An Introduction to Fund Management (PDF)

Preface. About the author. 1 INTRODUCTION. Economic background 3 'Money makes the world go round'. 'Money doesn't grow on trees'. Risks and rewards. Considerations. Markets. Investment instruments. 'Neither a borrower nor a lender be'. 2 ROLE OF FUNDS. Definitions. Investment businesses. Types of fund. Open-ended and closed-ended funds. Uses of funds. Associated packaging. Features and characteristics. Purpose, providers and players. Costs, benefits and comparisons. How to invest. Sales, marketing and disclosure. Categories, sectors and statistics. Investor protection. 'Be it enacted by the Queen's most Excellent Majesty....' Regulation in practice. Establishing a fund. Who wants one and why? Options and approaches. Documents and authorisations. Launching the fund. 3 PORTFOLIO MANAGEMENT. Strategies, styles, objectives and policies. Meeting investors' requirements. Risks to be managed. Hedging. 'Please don't ask for credit....' 'You can't do that!' Asset allocation versus stock selection. Choosing the investments. 'First, pick your markets'. Portfolio weightings and profiles. Income and growth. Liquidity. Evaluating alternatives. Data, ratios and measurements. Dealing with events. News and announcements. New issues and underwriting. Rights, splits and scrip. Breaches of regulations. 4 PORTFOLIO ADMINISTRATION. 'Day by day in every way....' Buying and selling. Delivery and settlement. Registration. Custody. Use of nominees. Stock exchange reporting. Records and regulations. Portfolio accounting and controls. Profits, income and taxation. Valuation and pricing. 5 INVESTOR ADMINISTRATION. Agents, agreements and delegation. Investor transactions. Registration. Communicating with investors. 6 PERFORMANCE MEASUREMENT. Sector comparisons - 'my fund is better than your fund'. Yields and returns. Time- and money-weighted returns. Indices and benchmarking. Volatility and risk adjustments. 7 INVESTMENT MATHEMATICS. The arithmetic of indices. Standard deviation. Capital Asset

Ray Russell has been a consultant and trainer within the financial services industry since 1988. Prior to this he spent 25 years in investment banking. Operating as GCR Management Services he has served as a director of a fund management firm for 10 years and has developed introductory training for the SII and fund management firms in the UK and Ireland. He also created a week long course for the compliance Institute.

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