Cover
Copyright Page
Contents
Introduction
Part 1: Principles of Fund Management
Chapter 1. The concept of collective investment schemes
1.1 What is a FUND?
1.2 Capital structures
1.3 Legal structures
1.4 The size of the funds universe
1.5 Origins: the first collective investment vehicles and the emergence of a funds industry
1.6 Purposes, advantages and disadvantages of collective investment schemes
1.7 The market for funds
institutional, retail, specialist
1.8 The role of funds as a node between the investing public and the capital markets
1.9 Listed funds
1.10 Fund categorizations
1.11 Matching investors' objectives
Chapter 2. Different fund structures
2.1 The different capital structures: open- vs. closed-ended schemes
2.2 Legal structures: corporate, trust-based, partnership and contractual vehicles
2.3 'Onshore' vs. 'offshore' vs. 'international'
2.4 'Umbrella fund' structures
2.5 Protected Cell Companies
2.6 Feeder funds
2.7 Funds-of-funds
2.8 Exchange traded funds
Chapter 3. The regulatory environment
3.1 Recap: the regulatory definition of a fund
3.2 Regulation of schemes, and applicable exemptions
3.3 Regime for functionaries, and applicable exemptions
3.4 Compensation schemes
3.5 Advantages and disadvantages of regulated status
3.6 Applying for a license, and applicable exemptions
3.7 'Fit and proper' status
sponsors, service providers
3.8 Ongoing supervision
3.9 Investor due diligence requirements
3.10 Recognition regimes for foreign schemes
3.11 The rationale for investment restrictions
3.12 Typical restrictions on securities funds
3.13 Typical restrictions on money market funds
3.14 Restrictions on feeder funds
3.15 Restrictions on funds-of-funds
3.16 Restrictions on futures and options funds (FOFs)
3.17 Restrictions on geared futures and options funds (GFOFs)
3.18 Restrictions on property funds
3.19 Umbrella funds
3.20 Investment trusts
3.21 'Offshore funds'
3.22 Hedge funds
Part 2: Practical Aspects of Fund Management
Chapter 4. Overview of the operation of a fund
4.1 The fund sponsor
4.2 The fund manager
4.3 Managed managers
4.4 The Authorized Corporate Director
4.5 The investment adviser or manager
4.6 The directors of the fund company (OEICs and investment trusts, not unit trusts)
4.7 Fund administrators
4.8 Registrar
4.9 The trustee (unit trusts)
4.10 The custodian (OEICs, investment trusts, not unit trusts)
4.11 The regulator
4.12 Distributors
4.13 Auditors
4.14 Legal adviser
4.15 Brokers
4.16 Insurers
4.17 Putting it all together
4.18 Tax considerations and the allocation of responsibilities
Chapter 5. Valuations and pricing
5.1 Open-ended schemes
first principles of pricing
T$10062.