An Introduction to Mutual Funds WorldwideThis 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. |
Contents
| xi | |
| 1 | |
Chapter 2 THE MANAGEMENT OF FUNDS | 25 |
Chapter 3 REGULATION | 45 |
Chapter 4 CONSTITUTION AND CONSTRAINTS | 79 |
Chapter 5 FUND MANAGEMENT | 99 |
Chapter 6 MARKETING | 109 |
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Common terms and phrases
accounting administration advertisements adviser allocation amount authorisation authority Bank billion bond capital gains cash charge Closed-ended funds collective investment schemes Commission contract note countries dealing deducted depositary or trustee distribution equity fund example fees Financial Services Financial Services Authority fund A mutual fund management fund’s Government hedge funds holding Hong Kong ICVCs income individual industry intermediaries investment companies investment funds investment manager investment objectives investment trusts investors issue jurisdictions legislation Luxembourg management company manager’s Ministry of Finance mutual fund number of funds number of shares OEICs offer price open-ended open-ended funds operation paid payment performance period promotional prospectus purchase realised redemption registrar regulations regulatory reinvested require responsibility restrictions risk Securities Investment selling shareholders shares or units SICAV specific sub-funds taxation transaction typically UCITS Directive umbrella fund unit holders unit trust usually valuation winding-up worldwide