International Funds: A practical guide
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Table of contents
- Cover
- Copyright Pageiv
- Contentsv
- Introductionix
- Part 1: Principles of Fund Management1
- Chapter 1. The concept of collective investment schemes3
- 1.1 What is a FUND?3
- 1.2 Capital structures7
- 1.3 Legal structures8
- 1.4 The size of the funds universe8
- 1.5 Origins: the first collective investment vehicles and the emergence of a funds industry9
- 1.6 Purposes, advantages and disadvantages of collective investment schemes11
- 1.7 The market for funds – institutional, retail, specialist16
- 1.8 The role of funds as a node between the investing public and the capital markets17
- 1.9 Listed funds20
- 1.10 Fund categorizations24
- 1.11 Matching investors’ objectives25
- Chapter 2. Different fund structures39
- 2.1 The different capital structures: open- vs. closed-ended schemes39
- 2.2 Legal structures: corporate, trust-based, partnership and contractual vehicles43
- 2.3 ‘Onshore’ vs. ‘offshore’ vs. ‘international’49
- 2.4 ‘Umbrella fund’ structures50
- 2.5 Protected Cell Companies51
- 2.6 Feeder funds52
- 2.7 Funds-of-funds55
- 2.8 Exchange traded funds56
- Chapter 3. The regulatory environment58
- 3.1 Recap: the regulatory definition of a fund58
- 3.2 Regulation of schemes, and applicable exemptions59
- 3.3 Regime for functionaries, and applicable exemptions61
- 3.4 Compensation schemes62
- 3.5 Advantages and disadvantages of regulated status63
- 3.6 Applying for a license, and applicable exemptions65
- 3.7 ‘Fit and proper’ status – sponsors, service providers67
- 3.8 Ongoing supervision69
- 3.9 Investor due diligence requirements70
- 3.10 Recognition regimes for foreign schemes74
- 3.11 The rationale for investment restrictions75
- 3.12 Typical restrictions on securities funds76
- 3.13 Typical restrictions on money market funds80
- 3.14 Restrictions on feeder funds80
- 3.15 Restrictions on funds-of-funds81
- 3.16 Restrictions on futures and options funds (FOFs)81
- 3.17 Restrictions on geared futures and options funds (GFOFs)82
- 3.18 Restrictions on property funds82
- 3.19 Umbrella funds83
- 3.20 Investment trusts83
- 3.21 ‘Offshore funds’87
- 3.22 Hedge funds88
- Part 2: Practical Aspects of Fund Management91
- Chapter 4. Overview of the operation of a fund93
- 4.1 The fund sponsor93
- 4.2 The fund manager94
- 4.3 Managed managers97
- 4.4 The Authorized Corporate Director98
- 4.5 The investment adviser or manager99
- 4.6 The directors of the fund company (OEICs and investment trusts, not unit trusts)100
- 4.7 Fund administrators101
- 4.8 Registrar103
- 4.9 The trustee (unit trusts)103
- 4.10 The custodian (OEICs, investment trusts, not unit trusts)107
- 4.11 The regulator108
- 4.12 Distributors109
- 4.13 Auditors109
- 4.14 Legal adviser111
- 4.15 Brokers111
- 4.16 Insurers112
- 4.17 Putting it all together113
- 4.18 Tax considerations and the allocation of responsibilities114
- Chapter 5. Valuations and pricing116
- 5.1 Open-ended schemes – first principles of pricing116
- 5.2 Why are valuations carried out?117
- 5.3 What are the various elements of a valuation?117
- 5.4 Recap: the basis of NAV-based pricing118
- 5.5 Typical dual pricing models119
- 5.6 Simple practical example of a dual pricing valuation121
- 5.7 Dual priced funds and ‘spreads’121
- 5.8 Calculating yields122
- 5.9 Adjustments to the spread on dual priced funds: pricing on a ‘Bid’ or an ‘Offer’ basis122
- 5.10 Typical offshore pricing models124
- 5.11 Simple practical example of an offshore fund126
- 5.12 Adjustments to single prices: dilution levy (also known as ‘Dealing Charge’)127
- 5.13 Valuation checks128
- 5.14 Consequences of over- and under-pricing129
- 5.15 Forward and historic pricing130
- 5.16 Valuation patterns for funds with income and accumulation units/shares131
- 5.17 Pricing of closed-ended funds (e.g. investment trusts)132
- 5.18 Publication of pricing data132
- Chapter 6. Documentation134
- 6.1 Introduction134
- 6.2 Trust Deed (unit trusts only)135
- 6.3 Declaration of trust138
- 6.4 Memorandum and Articles of Association (OEICs, not unit trusts)139
- 6.5 Partnership agreement (funds established as partnerships)141
- 6.6 The management agreement141
- 6.7 Other agreements142
- 6.8 The offering documents and scheme particulars142
- 6.9 Key features document144
- 6.10 The fund’s license/authorization145
- 6.11 Application/registration details form145
- 6.12 Contract note147
- 6.13 Cancellation forms147
- 6.14 Unit/share certificates148
- 6.15 Form of renunciation149
- 6.16 Report and accounts/financial statements149
- 6.17 Income distribution voucher/warrant152
- 6.18 Grant of probate152
- 6.19 Power of attorney153
- Chapter 7. The dealing desk154
- 7.1 Communications with existing and prospective investors154
- 7.2 Placing investor deals155
- 7.3 Other dealing room activities158
- 7.4 Registration161
- 7.5 The manager’s box162
- 7.6 Pricing errors163
- 7.7 Large deals and their impact164
- 7.8 Equalization and performance fees166
- Chapter 8. Income distributions170
- 8.1 Nature and source of income170
- 8.2 Income distribution mechanics171
- 8.3 Price of shares/units171
- 8.4 Dividend/distribution re-investment172
- 8.5 How often are distributions made?172
- 8.6 Responsibility for the calculation and payment of distributions172
- 8.7 Calculation of distributions173
- Part 3: Markets and Developments175
- Chapter 9. Domestic funds regimes177
- 9.1 The UK market177
- 9.2 The US market183
- 9.3 The European market187
- Chapter 10. Distribution regimes: selling foreign schemes into regulated jurisdictions193
- 10.1 The regulatory environment: recognition of foreign schemes193
- 10.2 Overseas schemes: regulatory distribution issues in the United Kingdom194
- 10.3 Facilities to be maintained by foreign schemes recognized in the United Kingdom197
- 10.4 The UK distributor status regime198
- Chapter 11. A comparison of some international funds centres200
- 11.1 Bermuda200
- 11.2 The British Virgin Islands203
- 11.3 Cayman203
- 11.4 Dublin204
- 11.5 Guernsey205
- 11.6 Isle of Man207
- 11.7 Luxembourg210
- Chapter 12. Miscellaneous212
- 12.1 Insurance issues: when things go wrong212
- 12.2 Some useful checklists214
- Index227
'International Funds' will provide readers with:
*A greater understanding of the benefits and limitations of funds to both retail and institutional investors
*An easy-to-read, yet technically comprehensive, insight into fund structures
*An overview of the variety of legal structures, regulatory categories and investment profiles available
*A detailed understanding of the practical aspects of fund valuation and administration, and the role of the various practitioners
*A view of the future of the international funds industry in the light of changing markets, regulation and investor appetite
* An easy-to-read, yet technically comprehensive, insight into fund structures
* Provides an overview of the variety of legal structures, regulatory categories and investment profiles available
* Presents a view of the future of the international funds industry in the light of changing markets, regulation and investor appetite'
*A greater understanding of the benefits and limitations of funds to both retail and institutional investors
*An easy-to-read, yet technically comprehensive, insight into fund structures
*An overview of the variety of legal structures, regulatory categories and investment profiles available
*A detailed understanding of the practical aspects of fund valuation and administration, and the role of the various practitioners
*A view of the future of the international funds industry in the light of changing markets, regulation and investor appetite
* An easy-to-read, yet technically comprehensive, insight into fund structures
* Provides an overview of the variety of legal structures, regulatory categories and investment profiles available
* Presents a view of the future of the international funds industry in the light of changing markets, regulation and investor appetite'