Details

An Introduction to Mutual Funds Worldwide


An Introduction to Mutual Funds Worldwide


1. Aufl.

von: Ray Russell

30,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 04.04.2007
ISBN/EAN: 9780470510193
Sprache: englisch
Anzahl Seiten: 198

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Beschreibungen

This guide explains what mutual funds are, how they have developed and how they are used, regulated and administered across the globe. Both open-ended and closed-ended funds are described and the differences between the international markets, particularly USA, Europe and UK are addressed. <p>Written by successful trainer and consultant, Ray Russell, the material reflects the growth and importance across the globe of mutual funds as a means of investing in worldwide economic development, whether to build a fund for retirement or otherwise. Readers will gain a basic appreciation of Mutual funds in their many forms, advocating the use of the mutual fund as a sensible, efficient and ultimately rewarding means of investment. It covers the origins, purpose, development, uses, operation and regulation of mutual funds and draws attention to similarities and differences between major jurisdictions, commenting on their unique features and approaches.</p>
<p>Preface ix</p> <p>About the author xi</p> <p><b>1 INTRODUCTION 1</b></p> <p>1.1 Collective investment 3</p> <p>1.2 History 6</p> <p>1.3 Construction and authorisation 10</p> <p>1.4 Growth and development 15</p> <p><b>2 THE MANAGEMENT OF FUNDS 25</b></p> <p>2.1 Who runs mutual funds? 26</p> <p>2.2 What’s in a name? 28</p> <p>2.3 Benefits of mutual funds 30</p> <p>2.4 Uses of mutual funds 35</p> <p>2.5 Range of investment aims 40</p> <p>2.6 Performance statistics 41</p> <p><b>3 REGULATION 45</b></p> <p>3.1 Background and purpose 46</p> <p>3.2 The process of authorisation 62</p> <p>3.3 Fund management 64</p> <p>3.4 Marketing 70</p> <p>3.5 Administration 72</p> <p>3.6 Investor protection 74</p> <p><b>4 CONSTITUTION AND CONSTRAINTS 79</b></p> <p>4.1 Establishment, set-up and changes 80</p> <p>4.2 Scheme documents 85</p> <p>4.3 Launch procedures and practices 88</p> <p>4.4 Running the fund 89</p> <p>4.5 Charges 92</p> <p>4.6 Termination/winding-up 95</p> <p><b>5 FUND MANAGEMENT 99</b></p> <p>5.1 Investment policies and objectives 100</p> <p>5.2 Investment restrictions 101</p> <p>5.3 Borrowing and gearing 106</p> <p>5.4 Underwriting 106</p> <p>5.5 Stocklending 107</p> <p><b>6 MARKETING 109</b></p> <p>6.1 Authorisation 110</p> <p>6.2 Cross-border/international marketing 110</p> <p>6.3 Distribution channels 112</p> <p><b>7 ADMINISTRATION 119</b></p> <p>7.1 Investment portfolio 120</p> <p>7.2 Valuation, pricing and dealing 127</p> <p>7.3 Investors/participants 131</p> <p>7.4 Communicating with investors 137</p> <p><b>8 TAXATION 143</b></p> <p>8.1 Introduction 144</p> <p>8.2 The fund 146</p> <p>8.3 The investor/participant 150</p> <p>Glossary of industry terms 153</p> <p>Useful contacts 161</p> <p>Index 165</p>
<b>Ray Russell</b> FCMA, FCIS, MSI, CertPFS, AcoI is the Principal of GCR Management Services, a consultancy providing assistance to investment businesses.<br /> He has 10 years’ experience as a Compliance & Business Development Director and has spent more than 20 years in senior positions with prominent British and American investment banks. He has served as a consultant to the Securities and Investment Institute, and on the Investment Management Association’s Executive, Regulations, Audit and Training Committees.
"Ray Russell has produced an excellent practical guide to the world of mutual funds; easy to read, it will appeal to those who take a keen personal interest in investment as well as providing a handy reference book to all who work in the industry."<br /> —<b>Clive Shelton</b>, Director, International Financial Data Services, Deputy Chairman, PIMA (Pep & ISA Managers Association) and member of the Examination Board of the Securities and Investment Institute. <p>Most individuals lack substantial wealth or enough wealth to invest their personal funds practically and at low-risk directly into stocks and shares. Equally, most people lack the professional expertise and knowledge of economics, business, markets and individual companies to identify which are worth investing in. In addition, keeping track of a personal portfolio, and with keeping an eye on taxation opportunities and obligations, can be very confusing, especially in the current global investment climate. Mutual Funds offer a solution via a form of collective investment.</p> <p>The objective of this guide is to explain what mutual funds are, how they have developed and how they are used, regulated and administered across the globe. Both open-ended and closed-ended funds are described and the differences between the international markets, particularly USA, Europe and UK are addressed. The material reflects the growth and importance across the globe of mutual funds as a means of investing in worldwide economic development, whether to build a fund for retirement or otherwise.</p> <p>It provides the reader with a basic appreciation of Mutual Funds in their many forms, advocating the use of the mutual fund as a sensible, efficient and ultimately rewarding means of investment. It covers the origins, purpose, development, uses, operation and regulation of mutual funds and draws attention to similarities and differences between major jurisdictions, commenting on their unique features and approaches.</p> <p>As part of the SII CPD Scheme, reading relevant financial publications earns members of the Securities and Investment Institute the appropriate number of CPD hours under the Self-Directed learning category. For further information, please visit <b>www.sii.org.uk/cpdscheme.</b></p>

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