Investment Fund Operations & Administration

Euromoney Learning Solutions

How long?

  • 3 days
  • online, in person

Euromoney Learning Solutions


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Who should attend

  • Operations supervisor or manager
  • Compliance manager
  • Risk manager
  • Fund administrator
  • Fund services relationship manager
  • Hedge fund administrator
  • Software provider or consultant
  • Custodian Finance and administration
  • Audit and supervision Regulators

About the course

Improve your knowledge of how funds are managed and administered.

Investment Fund Operations & Administration is a highly practical three-day course designed to give you a thorough working knowledge of how unit trusts, mutual funds, pensions funds and hedge funds are constructed, invested, managed and administered.

Combining presentations, group discussions and practical exercises, the course covers in detail a broad range of topics including:

  • All types of assets - including alternative, illiquid and volatile assets
  • Comparative fund types, structures, and legal aspects
  • Understanding benchmarks, mandates, investment objectives and constraints Pricing and valuation
  • Reporting & compliance - valuation, reconciliation and settlement
  • Registrar and transfer agency services
  • International client services
  • Client reporting: customised reporting, multi-currency/instrument reporting, and tax reporting
  • Compliance, tax and anti-money laundering issues

Why should you attend this course?

  • Equip yourself with a clear understanding of how and why funds are established, the nature and impact of investment decisions, pricing and valuation, related activities such as portfolio balancing and performance measurement and how these processes affect operational, compliance, reporting, and other administration procedures
  • Examine a wide range of fund types, their characteristics, operation and administration features, including: mutual funds and unit trusts, pension fund, hedge funds and FOFs, real estate funds, venture capital funds, money market funds
  • Enhance your market knowledge not only of traditional investment products such as bonds, equities and money market products, but also of more complex products such as derivatives, CDOs, structured products, exchange traded funds, real estate, private equity, commodities and any related structures such as SPVs, SIVs etc.
  • Increase your confidence in controlling fund administration procedure, accurate pricing, valuation and best execution skills
  • Refine your skills in the correct legal and compliance procedures, and confidence in liaising with fund managers, investors, sponsors, fund services providers, custodians, and regulators


Day 1

Investing Fundamentals and Asset Classes

  • The current investment environment
  • Introduction to investing asset characteristics and asset allocation
  • Asset Classes
  • Securities, Derivatives, Alternatives etc.
  • Current investment environment – trends, economic environment, etc
  • ETFs
  • Multi-Asset Class
  • Exercise: Participants look at a typical Fund fact sheets and discuss and in groups discuss the assets required to build the fund and the likely challenges to Fund Operations and Administration.

Investment Fund Types

  • Retail and non-retail funds
  • Off-shore vs domestic funds
  • SICAV in France and Luxembourg
  • Mutual Funds and Unit Trusts (OEICs in the UK)
  • Collective Investment Schemes
  • ETFs (Exchange Traded Funds)
  • Hedge Funds
  • Private Equity Funds
  • The New APAC Funds Are Coming!
  • ASEAN - Collective Investment Schemes (Singapore, Malaysia, China)
  • MRF - Mutual Region of Funds (HK and China)
  • ARFP – Asia Region Funds Passport (Australia, Japan, South Korea, New Zealand, Thailand)
  • Exercise: Participants are asked to list the type of funds that they are currently supporting and give feedback on what new types of fund they are expecting to see in the near future.

The Asset Management Life Cycle - Asset Manager to Administration

ACD Asset Manager

  • Role of the front, middle and back office
  • How do investment managers make decisions?
  • Asset allocation switches, stock selection (buy/sell orders), active investment strategies
  • Role of the dealers
  • Role of the administration team, corporate actions, valuation, accounting, custody etc.

The Fund Administration Map

  • Board
  • Investment Manager
  • Transfer Agent
  • Fund Administrator
  • Custodians
  • Depository

  • Exercise: Complete the Fund Administration Map. In groups delegates complete a flow diagram of which organisations handle which role, and how they interact.

Overview of the Regulatory Environment

  • The regulatory environment for investment funds
  • Retail v Non Retail Funds
  • Traditional v Hedge Fund v New Funds   Day 2

The Fund Administration Process

  • Roles and responsibilities
  • Defining the responsibilities of each player involved in the overall administration of the fund
  • Trade Processing
  • Subscriptions / Redemptions
  • Underlying Fund Investments
  • Trade Errors
  • Valuation
  • MTM (Mark to Market)
  • NAV
  • reconciliation
  • settlement

Managing your relationship and communication with:

  • investment managers
  • brokers / prime brokers / advisors
  • custodians / depository
  • fund sponsors
  • trustees
  • investors

Exercise: Teams draw flow diagrams highlighting how settlement will occur in securities and derivatives trading. What can go wrong?

Operation of a Fund

Valuation / accounting team (NAV)

  • Transaction capture
  • Validation
  • Reconciliations - Position management
  • Cash flows and Cash Management
  • Corporate actions
  • STP and SSIs
  • Margin calls
  • Collateral management
  • Valuation policies, transparency and disclosure
  • Relevant Regulatory, Industry and Accounting Standard
  • Price Information and Automation

Exercise: Delegates calculate the NAV of a fund

What actions are required in dealing with:

  • AGM decisions
  • mergers/takeovers
  • corporate actions

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 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
  • which prices should be used for international funds with holdings in different time zones and when?
  • 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

Fund Valuation

Registrar and transfer agency services

Maintaining the shareholders' register for the fund

  • issuing certificates
  • amendments to investor details / powers of attorney
  • Dealing with investors
  • Offering documents
  • Subscription and redemption process
  • KYC and AML checks
  • Notifications
  • Potential problems

Global transfer agency function

Registrar Function Overview

  • Stock Registrar / Bond Registrar
  • Agent Function
  • Dividend Payments / Cash Dividends / Stock Dividends / Reinvested Dividends Interest Payments Bond Principal / Payments

Payment Processing Check

  • Record Keeping / DRIP / Proxy Services / Preferred Stock Calls

Role of the Middle Office

Control and checks on Funds * Control and checks on Fund Managers * Collateral Management * OTC counterparty exposure monitoring * Margin calls * Pricing valuation Validation * Model inputs * yield curves and volatilities * assumptions such as default rates * Monte Carlo simulations generated * The Greeks * VaR

Day 3

Risk and Compliance

  • Operational Risk Management
  • People / Processes and Controls
  • Risk Review and - Policy Setting
  • Investment Restrictions

Information Systems and Business Continuity

  • Information Systems
  • Disaster Recovery and Business Continuity Plan


  • Accounting Principles
  • General Ledger
  • Tax – including withholding tax (WHT)
  • Financial statements and management reporting

Role of Compliance – in the fund

  • Regulatory - Internal policies
  • Role of compliance in fund administration
  • Regulatory Risk
  • Internal policies and Service provision
  • Procedure documentation and audit trails
  • Role of risk management for the fund and administrator
  • Market risk
  • Counterparty/credit risk
  • Operational risk
  • Risk management frameworks
  • Identifying and Measuring risk

Control framework

  • KRIs & KPIs
  • Structure and management of a risk event

Reporting Standards

  • CRS (Common Reporting Standards)
  • Financial institutions resident in CRS countries reporting account holder information to their local tax authorities
  • exchange tax information with countries where account holders are tax residents
  • Foreign Account Tax Compliance Act (FATCA)
  • identify reportable accounts
  • obtain the account holder identifying information
  • report certain accounts to their local tax administration.

Modern Fund Administration - Performance Measurement

  • Benchmarks
  • Alpha and Beta
  • Absolute Return
  • Sharpe Ratio
  • Information ratio Performance Attribution
  • Global Investment Reporting Standards (GIPS)

Today’s Regulatory Impact – What really matters to the World’s Top Fund Administrators

  • The New “KID”
  • Swing Pricing
  • RAIF in Luxembourg
  • China – RQFII and QDII
  • MiFID 2
  • Solvency 2
  • Impact of Asset “Look Through” on Funds
  • Risk Based Capital Requirement (SCRD)

What does the future look like for the fund Services Industry?

Group Discussion


Mark Doran

Mark worked in Investment Banks including HSBC and Bank of Montreal for nearly 20 years. During this time he worked in Global Custody and then as a trader, running books in FX, bonds and derivatives. Mark has run courses all over the world including Amsterdam, Dublin, London, New York, Hong Kong,...

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Investment Fund Operations & Administration at Euromoney Learning Solutions

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