificates
- amendments to investor details / powers of attorney
- Dealing with investors
- Offering documents
- Global Transfer Agency Function
- Registrar Function Overview
- Stock Registrar / Bond Registrar
- Agent Function
- Dividend Payments / DRiPs/ etc
- MTM (Mark to Market)
- Indices for ETFs
- Underlying Fund Investment – Settlement
- Trade Processing
- Trade Capture, Reporting, Enrichment, Depo and Cash accounts, Reconciliation etc.
- Trade Errors and Fails
- Interest Claims
- ASDA v CSDA
- Global Custody
- Services and Costs
- Role of the Prime Broker
- Corporate Actions
- Double WHT Agreements
- Types of Corporate Action… Dividends, Rights Issue, Bonus Issue etc
- OTC Derivatives
- IRS and ISDA Docs
- CCP and Multilateral Netting
Scenario Based Case Study: Securities and OTC Derivative Settlement
Teams complete the Securities Settlement flow diagram highlighting how settlement will occur in securities and derivatives settlement processes. What can go wrong? What are the major risks and how can they be mitigated?
Operation of a Fund
Valuation / accounting team (NAV)
- Transaction capture
- Reconciliations - Position management
- Cash flows and Cash Management
- Corporate Actions
- STP and SSIs
- Margin Calls
- Collateral Management
- Valuation policies, transparency and disclosure
- Relevant Regulatory, Industry and Accounting Standard
- Price Information and Automation
Scenario Based Case Study: Calculating the NAV
Delegates calculate the NAV of an International Cross Border Fund. They must consider any “real life” issues they may encounter, such as NAV timings and FX risk.
Book-keeping for all Portfolio Transactions
- When should a position be included in the valuation? i.e. trade date, settlement date, date of receipt of broker confirmation, etc.
- is it necessary to receive a broker confirmation prior to recording a transaction handling of fund-to-fund transactions or Cross Trades.
- What actions are required in dealing with:
- AGM decision
- Corporate actions
- Regulations and Accounting Standards
- Investment Performance
- Valuation / Accounting Team
- Fund Services Process Flow.
Scenario Based Case Study: Performance Attribution
Delegates attribute performance of a Fund, to the Asset Allocation and to the Sector. Showing where the Asset Manager outperformed and underperformed the Index. This is crucial in the fund performance
Role of the Middle Office
- Life Cycle
- Cash Management
- Performance Attribution
- Performance Measurement
- Sharpe Ratio
- Information Rati
- TER (Total Expense Ratio)
- Global Investment Reporting Standards (GIPS)
- Outsourcing to Securities Services at a Bank Behavioural Issues:
- How to interact with the Front office successfully.
- Dealing with senior or junior staff.
Control and Checks on Funds
- Control and checks on Fund Managers
- Collateral Management
- OTC counterparty exposure monitoring
- Margin calls
- Pricing valuation Validation
- Model inputs
- Yield Curves and Volatilities
- Assumptions such as default rates
- Monte Carlo simulations generated
- The Greeks
Today’s Regulatory Impact – What really matters to the World’s Top Fund Administrators?
- Client Money and Asset Returns (CMAR)
- Appointing a Custodian
- Segregating Client Money
- MiFID and ESMA’s Role
- AIFMD and Risk for Depositories
- KYC and AML checks
- Operational Mistakes can be Costly!
- Financial Crime
- Bank Regulatory Capital …why does it matter?
- UCITS V and the New “KID”
- • Swing Pricing
- Impact of Asset “Look Through” on Funds
Scenario Based Case Study: Role of Compliance – in the Fund
- In groups, participants assess and list the different types of risk a given fund may face, consider the current regulations and decide what internal controls should exist to ensure the fund is compliant.
- Taking into account the full Life Cycle, from KYC, through the Asset Manager to Custody.
- A Flow diagram may be useful!
The Future of the Industry
- Distributed Ledger Technology (DLT)
- Impact on Transfer Agency and Global Custody
- Custody / HSBC 2025
- More Complex Products
Scenario Based Case Study: What will Tomorrows Asset Mangers Look Like?
Course participants work in teams to discuss what might be the impact of the future changes on their company directly or region in general.
Final Q & A Session
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck