Introduction to UCITS Fund Administration

Course Code:	IUA 1111
Dates:	On a date of your choice
Venue:	City of London
Course Fees:	Available on application
CPD Credits:	12 hours

This programme and any element of it can also be run in-house at a time and location to suit your business. Please telephone 020 3170 5779 or email enquiries @ctp.uk.com to discuss your requirements.

Course Outline & Objectives

This practical two day course will provide a clear explanation of how UCITS funds are created, invested, managed and administered.

Key areas covered include:

Fund types and structures
Role and responsibilities of different players
Investment and borrowing
Dealing and settlement
Pricing and valuation
Breaches and errors
Marketing, distribution and client communications

Attending this course will enable you to:

Increase your understanding of UCITS funds and how they operate
Get to grips with key technical and operational issues
Know how to comply with regulatory requirements
Recognise and avoid common breaches and errors
Enhance your communications with fund managers, investors, sponsors, fund services providers, custodians and regulators

Who will benefit?

This course will be of value to a range of professionals in fund management or fund administration firms, including those responsible for:

Operations
Compliance
Risk
Audit
Fund administration
Fund services
Custodian
Finance

Course Leader: Darren Burrows

The course will be led by Darren Burrows, a Director at Funds-Axis. Darren is a qualified Chartered Accountant and Funds Expert with a comprehensive working knowledge of fund and share class accounting and strong familiarity with a number of leading fund accounting platforms.

Darren has supported large scale fund amalgamations and mergers, transitions of fund accounting platforms and outsourcing initiatives. He has supported Managers and Administrators in benchmarking and enhancing their fund accounting systems, controls and processes as well as supporting significant pricing error re-work projects.

Recent work has focused on governance over fund accounting arrangements and process re-engineering. This has included SLA development and re-engineering and development of service credit regimes in respect of outsourced fund accounting arrangements.

Course Agenda

AN INTRODUCTION TO UCITS FUNDS	Retail funds - Open to the public Redeemable on demand Operate on principle of risk spreading Fund structures - Umbrellas, sub-funds and shareclasses Roles and responsibilities - ACD, Fund Manager, Fund Administrator, Transfer Agent, Trustee, Custodian
INVESTOR DEALING	Unit holder Dealing Unit holder dealing Purchases, redemptions, switches Cash vs in specie payments Dealing prices – single or dual, dilution methods Creations and cancellations Handling cash flows in funds The Managers box Late dealing issues
INVESTMENT AND BORROWING POWERS	UCITS III vs UCITS I Eligible assets for UCITS Spread and concentration rules Using derivatives – EPM vs Investment purposes Key fund types – index funds, fund of funds, guaranteed, capital protected
FUND VALUATION	General Forward pricing principles Valuation point Valuation frequency Components of the NAV Trade vs Settlement based accounting Capital Equities, bonds and deposits Suspended, unquoted and difficult to price securities Key controls Income Deposit interest Bond interest Dividend income Charges and expenses Initial charges AMC Switching fees Performance Fees (COLL) Income and capital expenses Accruals methods Taxation Fund taxes - Corporation tax, Withholding tax, SDRT , VAT
DISTRIBUTIONS	Income vs Accumulation shares Distributions and Unclaimed Distributions Processes
BREACHES AND ERRORS	Pricing errors Examples of how pricing errors can arise Trade capture, suspended securities, incorrect accruals etc Regulation re. pricing errors – materiality, FSA reporting etc Processes for resolution of pricing errors Investment and borrowing breaches Different types of breaches How breaches can occur – dealing, stock and fund pricing, amalgamations etc Advertent vs Inadvertent Resolution of investment and borrowing breaches
FUND DISTRIBUTION AND INVESTOR COMMUNICATIONS	Key distribution channels – IFAs, Fund supermarkets Contract notes Prospectus, simplified prospectus and key disclosures Key Investor Information Document (KID) Report and Accounts Fundamental, significant and notifiable change events

Booking

If you are interested in booking this course, or if you have any questions, please call call us on 01908 488170.

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- Scottish Widows
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- Clarke Roxburgh
“Good supportive environment. Well done - good all round knowledge. Thank you.”
- UK General Insurance Group
“An excellent all round briefing with detail and in depth exploration where necessitated.”
- Assurant Solutions
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- Colemans
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Corporate Training Partnerships Ltd, London Office: 60 Lombard Street, London, EC3V 9EA. Tel: 0203 1705779
Milton Keynes Office: Suite 1:20, Second Floor, Norfolk House East, 499 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 2AH Tel: 01908 488170

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