Training Courses

UCITS Funds Workshop

Category: Investment Products

Course level: Introductory to Intermediate

Open

This 4 hour workshop has been designed to provide a broad-based overview of UCITS Funds in the European retail markets. It covers funds structure i.e. OEICS, ICVC, SICAVS & Unit Trusts it also works on UCITS investment and borrowing powers, risk management, regulations, the global market and distribution. The course also looks at new directions for fund development under UCITS III.

Case studies using real life funds form an integral part of the course, to enable delegates to consolidate the information and provide the basis for group discussions.

No prior knowledge is assumed and all terms will be fully explained.

Objectives

At the end of this course delegates will have a greater understanding of:

· the role of UCITS funds in the portfolios of institutional and retail clients globally

· the opportunities for new investment strategies under UCITS III  and the extra risks associated with the use of “wider powers”

· umbrella fund structures and share classes

· role of the fund operator, trustee, depositary, investment manager, administrator and transfer agent

· forward pricing and the calculation of NAV and share prices

· costs and expenses associated with open ended funds

Length

4 hours

Course Content

Types of UCITS funds

  • SICAVs, OEICs, ICVCs – umbrella structure explained
  • Unit trusts – UCITS & non-UCITS eligibility
  • UCITS vs. non-UCITS funds
  • Authorised vs unauthorised funds
  • Qualified Investor Schemes
  • Case study: Development of comparison of OEICs & Unit Trusts Checklist

Sub Fund Structure
  • Share/unit classes – accumulation, distribution, currency, retail & institutional
  • Charging structures – initial, AMC, Switching fees, Performance Fees
  • Discussion: looking at share classes in a typical fund and the charges
Investment and borrowing powers under UCITS III
  • Approved securities
  • Spread and concentration rules
  • Mixed funds
  • Using derivatives
  • EPM rules, shorting opportunities, new rules for cover
  • Funds of funds
[This workshop will look at the specific rules applying in the UK, Dublin, Channel Islands or other EU Member States, according to where the course is run]
Case study: Looking at the current investment strategy of a UCITS fund using a monthly report

New Opportunities for UCITS Funds
  • Using derivatives – OTC, Futures, CDS, CFDs
  • 130/30 Funds
  • Absolute Performance Strategies
  • Using Hedge Funds, Commodities, Weather and Property
Fund distribution
  • Direct sales
  • Fund supermarkets and wraps
  • Role of advisers
  • Role of Multi managers
  • Responsibility of Fund Operator
  • Discussion: different fund distribution platforms

Fund documentation
  • Fund Prospectus v Simplified Prospectus
  • Required information and how to find it
  • Fund Facts Sheets
  • Client reports
  • Case study: Looking at a fund prospectus
  • Case Study: Looking at a typical annual client report and monthly fact sheet

Business relationships
  • The role of the trustee/depositary
  • The manager/ACD of the fund
  • Sub contracting investment management
  • Role of the custodian
  • Administration

Financial promotions
  • Customer classification under MiFID
  • TCF & the Fund Operator
  • UCITS II and Simplified Prospectus
  • Required information and presentation standards
  • Case study: Finding information in a Simplified Prospectus
Pricing open-ended funds
  • Principles of forward pricing
  • Single v Dual pricing
  • Calculating TNA & NAV
  • Calculating the creation, bid and offer price for dual priced funds
  • Calculating the mid price for single priced funds
  • Dilution levy vs swinging mid price
  • Case study: Looking at published fund prices for single and dual-priced funds
Dealing in open-ended funds
  • Processing buying and selling orders
  • Cash vs in specie payments
  • Creations and cancellations
Income distribution
  • Sources of income
  • Income accrual & distribution
  • Equalisation
Taxation
  • Fund taxes
  • Corporation tax, Withholding tax, SDRT, VAT
  • Investor taxes
  • CGT, Income tax, SDRT
  • EU Savings Directive
  • UK Distributor Status

This course would be suitable for:

  • Client services and call centres
  • Finance and accounting
  • HR and training
  • Investment administration and operations
  • Investment professionals
  • IT and software developers
  • Legal & Compliance
  • New entrants
  • PR and recruitment firms
  • Risk management
  • Sales and marketing
  • Senior managers

This course would be suitable for these exams:

  • IMC
  • SII IAQ - Collective Investment Schemes
  • UKSIP - Investment Operations

Available dates

10/12/2008 09:00-13:00JerseyGBP 350.00Book Now
5/3/2009 09:00-13:00LondonGBP 350.00 Ex. VAT
GBP 411.25 Inc. VAT		Book Now
14/5/2009 09:00-13:00EdinburghGBP 350.00 Ex. VAT
GBP 411.25 Inc. VAT		Book Now
10/6/2009 09:00-13:00DublinGBP 350.00 Ex. VAT
GBP 411.25 Inc. VAT		Book Now
10/6/2009 09:00-13:00DublinGBP 350.00 Ex. VAT
GBP 411.25 Inc. VAT		Book Now
17/6/2009 09:00-13:00JerseyGBP 350.00Book Now
24/6/2009 09:00-13:00LondonGBP 350.00 Ex. VAT
GBP 411.25 Inc. VAT		Book Now
14/10/2009 09:00-13:00JerseyGBP 350.00Book Now
22/10/2009 09:00-13:00EdinburghGBP 350.00 Ex. VAT
GBP 411.25 Inc. VAT		Book Now

All course fees are subject to UK VAT (17.5%) where applicable. For payments made in Euros, VAT/TVA will not be added on receipt of the client's VAT No.