Download An Introduction to Fund Management (Securities Institute) by Ray Russell PDF

By Ray Russell

An advent to Fund administration introduces readers to the industrial purpose for the lifestyles of money, the differing kinds to be had, funding suggestions and lots of different comparable concerns from the point of view of the funding supervisor. It offers an summary of the complete company and explores the method and strategies of fund administration, functionality size and fund management. This up to date version displays new regulatory alterations and advancements.

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Extra resources for An Introduction to Fund Management (Securities Institute)

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1 The Regulated Activities Order is a Statutory Instrument that is varied from time to time. 16 AN INTRODUCTION TO FUND MANAGEMENT Types of fund The types of fund are closely allied to their purpose, which can sometimes be deduced from their names. Life funds A ‘life fund’ is a pool of money contributed to a life assurance company and invested for the purpose of providing benefits upon death or the expiry of a certain period of time. Legal ownership of the investments acquired by the life fund vests with the life company, which has contracts with the ultimate beneficiaries, known as policies.

ROLE OF FUNDS 35 If you’re familiar with legislative and regulatory history, you’ll know that it was not until the ‘Big Bang’ of 1986 that some of those practices were finally swept away, which just goes to show that investor protection in the broadest sense is a complex matter – it takes a long while and several attempts to get the desired result (in the UK at least). Origins and focus of legislation The aim of early UK legislation was, first, to outlaw and then to restrict the practices of stock-jobbing and broking.

There are restrictions on the size of individual investments made each year and on the gross assets of the investee company, which must be carrying out a ‘qualifying trade’. The aim is to provide a tax-efficient way for investors to provide capital to non-financial enterprises. Investment in property companies is also restricted. Unlike any but the pension funds described above, the VCT investor may claim tax relief on the amount he invests – at the lower rate on investments of up to £100,000 for any tax year – and is not liable to tax on dividends received (not that much in the way of dividend should be expected from such investments).

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