An Introduction to Mutual Funds Worldwide
Published on 4. April 2007
198 pages
978-0-470-51019-3 (ISBN)
Description
This guide explains what mutual funds are, how they have developedand how they are used, regulated and administered across the globe.Both open-ended and closed-ended funds are described and thedifferences between the international markets, particularly USA,Europe and UK are addressed.
Written by successful trainer and consultant, Ray Russell, thematerial reflects the growth and importance across the globe ofmutual funds as a means of investing in worldwide economicdevelopment, whether to build a fund for retirement or otherwise.Readers will gain a basic appreciation of Mutual funds in theirmany forms, advocating the use of the mutual fund as a sensible,efficient and ultimately rewarding means of investment. It coversthe origins, purpose, development, uses, operation and regulationof mutual funds and draws attention to similarities and differencesbetween major jurisdictions, commenting on their unique featuresand approaches.
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Ray Russell
An Introduction to Mutual Funds Worldwide
Book
02/2007
Wiley
€40.90
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Person
Ray Russell FCMA, FCIS, MSI, CertPFS, AcoI is the Principalof GCR Management Services, a consultancy providing assistance toinvestment businesses.
He has 10 years' experience as a Compliance & BusinessDevelopment Director and has spent more than 20 years in seniorpositions with prominent British and American investment banks. Hehas served as a consultant to the Securities and InvestmentInstitute, and on the Investment Management Association'sExecutive, Regulations, Audit and Training Committees.
Content
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
