Fundamentals Of Fund Administration

Designed to provide a highlighting practical insight into the latest developments in managing controls and processes. If you are looking for an all encompassing fund administration course, this is the course that will prove most valuable.

Course Highlights

I enjoyed the flexibility of the course and the open discussions. The course leader communicated very well in an effective manner. His approach was very relaxed and this was a good way to involve people

S.M., Daiwa Securities

Attend this two-day intensive training course and equip yourself with:

A clear understanding of the role and responsibilities of fund administration
The confidence of liaising with investment managers, fund sponsors, custodians, selling agents and investors
The latest developments in managing and controlling fund administration processes and procedures
The knowledge of how to accurately value and price investment funds including latest techniques to ensure best execution
The expertise to identify and manage sources of risk in fund servicing thus ensuring effective risk control
The ability to maintain the fund's compliance with regulatory and tax rules

For details of the course trainer, please download the course brochure

Booking Information

Dates	Prices	Book This Course	Discount
08 - 09 Nov 2010	£ 1999		-

Course Programme

S.M., Daiwa Securities

Knowledgeable, approachable course leader and comfortable venue

R.O., Kuwait Investment Office

Small group, active discusion, informal style and availability of trainer

M.H., Fortis Investment Management

Understanding investment funds

Off-shore vs domestic funds
Background, structures and types of funds
Overview of the legal structures of funds

SICAV in France and Luxembourg
unit trusts in the UK
investment funds in Germany

Market nuisances in the different countries and their implications on fund administration

Roles and responsibilities

Defining the responsibilities of each player involved in the overall administration of the fund

valuation
reconciliation
settlement

Managing your relationship with:

investment managers
brokers
custodians
fund sponsors
trustees
investors

What actions are required in dealing with:

AGM decisions
mergers/takeovers
corporate actions

Valuation and pricing of investment funds

Book-keeping for all portfolio transactions

when should a position be included in the valuation? - i.e. trade date, settlement date, date of receipt of broker confirmation, etc.
is it necessary to receive a broker confirmation prior to recording a transaction?

Latest techniques to ensure "Best Execution"

market conformity checks
broker agreements
process to allocate transaction volume to different brokers based on settlement quality, research etc.
handling of fund-to-fund transactions or cross trades

Posting of G/L entries
Calculation of all management fees, performance fees and any related expenses
Calculation of accrued income - e.g. coupon income, interest on cash balances, dividends, etc.
Computation of the value of the fund's asset

identifying appropriate pricing sources
when and which prices should be used for international funds with holdings in different time zones
FX rates for conversion of FX amounts
what procedures should be used for the valuation of illiquid instruments?

Daily calculation of the net asset value (NAV)
Calculation of daily distribution factor

Registrar and transfer agency services

Maintenance of the shareholders' register for the fund

issuing certificates
amendments to investor details
arrangements on death of shareholder
powers of attorney

Global transfer agency function

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

Managing risk in fund servicing

Relevance and implications of the Basle II accord on asset management companies
Defining risks

documentation, compliance, delivery/settlement, liquidity, fraud, systems, volume/size, communications, human resources

Identifying sources of risk in fund administration

valuations: price sources (including off-exchange pricing), NAV calculation and timing, accuracy and completeness of published information
settlement: mis-settlements/failures, handling of buy-ins and interest claims
reporting: reporting period, accuracy, completeness, deadlines
information: timely flow, signatories, standing instructions, client and statutory deadlines
trading: excessive dealing and turnover

Identifying risk situations in the workflow
How can you control these risks: latest techniques and industry standards
Managing day-to-day risk and dealing with exceptions
Monitoring of "Best Execution"
Legal requirements for the risk management function

Case Study:
Risk relationships: Client/Counterparty/Bank
Divided in two teams, delegates will illustrate the possible risks arising from clients, counterparties and information providers vs. the possible risks faced by a client arising from services provided.

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
Blue sky compliance
Money laundering: to what extent are asset management companies obliged to perform money laundering checks?

Value added services

Advice and assistance of fund establishment and structuring
Treasury function

Nostro/Vostro account management
cash sweeps
cash flow forecasting
margin management

Straight through processing
Safekeeping
Cash management