Training Objectives

Upon completion of the Certificate programme participants will:

• understand the investment environment
• examine how a fund structure is created
• appreciate the roles of the key principals of a fund – the fund manager, the fund administrator and the fund’s governing body.
• understand the relationship between NAV and the performance of a fund
• examine different fund types, structures and services available to investors in offshore jurisdictions
• appreciate the legislative and regulatory frameworks affecting the funds sector

Training Outline

The Fund Industry

• Overview of the funds industry
• The assets under administration (AUA) and assets under management (AUM) from a valuation or set of basic financial statements
• The meaning of the term mutual fund
• Some of the stock exchanges an entity may be listed on
• The difference between closed- and open-ended funds
• The different stakeholders in a fund
• The key roles that support fund operations
• The roles of the fund and client accounting teams

Fund Structures

• The different fund structures, including

– Investment companies

– Partnerships

– Unit trusts

– Multi-class funds

– Master feeder funds

– Protected cell companies (PCCs)

– Incorporated cell companies (ICCs)

• The principle documents used in the management, administration and safekeeping of each structure

Fund strategies

• The differences between the following fund strategies

– Retail funds

– Alternative investment funds

– Fund of funds

– Private equity funds

– Real estate funds

– Debt funds

– Structured products

Fund Accounting and Fund Valuations

• Key terminology in relation to accounting and valuations
• The PNAV and FNAV, calculating a simple NAV and NAV per share
• The common investment transactions and balances
• The valuation process at a high-level
• Calculate key income and expense streams of funds
• Share issues and redemptions, and the factors affecting them
• The simple reconciliations carried out in a fund
• The concept of accruals and prepayments
• A high-level awareness of the basics of financial statements

Taxation 

• The basic principles of taxation in fund structures and simple tax calculations
• The components of the ‘mind and management’ test for fund residence
• The tax treatment of different fund structures
• The concept and calculation of withholding tax
• The transfer pricing
• The Value Added Tax (VAT) and its effect on funds, carrying out a simple VAT calculation
• The basics of real estate taxation

Regulation

• The regulations affecting funds
• Overview of:

– FATCA and CRS

– AIFMD

– UCITS

• The key types of documentation and reports that are usually filed with the regulators
• The obligations on the fund, fund manager and the administrator under company law
• The requirements on the fund, fund manager and the administrator in relation to anti-money laundering (AML)

Who Should Attend

The Certificate is suitable for those working in, and those seeking to work in, fund administration, fund custody, fund management, back office support or fund operations.

It will be of interest to people working in the asset management and investment funds areas in the legal and auditing advisory firms.

Training Style 

The Certificate is designed to deliver knowledge and enhance participants’ skills via short lectures, interactive case-studies and live practical examples. The use of real-life material will help participants to think critically about scenarios that will be relevant to their respective roles and organisations.

Training Style and Knowledge Test

Training method to be used is modern e-learning or distance learning with the Zoom method. That is, the simultaneous participation of trainees and an instructor in the learning process is required.The training techniques are lecture, discussion, avalanche, questions – answers, brainstorming and practice. The specific techniques are suitable for the nature of the subject of the seminar, the educational style of the trainer and the learning outcomes. Explanation of the necessary theory behind practice shall be made and progresses with a focus on the documents and procedures. Electronic material and hard copies shall be delivered to participants. Role play and brainstorming shall also be applied during delivery.

The training tools are the computer, the internet and the training manual. The training materials are provided by the Zoom platform and are the Whiteboard and other materials available online. At the completion of the knowledge areas, participants will be assessed via the form of Multiple-Choice Questions which will consist of questions related to the material taught. The aim of the assessment is to examine participants’ overall attention and knowledge of material taught as well as their competencies towards the implementation of practical cases.

CPD Recognition

This programme may be approved for up to 24 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.