UCITS Funds
23 September 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
Our former delegates attending this course included: Credit Suisse, UBS, Brevan Howard, Linedata, EFG Hermes, Cadwalader, Bingham, Coriolis Capital and more.
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.
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
- Independence
- 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: Eligible 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
John Skelly
John is a specialist in the development of investment compliance, and is also active in the promotion and development of UCITS III management company substance solutions. He acts as a ‘designated person’ for a number of regulated fund management companies under the UCITS III regime, and sits on the board of several of Irish funds. John is an expert in fund operations, having been COO at Carlton Capital Partners in London prior to joining Carne, and a former General Manager with the Dublin branch of BNP Paribas Securities Services. He has carried out a number of operational reviews for Carne clients, including a major Irish bank. John trained as a chartered accountant with Deloitte & Touche in Dublin.
23 September 2010 London
Early Bird discount till 20 of August £820 + VAT
Regular Price: £920 +VAT
3 people - 10% discount when registered at the same time.
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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
