Regulated Funds & Fund Managers: A Credit Perspective Workshop

FitchTraining
London, United Kingdom

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced

Course Description:

'' The goal of the one day workshop is to equip participants with a structured analytic framework for the analysis of regulated mutual funds and pension funds and fund managers. Specifically participants will be equipped to:

Distinguish key fund types and structures both locally and internationally
Identify the roles of key parties to a fund: fund manager, trustee, custodian, administrator etc and the due diligence required to assess risk management and controls
Use key performance indicators to benchmark performance and credit standing of both funds and fund managers
Understand the importance of the regulatory and supervisory framework (e.g. 1940’s Act and UCITS) and the impact of changing regulations on both mutual and pension funds
Structure exposures to funds and fund managers in order to minimise credit risks.

Target Audience
Commercial and investment banking professionals responsible for credit risk management and origination. The workshop is also appropriate for a wider audience of risk managers, consultants, bankers, regulators and other professionals who need to understand the key risk issues of the fund management industry.

This workshop can be taken alone, as part of the three day workshop Regulated Funds and Fund managers or combined with the two day workshop: Hedge Funds. Participants may also be interested in attending Credit Risk in Derivative Products.

FitchTraining offers programmes at an intermediate level and advanced level of continuing education. Although no prerequisite courses or experience is required to participate in this programme, working knowledge of financial statement analysis is required, as well as prior knowledge of the programme topic.

Content
INDUSTRY OVERVIEW
Orientation
Types of fund - pension funds; regulated mutual funds, managed accounts, closed ended funds and investment trusts, tracker and exchange traded funds (ETFs), fund of funds, master feeders, REITs etc.
Structure and legal status of funds and managed accounts
Investment strategies
Investment strategies - risk profile of strategy, policies, practices and restrictions
Traditional strategies - fixed income (money market, bond, municipals) equity and specialist funds; growth, value and balanced strategies; capital guaranteed structures
Alternative investment strategies: use of derivatives and leverage; liability driven investment (LDI) strategies for pension funds
ANALYTIC OVERVIEW
Structured approach to analysis
Purpose of transaction and sources of payback - Who is the counterparty? What assets or derivatives are being financed? How will the transaction be settled or the debt repaid at maturity?
Risk analysis - operating environment, financial fundamentals and management
Structure - risks and mitigants of the transaction
Perspectives on analysis
Fund ratings - rating agency approach, Morningstar and other ratings
Information sources - prospectus, financial statements, portfolio statements
RISK ANALYSIS
I. OPERATING ENVIRONMENT
Macro and competitive drivers
Sub-sectors of the industry - institutional, retail, wealth management
Competitive drivers - sources of advantage
Regulation and supervision
Regulation and supervision by region (focus depends on location of workshop - US: 1940’s Act; EU: UCITS; Asia: various)
Mutual fund regulations - investment and leverage restrictions, disclosure
Pension fund regulation - funded status; investment limitations,
Fund manager regulation; capital adequacy, licensing, business practices
II. FINANCIAL FUNDAMENTALS
"S": Size - reviewing size, diversification and market position of fund
"M": Market risk - volatility measures e.g. standard deviation, VaR.
"A": Asset quality - liquidity and valuation of assets, haircuts
"L": Liquidity - redemption risk on open ended funds
"L": Leverage - use of financial and derivative leverage; funded status for pension funds
"P": Performance - bench marking performance - NAV measures, information and Sharpe ratios
III. MANAGEMENT
Key parties
Roles and responsibilities of various parties: manager, trustee, directors, administrator, custodian etc.
Due diligence fund manager
Business structure - staff and organisation - experience levels; size, affiliation
Independence and controls - affiliation; conflicts of interest
Investment process - structure and implementation of portfolio management decision making
Risk management - operational, market, credit and regulatory risk
Communication - disclosure and client relationship management
Fund manager as counterparty
Purpose payback - why do fund managers borrow and how do they service debt
Risk profiles of different business models
Financial analysis
Performance measurement
Cash flow analysis
Balance sheet strength
Early warning signals of troubled credits
STRUCTURE
Structured approach - using the purpose payback model to evaluate challenging transactions
Types of risk when dealing with funds - credit, market, operational, reputation
Exposure profile - assessing the appropriateness of the structure in terms of amount, maturity etc.
Ranking - establishing and maintaining a senior position
Safeguards - documentation (e.g. ISDA) and collateral
...''

Phone:+ 44 (0) 20 7201 2770

School Address:

28 Headfort Place, London, SW1X 7DH, United Kingdom.


Jobs & Resumes: London
Houses & Roommates: London
Travel Agencies: London

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