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E-raamat: Fund Custody and Administration

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(Director, DSC Portfolio Ltd. and Loader Associates Ltd.)
  • Formaat: PDF+DRM
  • Ilmumisaeg: 14-Jul-2016
  • Kirjastus: Academic Press Inc
  • Keel: eng
  • ISBN-13: 9780128499016
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Fund Custody and AdministrationSuurem pilt
  • Formaat: PDF+DRM
  • Ilmumisaeg: 14-Jul-2016
  • Kirjastus: Academic Press Inc
  • Keel: eng
  • ISBN-13: 9780128499016
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Fund Custody and Administration provides an overall perspective of investment funds without limiting its analysis to specific fund structures, as other books do. Because governance and oversight of investment funds are now major regulatory requirements, administrators and custodians must place greater emphasis on the custody and safekeeping of fund assets, on the independent and robust valuation of the assets, and on collateral management. By focusing on both the asset transactions made by the investment manager for the portfolio and on the transactions in the shares or units of the fund itself, it gives readers insights about the essential elements of investment fund management and administration, regardless of their geographical backgrounds.

  • Explores the key stages in the investment process, from setting up a fund through its launch and operation
  • Explains the roles of participants as well as the ways regulation affects the fund and its operation
  • Describes the work flow associated with custody and administration procedures and processes
  • Defines the role of compliance and risk management in the context of the fund and also how compliance requirements apply to custodians and administrators

Arvustused

"Fund Custody admirably fills a gap in the material available for practitioners and students of investment management. A lively and clearly written overview of the industry with a great deal of day-to-day practical detail. Ideal supplementary reading to help students in their transition from academic study to the world of work." --Alastair Milne, Loughborough University, UK

"David Loader provides profound insights into investment funds management. He describes in detail the different structures and institutions and elaborates on the necessary processes that need to be performed. In times of increasing regulatory pressures and accelerating technological changes his work offers valuable knowledge not only for professionals in the financial services industry but for every investor as well." --Marco Weiss, Frankfurt University, Germany

Muu info

This instructive book provides an overview of investment funds, focusing on both asset transactions made by investment managers for the portfolio and transactions in the shares or units of the fund itself, thereby giving readers helpful insight about the essential elements of investment fund management
About the Author xi
Preface xiii
Introduction—What is Fund Administration and Custody xvii
1 Introduction to Investment
Investment Environment
1(4)
Islamic Investment Funds
5(9)
Investment Objectives
7(2)
PR 2.3 Minimum Information to be Included in a Prospectus
9(3)
Collective Investment Schemes (CIS) and the Investment Management Process
12(2)
Unregulated Funds
14(6)
Asset Classes—Securities, Derivatives, Alternatives
19(1)
Investment Strategies
20(1)
Using Derivatives
21(1)
Portfolio Management
22(2)
Investment Performance
24(1)
Risk Versus Reward
24(3)
Performance Ratios
27(1)
Alpha Ratio
27(1)
Beta Ratio
28(1)
Sharpe Ratio
28(1)
Treynor Ratio
28(1)
Investment Management Fees and Costs
28(1)
Annual Management Fees
29(1)
Performance Fees
29(1)
Initial and Exit Fees
29(1)
Summary
29(2)
2 Regulation and Fund Structures
Overview of Regulation
31(1)
Regulation and Directives
31(1)
AIFMD and AIFMs
32(2)
EEA Firms
34(1)
Retail Funds
34(1)
UCITS Directive
34(1)
Money Laundering
35(1)
Principles and Recommendations
36(1)
Fund Structures—Companies, Trusts, Partnerships, Common Funds
37(1)
Fund of Funds
37(1)
Multimanager Funds
38(1)
Other Structures
39(1)
Retail Funds
40(1)
Alternative Investment Funds
40(1)
Hedge Funds
41(5)
Open Ended and Closed Funds
43(1)
Fund Jurisdictions
44(1)
Key Players in the Operation of a Fund
44(2)
Retail/Mutual Fund Custodian
46(1)
Fund Administration
47(2)
Prime Broker/Brokers
49(4)
Setting up a Fund
49(4)
Outsourcing
53(1)
Documentation and Agreements
53(1)
Summary
53(2)
3 The Day-to-Day Operation of a Fund
Introduction
55(1)
Process Workflow
56(1)
Investment Capital
57(1)
Investment Process
57(1)
Asset Servicing
58(2)
Fund Operations
60(2)
Valuation and Accounting
62(3)
On-Exchange Pricing and Valuation Issues
65(1)
Valuation Checklist
65(1)
Income and Expense
66(1)
Margin and Collateral
66(1)
Distributions
67(1)
Performance Fee Calculation
67(1)
Management Information
67(1)
Transfer Agency
68(2)
Subscriptions and Redemptions
68(2)
Distributions
70(1)
Custody and Depositary
70(3)
Global Custody
73(5)
Life Cycle of Derivatives Transactions
74(1)
Settlement of On-Exchange Derivatives
75(2)
Life Cycle of the Settlement of OTC Derivatives
77(1)
Securities Lending and Borrowing
78(1)
Securities Lending
78(1)
Introduction
79(1)
Characteristics of Securities Lending
79(1)
Uses of Securities Lending
80(1)
Securities Lending Precautions and Controls
81(1)
The Risks
81(1)
Borrower Default
81(1)
Day-Light Exposure
81(1)
Settlement Delays
82(1)
Market Inefficiencies
82(1)
Collateral
82(1)
Securities
83(1)
Certificates of Deposit
83(1)
Government Bonds
83(1)
Equities
84(1)
Irrevocable Letters of Credit (L/Cs)
84(1)
Securities Lending Agreements
84(1)
Role of the Prime Brokers/Global Custodians
85(1)
Nondiscretionary Program
86(1)
Discretionary (or Managed) Program
86(1)
Operating the Pool
87(1)
Benefits and Entitlements
87(1)
Lenders' Rights
87(1)
Manufactured Dividends
87(1)
Role of the Custodian or Intermediary
88(1)
Importance of Accuracy and Timeliness
88(1)
Actions Required
89(1)
Implications for Collateral
89(1)
Repurchase Agreement (REPO)
89(1)
Securities Lending Relationship Structure
90(2)
Summary
90(1)
Margin Calls and Collateral Management
90(1)
Compliance
91(1)
Summary
92(1)
4 Risk
Risks Faced by a Fund and how the Administrator can Assist the Fund to Manage the Risks
93(1)
Operational Risk
93(3)
Types of Risk
96(6)
Risks Faced by an Administrator and Custodian
97(3)
Cased Studies and Illustrations of Risks and the Management of the Risks
100(1)
Risk Logs/Incident Reports
100(1)
Subjective versus Quantitative Analyses in Identifying Risks
101(1)
Self-Assessment and Measuring Risk
102(3)
Risk Scenario Analysis
105(1)
Conflict Resolution Exercise
105(2)
Background
105(2)
Exercise
107(1)
Risk of Fraud in Finance
107(3)
Risk Terminology
110(1)
Glossary of Risk Terminology
110(8)
Summary
117(1)
Possible Future Changes and Challenges in the Fund Administration and Custody Environment
117(1)
Summary
118(1)
5 Introduction to Derivatives
Introduction
119(1)
Exchange Traded Futures and Options
120(30)
Definitions
120(4)
History of Exchange Development and Growth
124(5)
Futures and Option Contract Specifications and Diversity
129(1)
Equity Index Futures
130(1)
Basic Trading and Hedging Strategies
131(5)
Market Structure
136(2)
Basics of Futures Fair Pricing Theory
138(2)
Settlement and Margining
140(6)
Treasury Management
146(1)
Usage of Futures and Options in Investment Management
147(3)
OTC Derivatives
150(5)
Introduction
150(4)
Products
154(1)
Swaps
155(12)
Interest Rate Swaps ("IRS")
155(5)
Settlement of OTC Products
160(5)
Derivatives Valuation and Accounting
165(1)
OTC Derivatives Clearing
166(1)
Summary
166(1)
Appendix A—Useful Reference Websites
167(1)
Appendix B—OCC STANS
168(2)
Methodology
168(2)
Appendix C—Dependence and Concentration
170(1)
Appendix D—Suggested Further Reading
171(7)
6 Summary—Fund Administration Notes
Exercise Answer
178(7)
7 The Future of Fund Custody and Administration
Appendix 1 The Investment Association Categorization of Funds
185(2)
Appendix 2 Source-Investment Association
187(2)
Appendix 3 Glossary of Risk Terminology
189(8)
Appendix 4 Organization of the SESC
197(2)
Appendix 5 Reporting Annex IV Transparency Information Under the Alternative Investment Fund Managers Directive
199(14)
Appendix 6 Questions and Answers
213(6)
Appendix 7 China Securities Regulatory Commission (CSRC)
219(4)
Appendix 8 October 2015—Top 10 Performing Funds
223(2)
Appendix 9 Global OTC Derivatives Market-Source BIS
225(2)
Appendix 10 Global OTC Derivatives Market-Source BIS
227(4)
Appendix 11 Accenture: Position Paper
231(20)
Glossary of Terms 251(54)
Useful Websites and Links 305(2)
Index 307
David Loader is the cofounder of DSC Portfolios Ltd., which specializes in global training and consultancy services for the financial industry. He has worked in the debt, equity, and derivatives markets, and his expertise in back-office dynamics is unparalleled. He has written widely on operations management, derivatives, fund administration, and operational risk.
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