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.
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.
Preface. About the author. 1 INTRODUCTION. 1.1 Collective investment. 1.2 History. 1.3 Construction and authorisation. 1.4 Growth and development. 2 THE MANAGEMENT OF FUNDS. 2.1 Who runs mutual funds? 2.2 What's in a name? 2.3 Benefi ts of mutual funds. 2.4 Uses of mutual funds. 2.5 Range of investment aims. 2.6 Performance statistics. 3 REGULATION. 3.1 Background and purpose. 3.2 The process of authorisation. 3.3 Fund management. 3.4 Marketing. 3.5 Administration. 3.6 Investor protection. 4 CONSTITUTION AND CONSTRAINTS. 4.1 Establishment, set-up and changes. 4.2 Scheme documents. 4.3 Launch procedures and practices. 4.4 Running the fund. 4.5 Charges. 4.6 Termination/winding-up. 5 FUND MANAGEMENT. 5.1 Investment policies and objectives. 5.2 Investment restrictions. 5.3 Borrowing and gearing. 5.4 Underwriting. 5.5 Stocklending. 6 MARKETING. 6.1 Authorisation. 6.2 Cross-border/international marketing. 6.3 Distribution channels. 7 ADMINISTRATION. 7.1 Investment portfolio. 7.2 Valuation, pricing and dealing. 7.3 Investors/participants. 7.4 Communicating with investors. 8 TAXATION. 8.1 Introduction. 8.2 The fund. 8.3 The investor/participant. Glossary of industry terms. Useful contacts. Index.