UCITS Funds
15 March 2010 London
Strategies for Setting up and Investing in Ucits Funds
A one day intensive course on UCITS funds for Asset and Fund Managers, Investment Bankers, Hedge Funds and Institutional Investors exploring:
- The use and structure of UCITS III
- Changes under UCITS IV
- The key features of UCITS
- Structuring UCITS and authorisation process
- Eligible assets in UCITS funds
- The key features and applications of UCITS as an asset class
- Main legal requirements
- Governance, transparency, custody and depositaries
- Application of equities, bonds, fund of funds derivatives, 130/30 and other instruments
- UCITS Alternatives
- Distribution of UCITS
- Leverage and VaR
- Use of UCITS for funds and hedge funds
The course is organised in co-operation with Dillon Eustace and includes a presentation from a guest speaker Marilyn Ramplin, Executive Director from JP Morgan and owner of Ucits for Hedge Funds group which has over 1600 members.
Description
This practical one day course is designed to provide an insight into the area of UCITS, showing how funds may select eligible assets and demonstrate how these instruments may be employed to achieve different investment objectives.
The course will start with providing a background to UCITS III and the different types of instruments which can be used within this structure. It will then look at traditional asset classes as well as planned changes in UCITS IV directive.
Legal requirements as well as practical aspects of using UCITS in fund and hedge fund management will be discussed in detail including structuring requirements, authorisation process, governance, transparency and distribution.
Participants will have a chance to assess risk as well as examine applications of different types of derivatives in UCITS funds. Finally, delegates will explore value at risk and its relevance to sophisticated funds.
Main Topics Covered During This Training
- Defining UCITS objectives and characteristics
- Explaining the concept of sophisticated and non-sophisticated funds
- Eligible assets in UCITS funds
- Application of equities, bonds, fund of funds derivatives, 130/30 and other instruments
- Uses of derivatives in UCITS portfolio
- Examining value at risk in the UCITS context
- Use of new investment instruments
What Will You Learn By The End Of This Training
By the end of this course you will have a solid understanding of:
- The characteristics of UCITS, their structure and objectives
- Main regulatory aspects
- Pros and cons of UCITS for the fund management
- Applying traditional instruments in the fund structure
- Sophisticated and non-sophisticated funds
- Value at risk in the UCITS context
Who Should Attend
The course is relevant for Managers and Team Members from the
Asset and Fund Management, Investment Banking, Hedge Funds and Institutional Investors with the following background
- Funds Management
- Investment Management
- Fund Administration
- Portfolio Management
- Structring
- Risk Management
- Lawyers
Teaching Method
The programme will use practical case studies and exercises explaining different aspects of UCITS. Tutor will be focused on teaching practical strategies that can be taken back to your business and put into immediate effect.
You will also benefit from a comprehensive take away course documentation.
In order to help us establish your individual and business concerns, you will be asked to fill a pre-course questionnaire.
All delegates will receive a 90 page report prepared by
UCITS Funds - A One Day Programme
Session One: Introduction to UCITS
- What are UCITS?
- UCITS I, III and IV
- The European “Gold Standard”
- Who sets them up?
- The UCITS passport
Products
- Plain vanilla
- ETFs
- UCITS Alternatives
The key features of UCITS
- Asset classes/eligible assets
- Liquidity
- Diversification
- Borrowings and leverage
- Governance and transparency
Session Two: Structuring UCITS
- Legal structures
- Variable Capital Investment Company
- Unit Trust
- Common Contractual Fund
- Key differences
- Sub-Funds/Classes: assets/liabilities; distinguishing features
- Subsidiaries
Session Three: Governance, Transparency and Custody
Governance and Transparency
- Governance
- UCITS Management Company
- Self-Managed Investment Company
- Two-Man Management / 8 Key Management functions
- Liability and Responsibility
- Capitalisation
- Practical matters: reports, review, oversight
Custody & Depositaries
- Custody
- Sub-Custody
- Independance
- Trustee functions
Transparency
- Participants
- Promoter/Investment Manager
- Periodic Reports
- Annual Audit
- Semi-Annuals
- Monthly
- Money Market Funds
- ESD
- Trustee Reports
Session Four: Distribution of UCITS
- EU/EEA and beyond
- Facts and Figures
- Retail and Institutional
- Consolidation
- Current and UCITS IV notification processes
- Ex-EU/EEA
- US/EU investors and master/feeder
Session Five:Eligilbe Assets and UCITS Alternatives
Eligible Assets
- Principles
- High level investment restrictions
- Eligible Assets
- Transferable Securities
- Money Market Instruments
- Index Trackers/Replicators
- UCITS Funds of Funds
- Cash
- Financial Derivatives
UCITS Alternatives
- Long/Short Equity Products
- Absolute Return
- Structured Products
- Hedge Fund/Commodities Index Products
- Loan Products
Session Six
Leverage and VaR
- Borrowings v Leverage
- High level principles
- Sophisticated v Non-sophisticated
- VaR: Absolute/Relative
- Hedging/Netting
Session Seven
Authorisation Process
- Promoter Approval
- Investment Manager Approval
- Interaction with Regulator
- Documentation List
- Negotiation
- Authorisation
- Notifications and Launch
Questions and Answers
Andrew Bates
Andrew Bates is a partner and Head of Financial Services at Dillon Eustace, one of Ireland’s leading law firms and the legal advisor to the largest number of investment funds (900) established in Ireland, one of Europe’s leading investment fund domiciles.
Andrew has been advising on the establishment of investment funds for over 18 years working primarily on UCITS structures, hedge funds and other alternative products (private equity and real estate structures). He advises many leading international (UK, continental European, US and South African) financial services groups on UCITS establishment, governance and distribution matters most recently on index products, structured products and funds of funds.
Andrew is a former Council Member of the Irish Funds Industry Association (IFIA) , a member of Committee I of the International Bar Association and is a regular speaker at domestic and international fora on investment funds (including IFIA conferences in London and Milan, Dillon Eustace/Arendt and Medernach annual conferences in New York and Boston, Dillon Eustace Financial Services Symposium in Dublin, Philadelphia Bar Association, IBA). He is the author of several investment fund related publications (including A Guide to UCITS in Ireland, A Guide to Multi-Manager Funds in Ireland, A Guide to Hedge Funds in Ireland), and has contributed to numerous fund related publications and journals. Andrew also sits on the boards of several UCITS fund complexes, UCITS management companies as well as on the boards of a number of life insurance companies and MiFID regulated asset managers.
Guest Speaker - Marilyn Ramplin, JP Morgan
Marilyin is a Executive Director in Prime Brokerage Department of JP MOrgan and a Founder of Ucits for Hedge Funds group on Linked In.
Marilyn is a capital markets professional with core expertise around structuring regulated European onshore structures (UCITS, QIF, SIF) for hedge funds and traditional asset managers, combined with strong advisory, trading, derivatives, prime brokerage and risk management skills.
Strong public keynote speaker, often ranked as number one speaker at industry events in her areas of expertise.
15 March 2010 London
Price: £820 +VAT
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DISCOUNTS
- 3 people - 10% discount. Delegates have to be from the same company and register at the same time.
- Sign up to 2 of our courses at the same time and you receive 10% discount on the cheaper course. This discount cannot be combined with an early bird offer.
IN-HOUSE TRAINING
- If you have a team of 4 or more this course can be customised and organised in-house at your convenience. Contact one of our advisors to find out more.
Call us now on +44 (0) 207 193 5035
or send an e-mail to: enquiry@eurekafinancial.com
