- Cover
- Title page
- Table of Contents
- Copyright
- About the Author
- Preface
- Introduction—What Is Fund Administration and Custody
- Part 1: Introduction to Investment
- Part 2: Regulation and Fund Structures
- Abstract
- Overview of regulation
- Regulation and directives
- AIFMD and AIFMs
- Retail funds
- UCITS directive
- Money laundering
- Principles and recommendations
- Fund of funds
- Multimanager funds
- Other structures
- Retail funds
- Hedge funds
- Retail/mutual fund custodian
- Fund administration
- Prime broker/brokers
- Documentation and agreements
- Summary
- Part 3: The Day-to-Day Operation of a Fund
- Abstract
- Introduction
- Process workflow
- Investment capital
- Investment process
- Asset servicing
- Fund operations
- Valuation and accounting
- On-exchange pricing and valuation issues
- Valuation checklist
- Income and expense
- Margin and collateral
- Distributions
- Performance fee calculation
- Transfer agency
- Distributions
- Custody and depositary
- Global custody
- Securities lending and borrowing
- Characteristics of securities lending
- Uses of securities lending
- Securities lending precautions and controls
- Borrower default
- Day-light exposure
- Settlement delays
- Market inefficiencies
- Collateral
- Securities
- Certificates of deposit
- Government bonds
- Equities
- Irrevocable letters of credit (L/Cs)
- Securities lending agreements
- Role of the prime brokers/global custodians
- Nondiscretionary program
- Discretionary (or managed) program
- Operating the pool
- Benefits and entitlements
- Lenders’ rights
- Manufactured dividends
- Role of the custodian or intermediary
- Importance of accuracy and timeliness
- Actions required
- Implications for collateral
- Repurchase agreement (repo)
- Securities lending relationship structure
- Summary
- Part 4: Risk
- Part 5: Introduction to derivatives
- Part 6: Summary—Fund Administration Notes
- Part 7: The Future of Fund Custody and Administration
- Appendix 1: The Investment Association Categorization of Funds
- Appendix 2: Source-Investment Association
- Appendix 3: Glossary of Risk Terminology
- Appendix 4: Organization of the SESC
- Appendix 5: Reporting Annex IV Transparency Information Under the Alternative Investment Fund Managers Directive
- Appendix 6: Questions and Answers: Application of the AIFMD
- Appendix 7: China Securities Regulatory Commission (CSRC)
- Appendix 8: October 2015—Top 10 Performing Funds
- Appendix 9: Global OTC Derivatives Market-Source BIS
- Appendix 10: Global OTC Derivatives Market-Source BIS
- Appendix 11
- Glossary of Terms
- Useful Websites and Links
- Index
Fund Custody and Administration
David Loader
Director, Consultancy and Training
The DSC Portfolio Ltd
Managing Director, Loader Associates Ltd
The DSC Portfolio Ltd
Managing Director, Loader Associates Ltd
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