Fund custody and administration

Fund custody and administration

Fund Custody and Administration provides an overall perspective of investment funds without limiting its analysis to specific fund structures, as other books do. Since governance and oversight of investment funds are now major regulatory requirements, administrators and custodians must place greater...

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Detalles Bibliográficos
Otros Autores: Loader, David, author (author)
Formato: Libro electrónico
Idioma:Inglés
Publicado: Amsterdam, [Netherlands] : Academic Press 2016.
Edición:1st edition
Materias:
Mutual funds.
Mutual funds > Europe.
Europe.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009630242506719
Tabla de Contenidos:
  • Cover
  • Title Page
  • Copyright Page
  • Contents
  • About the Author
  • Preface
  • Introduction-What Is Fund Administration and Custody
  • Agreements
  • Advantages of 3rd Party Administrators and Custodians
  • Fund Relationship Structure
  • Administration Structure
  • Comparison With Retail/Mutual Funds
  • Fund Set Up
  • Custody and Depositary Services
  • What is the Role of a Depositary?
  • Types of Fund
  • Summary
  • Part 1 - Introduction to Investment
  • Investment environment
  • Islamic investment funds
  • Investment Objectives
  • The Meaning of an Offering or Placement
  • The Meaning of a Unit or Share of an AIF
  • The Meaning of Investor
  • PR 2.3 Minimum Information to be Included in a Prospectus
  • Collective Investment Schemes (CIS) and the Investment Management Process
  • Unregulated funds
  • Asset Classes-Securities, Derivatives, Alternatives
  • Investment strategies
  • Using derivatives
  • Portfolio management
  • Investment performance
  • Risk versus reward
  • Performance ratios
  • Alpha Ratio
  • Beta Ratio
  • Sharpe Ratio
  • Treynor Ratio
  • Investment management fees and costs
  • Annual Management Fees
  • Performance Fees
  • Initial and Exit Fees
  • Summary
  • Part 2 - Regulation and Fund Structures
  • Overview of regulation
  • Regulation and directives
  • AIFMD and AIFMs
  • EEA Firms
  • Retail funds
  • UCITS Directive
  • Money laundering
  • Principles and recommendations
  • Fund Structures-Companies, Trusts, Partnerships, Common Funds
  • Fund of funds
  • Multimanager funds
  • Other structures
  • Retail funds
  • Alternative Investment Funds
  • Hedge funds
  • Open Ended and Closed Funds
  • Fund Jurisdictions
  • Key Players in the Operation of a Fund
  • Retail/mutual fund custodian
  • Fund administration
  • Prime broker/brokers
  • Setting up a Fund
  • Outsourcing
  • Documentation and agreements
  • Summary.
  • Part 3 - The Day-to-Day Operation of a Fund
  • Introduction
  • Process workflow
  • Investment capital
  • Investment process
  • Asset servicing
  • Fund operations
  • Valuation and accounting
  • On-exchange pricing and valuation issues
  • Valuation checklist
  • Income and expense
  • Margin and collateral
  • Distributions
  • Performance fee calculation
  • Management Information
  • Transfer agency
  • Subscriptions and Redemptions
  • Distributions
  • Custody and depositary
  • Global custody
  • Life Cycle of Derivatives Transactions
  • Settlement of On-Exchange Derivatives
  • Life Cycle of the Settlement of OTC Derivatives
  • Securities lending and borrowing
  • Securities Lending
  • Introduction
  • Securities Lending Defined
  • Characteristics of securities lending
  • Uses of securities lending
  • Securities lending precautions and controls
  • The Risks
  • Borrower Default
  • Day-Light Exposure
  • Settlement Delays
  • Market Inefficiencies
  • Collateral
  • Securities
  • Certificates of deposit
  • Government bonds
  • Equities
  • Irrevocable letters of credit (L/Cs)
  • Securities lending agreements
  • Role of the prime brokers/global custodians
  • Nondiscretionary program
  • Discretionary (or managed) program
  • Operating the pool
  • Benefits and entitlements
  • Lenders' rights
  • Manufactured dividends
  • Role of the custodian or intermediary
  • Importance of accuracy and timeliness
  • Actions required
  • Implications for collateral
  • Repurchase agreement (repo)
  • Securities lending relationship structure
  • Summary
  • Margin Calls and Collateral Management
  • Compliance
  • Summary
  • Part 4 - Risk
  • Risks faced by a fund and how the administrator can assist the fund to manage the risks
  • Operational risk
  • Types of risk
  • Risks Faced by an Administrator and Custodian
  • Cased Studies and Illustrations of Risks and the Management of the Risks.
  • Managing Operational Risk
  • Risk Logs/Incident Reports
  • Subjective versus Quantitative Analyses in Identifying Risks
  • Self-assessment and measuring risk
  • Risk scenario analysis
  • Conflict resolution exercise
  • Background
  • Exercise
  • Risk of fraud in finance
  • Risk terminology
  • Glossary of risk terminology
  • Summary
  • Possible Future Changes and Challenges in the Fund Administration and Custody Environment
  • Summary
  • Part 5 - Introduction to derivatives
  • Introduction
  • Exchange traded futures and options
  • Definitions
  • Derivatives
  • Forwards
  • Futures Contracts
  • Swaps
  • Options
  • In-the-Money
  • At-the-Money
  • Out-of-the-Money
  • Long and Short Options
  • Options on Futures
  • History of Exchange Development and Growth
  • First Traded Futures Exchange
  • Emergence of Financial Futures Markets
  • Futures Exchanges in Europe
  • Futures Exchanges in Asia
  • First Options Exchanges
  • Futures and Options Exchanges Today
  • Futures and Option Contract Specifications and Diversity
  • Tick Size
  • Product Range
  • Equity Index Futures
  • Commodity Futures
  • Basic Trading and Hedging Strategies
  • Trading
  • Trading Strategy 1: Market Direction (Using Futures)
  • Trading Strategy 2: Speculating (Using Options)
  • Trading Strategy 3: Gearing
  • Trading Strategy 4: Arbitrage Trading
  • Hedging
  • Hedging Example 1: Potato Farmers
  • Hedging Example 2: Fixed Rate Mortgages
  • Market Structure
  • Role of an Exchange
  • Role of the Clearing House
  • Basics of Futures Fair Pricing Theory
  • Equity Index Futures Fair Pricing
  • Settlement and Margining
  • Initial Margin
  • Interest
  • Intraday Margin
  • Spot Month Margin
  • SPAN Margin System
  • Margin Offsets
  • Variation Margin (Settlements)
  • Collateral
  • Margining Customers
  • Single Currency Margining and Settlement
  • Treasury Management
  • Interest Rate Calculations.
  • Usage of Futures and Options in Investment Management
  • Pension Funds
  • Basic Illustration of Derivatives Use in Asset Allocation
  • Income Enhancement
  • Hedging
  • Index Tracking
  • OTC derivatives
  • Introduction
  • Products
  • Forwards
  • Forward Rate Agreements
  • Swaps
  • Interest Rate Swaps ("IRS")
  • Currency Swap
  • OTC Options
  • Common OTC Option Types
  • Total Return Swap
  • Credit Default Swap
  • Contracts for Differences (Equities)
  • Settlement of OTC Products
  • Confirmations
  • Post Trade Environment
  • Event Calendar
  • Other Settlement Issues
  • Derivatives Valuation and Accounting
  • OTC Derivatives Clearing
  • Summary
  • Appendix A-useful reference websites
  • Appendix B-OCC STANS
  • Methodology
  • Introduction
  • General Features
  • 3. Intraday Withdrawal and Deposits of Collateral
  • Appendix C-Dependence and Concentration
  • Appendix D-Suggested Further Reading
  • Part 6 - Summary-Fund Administration Notes
  • Exercise Answer
  • Part 7 - The Future of Fund Custody and Administration
  • Appendix 1 - The Investment Association Categorization of Funds
  • Appendix 2 - Source-Investment Association
  • Appendix 3 - Glossary of Risk Terminology
  • Appendix 4 - Organization of the SESC
  • Appendix 5 - Reporting Annex IV Transparency Information Under the Alternative Investment Fund Managers Directive
  • For full-scope UK AIFMs, small authorized UK AIFMs and small registered UK AIFMs
  • Transparency reporting requirements
  • Reporting to the FCA
  • Transparency Information to be Reported
  • Form of Transparency Information Reports
  • Identifying the AIFM and the AIFs
  • Transparency Reporting in Relation to Different Fund Structures
  • Feeder AIFs
  • Funds of Funds
  • Umbrella and Subfund Structures
  • Frequency of Transparency Reporting
  • Small Authorized UK AIFM
  • Small Registered UK AIFM
  • Full-Scope UK AIFM.
  • Transparency Reporting Submission Dates
  • First Transparency Reports
  • Example
  • Reporting transparency information to the FCA
  • GABRIEL reporting
  • Access to GABRIEL
  • Full-Scope UK AIFMs with Quarterly Sep. 30, 2014 Reporting Obligations
  • Full-Scope UK AIFMs and Small Authorized UK AIFMs
  • Small Registered UK AIFMs
  • All AIFM Types-Initial Action Required in GABRIEL
  • Ongoing Responsibility
  • Submitting Transparency Reports Using GABRIEL
  • Missed or late transparency reporting
  • Transparency reporting requirement-quarterly reporting period ending Sep. 30, 2014
  • More information on transparency reporting
  • Appendix 6 - Questions and Answers Application of the AIFMD
  • Question 1: First application of the remuneration rules
  • Date Last Updated: 17 February 2014
  • Question 2: Remuneration rules in case of delegation of portfolio management or risk management activities
  • Date Last Updated: 17 February 2014
  • Question 3: Annex IV of the AIFMD
  • Date Last Updated: 17 February 2014
  • Question 4: Notifications of AIFs
  • Date Last Updated: 17 February 2014
  • Question 5: Reporting under Article 42 of the AIFMD
  • Date Last Updated: 17 February 2014
  • Appendix 7 - China Securities Regulatory Commission (CSRC)
  • Suggested Further Reading
  • Appendix 8 - October 2015-Top 10 Performing Funds
  • Appendix 9 - Global OTC Derivatives Market-Source BIS
  • Appendix 10 - Global OTC Derivatives Market-Source BIS
  • Appendix 11
  • Glossary of Terms
  • Useful Websites and Links
  • Index
  • Back cover.

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