Investment Fund Operations & Administration

3 days 6-8 Nov 2017, London UK £3,645.00 + VAT* Download brochure Add to basket
3 days 4-6 Feb 2018, Dubai UAE £3,545.00 Download brochure Add to basket
3 days 3-5 Jul 2018, Paris France 4,485.00 + VAT* Download brochure Add to basket
3 days 13-15 Nov 2018, London UK £3,645.00 + VAT* Download brochure Add to basket

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Overview

A 3-day highly practical course which provides a working knowledge of how unit trusts, mutual funds, pensions funds and hedge funds are constructed, invested, managed and administered.

Featuring practical in-depth coverage of:

  • 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 Attend

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 an 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.

 

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

 

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Paris
David Loader

The course director 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. He 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.

The course director 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.

He 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.

Dubai
David Loader

The course director 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. He 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.

The course director 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.

He 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.

London
David Loader

The course director 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. He 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.

The course director 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.

He 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.

Venue

London

Central London Hotel Venue

All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Dubai

Dubai Finance

This programme takes place on a non-residential basis at a central 4 to 5* Dubai hotel. 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.

Paris

Centrally located hotel in Paris

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.

Related Courses

Inhouse


 

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.

To find out more about running this course in-house:





Our Tailored Learning Offering

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.

inhouse-learn-more

We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda

Agendas are localised, please select your preferred location.

Day 1
Explanation of the course team exercise – analyzing the impact of a new fund business proposal on the administration provider
Introduction to Investment & Investment Funds

 

  • The investment environment today and key influences on investment 
    - Brexit, US Presidential Election, Emerging markets etc 
  • Types of fund – securities, alternative investment funds (property, hedge, private equity), other funds 
  • The concepts of investment strategy and risks 
  • Discussion of News items that might impact on investment and fund performance 
  • Asset characteristics and asset allocation 
    - Securities 
    - Derivatives 
    - Other types of assets 
  • The regulatory environment for investment funds 
    - Retail and non-retail funds 
    - Regulated and unregulated funds 
    -Examples of the regulatory environment

Setting Up a Fund 

  • Key stages and requirements in setting up a fund 
  • Key players and their roles 
    - Promoters 
    - Investment managers and advisers 
    - Management companies 
    - Governance 
    - Secretary 
    - Custodian/depositary 
    - Administration 
  • The Offering documents

Overnight Exercise – creating a portfolio and offering documents

Day 2
Discussion of news items and review of the Overnight Exercise


Operation of the Fund – Overview 

  • High level overview of the fund process

Operation of the Fund – Part 1 -The transfer agency role 

  • Dealing with investors 
  • Offering documents 
  • Subscription and redemption process 
  • KYC and AML checks 
  • Notifications 
  • Potential problems

Operation of a Fund – Part 2-operations team 

  • Role of the operations team 
  • Communication with the investment manager and broker/prime broker/advisers 
  • Communications with the Custodian/Depositary 
  • Communication with the valuation & accounting team 
  • Stages in the portfolio process 
    - Transaction capture 
    - Validation 
    - Posting 
    - Reconciliations 
    - Position management 
      - Cash flows 
      - Corporate actions 
      - Margin calls 
      - Collateral management 
  • Potential problems


 

Day 3
Operation of the Fund – Part 3 Valuation and Accounting Team


 

  • Role of the valuations and accounting team 
    - Easy and difficult to value assets 
    - NAV structure, purpose and calculations 
    - Creating the Pricing Policy 
    - Pricing Errors and Problems 
    - Fees 
       - Initial Fees 
       - Management Fees 
       - Service Fees 
       - Performance Fees and Carried Interest 
       - Equilisation 
    - Accruals – expenses and income 
  • Bookkeeping 
    - Accounting Principles 
    - General Ledger 
    - Tax – including withholding tax (WHT) 
    - Financial statements and management reporting

Operation of the Fund – Part 4 Risk and Compliance 

  • Role of Compliance – in the fund 
    - Regulatory 
    - Internal policies 
  • Role of compliance in fund administration 
    - Regulatory 
    - Internal policies 
    - Service provision 
  • Procedure documentation and audit trails 
  • Role of risk management for the fund and administrator 
    - Market risk 
    - Counterparty/credit risk 
    - Operational risk 
    - Risk management frameworks 
       - Identifying risk 
       - Measuring risk 
       - Control framework 
       - KRIs & KPIs 
       - Structure of a risk event 
       - Managing a risk event 
       - Problems and impacts

Closing exercise – presenting the analysis of the impact of a new fund business proposal on the administration provider

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 close

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

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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.
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  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
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