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Appendix 11
by David Loader
Fund Custody and Administration
Cover
Title page
Table of Contents
Copyright
About the Author
Preface
Introduction—What Is Fund Administration and Custody
Part 1: Introduction to Investment
Abstract
Investment environment
Islamic investment funds
Unregulated funds
Investment strategies
Using derivatives
Portfolio management
Investment performance
Risk versus reward
Performance ratios
Investment management fees and costs
Summary
Part 2: Regulation and Fund Structures
Abstract
Overview of regulation
Regulation and directives
AIFMD and AIFMs
Retail funds
UCITS directive
Money laundering
Principles and recommendations
Fund of funds
Multimanager funds
Other structures
Retail funds
Hedge funds
Retail/mutual fund custodian
Fund administration
Prime broker/brokers
Documentation and agreements
Summary
Part 3: The Day-to-Day Operation of a Fund
Abstract
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
Transfer agency
Distributions
Custody and depositary
Global custody
Securities lending and borrowing
Characteristics of securities lending
Uses of securities lending
Securities lending precautions and controls
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
Part 4: Risk
Abstract
Risks faced by a fund and how the administrator can assist the fund to manage the risks
Operational risk
Types of risk
Self-assessment and measuring risk
Risk scenario analysis
Conflict resolution exercise
Risk of fraud in finance
Risk terminology
Glossary of risk terminology
Summary
Part 5: Introduction to derivatives
Abstract
Introduction
Exchange traded futures and options
OTC derivatives
Swaps
Appendix A—useful reference websites
Appendix B—OCC STANS
Appendix C—Dependence and Concentration
Appendix D—Suggested Further Reading
Part 6: Summary—Fund Administration Notes
Abstract
Exercise Answer
Part 7: The Future of Fund Custody and Administration
Abstract
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
Appendix 6: Questions and Answers: Application of the AIFMD
Appendix 7: China Securities Regulatory Commission (CSRC)
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
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