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An Introduction to Mutual Funds Worldwide

ISBN: 978-0-470-51019-3
198 pages
April 2007
An Introduction to Mutual Funds Worldwide (0470510196) cover image

Description

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.

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.

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Table of Contents

Preface ix

About the author xi

1 INTRODUCTION 1

1.1 Collective investment 3

1.2 History 6

1.3 Construction and authorisation 10

1.4 Growth and development 15

2 THE MANAGEMENT OF FUNDS 25

2.1 Who runs mutual funds? 26

2.2 What’s in a name? 28

2.3 Benefits of mutual funds 30

2.4 Uses of mutual funds 35

2.5 Range of investment aims 40

2.6 Performance statistics 41

3 REGULATION 45

3.1 Background and purpose 46

3.2 The process of authorisation 62

3.3 Fund management 64

3.4 Marketing 70

3.5 Administration 72

3.6 Investor protection 74

4 CONSTITUTION AND CONSTRAINTS 79

4.1 Establishment, set-up and changes 80

4.2 Scheme documents 85

4.3 Launch procedures and practices 88

4.4 Running the fund 89

4.5 Charges 92

4.6 Termination/winding-up 95

5 FUND MANAGEMENT 99

5.1 Investment policies and objectives 100

5.2 Investment restrictions 101

5.3 Borrowing and gearing 106

5.4 Underwriting 106

5.5 Stocklending 107

6 MARKETING 109

6.1 Authorisation 110

6.2 Cross-border/international marketing 110

6.3 Distribution channels 112

7 ADMINISTRATION 119

7.1 Investment portfolio 120

7.2 Valuation, pricing and dealing 127

7.3 Investors/participants 131

7.4 Communicating with investors 137

8 TAXATION 143

8.1 Introduction 144

8.2 The fund 146

8.3 The investor/participant 150

Glossary of industry terms 153

Useful contacts 161

Index 165

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Author Information

Ray Russell FCMA, FCIS, MSI, CertPFS, AcoI is the Principal of GCR Management Services, a consultancy providing assistance to investment businesses.
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.
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