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The origin of
generic funds
INVESCO Benelux 2
The origin of the funds
• The management of a portfolio means managing of a
risk inherent to the instrum...
INVESCO Benelux 3
• A good investment is expensive, therefore pooling of
funds is a great idea
• Fund selection would comp...
INVESCO Benelux 4
Key concepts
UNDERTAKING OF COLLECTIVE INVESTMENTS (UCIT)
•The investment policy
•The investment strateg...
Policy means:
• The key decision as to the volatility of the investment
and the expected return
• The most important decis...
Strategy means:
• Determining the optimal way to reach objectives with a
given policy
• The basis for a floor and ceiling ...
Tactical allocations means:
• The adjustments to the percentages of investments will
depend upon:
– The economic indicator...
Promotor
Management
company
-Initiator of the investment
(idea, concept, and so on..)
-Market analysis
-Selection of inves...
Domiciling
Agent
Accounting
Agent
-Publication and
« control » of the
prospectus
-Notification of likely
amendements to th...
-Execution of orders of
shareholders (purchases,
repurchase, transfers)
-Responsible for the UCI’s
account to identify the...
INVESCO Benelux 11
The pro’s and con’s of funds
• Advantages
– Professional
management
– Spreading costs
– Spreading asset...
INVESCO Benelux 12
The classification of funds
• According to the investment policy
• In line with the distribution policy...
13
Three steps in market research
(1)
Customer profiling
(2)
Product profiling
(3)
A perfect match
at the right price
Cons...
MIFIDMIFID
• Adequacy
Suitability Appropriateness
Services Advise Customer’s
request
Products All products Complex
product...
MIFIDMIFID
• Adequacy
Suitability Appropriateness
Investment
objective
Conform
customers
objectives
Knowledge
Experience
A...
16
ABNAMRO
17
(1) Customer profiling
• How much time do you want to spend on your
investments?
• How much have you put aside for unfo...
18
(1) Customer profiling
• What do you intend to do with the capital
appreciation?
• Over how many years do you plan to c...
19
(1) Customer profilingConsumer analysis – Investment products
20
Three steps in market research
(1)
Customer profiling
(2)
Product profiling
(3)
A perfect match
at the right price
Cons...
21
(2) Product profilingConsumer analysis – Investment products
22
(2) Product profilingConsumer analysis – Investment products
23
contact@rogerclaessens.be
24
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The Origin of Generic Funds

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The Origin of Generic Funds

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The Origin of Generic Funds

  1. 1. The origin of generic funds
  2. 2. INVESCO Benelux 2 The origin of the funds • The management of a portfolio means managing of a risk inherent to the instrument and the risk inherent to the market. • The answer to the first challenge is diversificationdiversification • The answer to the second challenge is allocationallocation
  3. 3. INVESCO Benelux 3 • A good investment is expensive, therefore pooling of funds is a great idea • Fund selection would comprehend – Balance sheet analysis – Knowledge about management – Understanding of the commercial strategy – Industry / sector knowledge ,... The origin of the funds
  4. 4. INVESCO Benelux 4 Key concepts UNDERTAKING OF COLLECTIVE INVESTMENTS (UCIT) •The investment policy •The investment strategy •Tactical allocations (Prospectus & compliance)
  5. 5. Policy means: • The key decision as to the volatility of the investment and the expected return • The most important decision in function of the profile of the customer • Capital preservation, capital appreciations, dividend stream,...
  6. 6. Strategy means: • Determining the optimal way to reach objectives with a given policy • The basis for a floor and ceiling for the tactical changes • cash, bonds, shares, other investments, foreigncash, bonds, shares, other investments, foreign currencies, mature versus emerging markets,currencies, mature versus emerging markets,
  7. 7. Tactical allocations means: • The adjustments to the percentages of investments will depend upon: – The economic indicators – The financial analysis – The market analysis – The trend analysis – Mass psychology – All sort of reasons
  8. 8. Promotor Management company -Initiator of the investment (idea, concept, and so on..) -Market analysis -Selection of investment consultants, investment managers, brokers, lawyers, auditors, depository bank, transfer agent, distributor, custodian) -Board -Management contract with the UCI -Invests in fonction of the investment policy as discribed in the prospectus -Manages on a daily basis the investement portfolio -Shares -Bonds -Commercial paper -Term deposits -Derivatives -Other UCITs -Real Estate -Securities … Functions and responsibilities
  9. 9. Domiciling Agent Accounting Agent -Publication and « control » of the prospectus -Notification of likely amendements to the rules of incorporation -Advertising documents for the customers -Calling of board and shareholders meetings -Financial reporting to the shareholders -Payment of expenses and taxes in relation to the domiciliation of the UCI -UCI’s accounting -UCI’s evaluation at latest quotation -Daily Net Inventory Value computation -Report and accounts as well as profit and loss statements Custody Agent -Compulsorily a bank incorporated under Luxembourg law autorised to exercise that type of actvity -Responsibility to know how and where funds are invested in line with going rules -Accounting for transactions, commissions, brockerage, and so on -Executing payments -Providing a surveillance of the activity of the fund The different functions Registration Agent -Registration of purchases of shares, repurchasing and transfers
  10. 10. -Execution of orders of shareholders (purchases, repurchase, transfers) -Responsible for the UCI’s account to identify the purchaser of shares -Accounting of orders -Accounitng of transactional cost and commissions -For nominative shares the inscription in the registry, for bearer shares, payment instructions Transfer Agent D I S T R I B U TORS SURVEILLANCE External audit Authorities I N V E S T ORS Tasks and functions
  11. 11. INVESCO Benelux 11 The pro’s and con’s of funds • Advantages – Professional management – Spreading costs – Spreading assets – Success breads followers – Technology – Authority's supervision • Disadvantages – Cost, commissions – Management might not respect the strategy – Weak performance – Too aggressive management – Liquidation of the fund
  12. 12. INVESCO Benelux 12 The classification of funds • According to the investment policy • In line with the distribution policy • In line with customer profiling • Based on the Net Inventory Value (NIV) • Major families of funds – Share funds – Bond funds – Mixed funds – Hedge funds – Dedicated funds (EIF) – Funds of funds
  13. 13. 13 Three steps in market research (1) Customer profiling (2) Product profiling (3) A perfect match at the right price Consumer analysis – Investment products
  14. 14. MIFIDMIFID • Adequacy Suitability Appropriateness Services Advise Customer’s request Products All products Complex products Customers Esp. Retail Retail
  15. 15. MIFIDMIFID • Adequacy Suitability Appropriateness Investment objective Conform customers objectives Knowledge Experience All products All products Financial capacity Professional and retail Professional and retail
  16. 16. 16 ABNAMRO
  17. 17. 17 (1) Customer profiling • How much time do you want to spend on your investments? • How much have you put aside for unforeseen events? • What asset loss would be acceptable? • Do you have a well defined goal for your investments? • What would be your preferred risk/return ratio? Consumer analysis – Investment products
  18. 18. 18 (1) Customer profiling • What do you intend to do with the capital appreciation? • Over how many years do you plan to constitute a capital appreciation? • What do you think about investments in risk prone assets such as shares and funds? • What return would you find appropriate? • How would you react if you would loose about 10% of your investment? Consumer analysis – Investment products
  19. 19. 19 (1) Customer profilingConsumer analysis – Investment products
  20. 20. 20 Three steps in market research (1) Customer profiling (2) Product profiling (3) A perfect match at the right price Consumer analysis – Investment products
  21. 21. 21 (2) Product profilingConsumer analysis – Investment products
  22. 22. 22 (2) Product profilingConsumer analysis – Investment products
  23. 23. 23
  24. 24. contact@rogerclaessens.be 24

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