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Investment Fund Operations & Administration
Investment Fund Operations & Administration is a highly practical three-day course designed to give you a thorough working knowledge of how unit trusts, mutual funds, pensions funds and hedge funds are constructed, invested, managed and administered.
Combining presentations, group discussions and practical exercises, the course covers in detail a broad range of topics including:
• All types of assets - including alternative, illiquid and volatile assets
• Comparative fund types, structures, and legal aspects
• Understanding benchmarks, mandates, investment objectives and constraints Pricing and valuation
• Reporting & compliance - valuation, reconciliation and settlement
• Registrar and transfer agency services
• International client services
• Client reporting: customised reporting, multi-currency/instrument reporting, and tax reporting
• Compliance, tax and anti-money laundering issues
Why should you attend this course?
• Equip yourself 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
• Examine 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
• Enhance your 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.
• Increase your confidence in controlling fund administration procedure, accurate pricing, valuation and best execution skills
• Refine your skills in the correct legal and compliance procedures, and confidence in liaising with fund managers, investors, sponsors, fund services providers, custodians, and regulators
Who should attend?
• Operations supervisor or manager
• Compliance manager
• Risk manager
• Fund administrator
• Fund services relationship manager
• Hedge fund administrator
• Software provider or consultant
• Custodian Finance and administration
• Audit and supervision Regulators
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.
Day 1Session 1
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
• Exercise: 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
• The New APAC Funds Are Coming!
- 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.
The Fund Administration Map
• Investment Manager
• Transfer Agent
• Fund Administrator
• Exercise: Complete the Fund Administration Map. In groups delegates complete a flow diagram of which organisations handle which role, and how they interact.
The Fund Administration Process
• Roles and responsibilities
- Defining the responsibilities of each player involved in the overall administration of the fund
- Trade Processing
- Subscriptions / Redemptions
- Underlying Fund Investments
- Trade Errors
- MTM (Mark to Market)
• Managing your relationship and communication with:
- investment managers
- brokers / prime brokers / advisors
- custodians / depository
- fund sponsors
Exercise: Teams draw flow diagrams highlighting how settlement will occur in securities and derivatives trading. What can go wrong?
Day 2Session 3
Operation of a Fund
Valuation / accounting team (NAV)
- 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
Exercise: Delegates calculate the NAV of a fund
What actions are required in dealing with:
- AGM decisions- Mergers/takeovers
- Corporate actions
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
Registrar and transfer agency services
- Maintaining the shareholders' register for the fund
• issuing certificates
• amendments to investor details / powers of attorney
• Dealing with investors
• Offering documents
• Subscription and redemption process
• KYC and AML checks
• Potential problems
Global transfer agency function
- Registrar Function Overview
• Stock Registrar / Bond Registrar
• Agent Function
• Dividend Payments / Cash Dividends / Stock Dividends / Reinvested Dividends Interest Payments Bond Principal / Payments
Payment Processing Check
• Record Keeping / DRIP / Proxy Services / Preferred Stock Calls
Role of the Middle Office
• 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
Risk and Compliance
• Operational Risk Management
- People / Processes and Controls
- Risk Review and - Policy Setting
- Investment Restrictions
- Accounting Principles
- General Ledger
- Tax – including withholding tax (WHT)
- Financial statements and management reporting
Role of Compliance – in the fund
Exercise: In groups, participants assess and list the different types of risk a fund may face and consider which internal controls and regulations should exist to ensure the fund is compliant.
Modern Fund Administration - Performance Measurement
- Alpha and Beta
- Absolute Return
- Sharpe Ratio
- Information ratio Performance Attribution
- Global Investment Reporting Standards (GIPS)
Today’s Regulatory Impact – What really matters to the World’s Top Fund Administrators
• UCITS V and the New “KID”
• Swing Pricing
• China – RQFII and QDII
• MiFID 2
• Solvency 2
- Impact of Asset “Look Through” on Funds
- Risk Based Capital Requirement (SCRD)
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
BiographyMark worked in Investment Banks including HSBC and Bank of Montreal for nearly 20 years. During this time he worked in Global Custody and then as a trader, running books in FX, bonds and derivatives. Mark has run courses all over the world including Amsterdam, Dublin, London, New York, Hong Kong, Singapore, Jakarta, Johannesburg, Delhi, Accra, and all over the world. Mark delivers courses which focus on providing a practical and in depth understanding of the markets from a Trading, Asset Management, Custody and Risk viewpoint. His courses are interactive and stimulating, offering delegates the opportunity to participate in an environment which encourages free discussion of the real issues faced in the workplace. In nearly 20 years of delivering training Mark has spent a lot of that time delivering courses on Global Custody and Fund Services for the major Custodians including::CitiBoNYJPMorganDeutscheState StreetHSBCAnd others In addition to his training activities, Mark has undertaken various consultancy projects, such as an in depth collateral risk assessment at a major European Investment bank. Mark held the position of Non-Executive Director of Cazenove’s Risk Oversight Committee for many years. Acting as a member of the committee in a general consultative capacity to assess the firm’s risk.. Mark has also presented at JPMorgan Forums in London, speaking on topics such as the Benefits and Risks of Derivatives. He along with representatives from regulators, law firms, hedge funds etc were asked to give their views on the risks of derivatives to 150 / 200 Directors and senior managers from the top investment firms in the UK.