The Course Outline 

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Module 1 FUNDguide – how to use the course

  • The structure of the course
  • Navigating the course 
  • The order of study of the modules
  • External resources
  • Knowledge checks
  • The assessment
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Module 2 FUNDintro – introduction to the course

  • About the authors, Cadogan Financial
  • Course focus: mainly open ended retail investment funds
  • The basic concepts
  • Who will benefit from the course
  • Why the course is easy to study
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Module 3 FUNDamentals – basic characteristics of investment funds

  • Clarifying the confusion of names and acronyms
  • Difference between open ended and closed ended funds
  • Investment funds and DC pension funds
  • Who takes the risk and why it matters
  • Concept of diversification
  • Roles of key players
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Module 4 FUNDctionalities – legal and governance structures, investor rights

  • Legal structures
  • Different governance structures
  • Investor rights
  • Umbrella funds, funds of funds, master/feeder funds
  • Unit classes
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Module 5 FUNDreg – regulation governing funds

  • Value of good regulation
  • International standards (IOSCO)
  • Regional harmonisation (UCITSD, AIFMD and MiFID II)
  • Overall UK legal regime
  • Sourcebooks COLL and FUND
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Module 6 FUNDraising - sales and distribution

  • Ways of reaching potential customers
  • Distribution patterns
  • Role of platforms
  • Regulation of distribution and advice
  • Promotional methods
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Module 7 FUNDcomms - Communicating with investors

  • High level regulatory requirements
  • Prospectus and KIID requirements
  • Key investor information for UCITS and PRIIPs
  • Performance disclosure and benchmarks
  • Annual and half yearly reports
  • Telling investors about fund changes
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Module 8 FUNDinvest – managing the portfolio and constraints

  • Fund objectives
  • How objectives and asset classes intersect
  • Regulatory restrictions on investment and borrowing
  • Need for liquidity
  • Relationship between volatility and returns
  • Active versus passive and the rise of ETFs
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Module 9 FUNDworth – valuation and unit pricing

  • Why valuation is so important
  • What net asset value per unit is and how it is calculated
  • Maintaining fairness between entering, ongoing and exiting investors
  • Dual and single pricing
  • Dealing with dilution
  • Common issues in valuation
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Module 10 FUNDcost – fees and charges

  • Impact of charges and costs
  • Regulation of charges
  • Types of charges and costs paid by funds and their investors
  • Portfolio transaction costs
  • How charges are disclosed
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Module 11 FUNDops – Investor servicing and registration

  • Sales and redemptions
  • Creating and cancelling units
  • Dealing in fund units: fund management company as principal or agent
  • Deferral of redemption and suspension of dealing
  • Recording unit ownership
  • Distribution of income
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Module 12 FUNDgrow – Creating new products

  • Creating new products
  • Regulatory constraints
  • Taxation and the role of wrappers 
  • Sectors and performance
  • Pros and cons of managing open and closed ended funds
  • Achieving scale and making profits
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Module 13 FUND Assessment

  • Thirty multiple choice questions on Modules two to eleven
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