DIPLOMA IN FUND ADMINISTRATION

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1 PROFESSIONAL T R A I N I N G CLT INTERNATIONAL DIPLOMA IN FUND ADMINISTRATION A practical qualification for Fund Administrators with academic accreditation awarded in association with the University of Manchester Business School

2 An Introduction to the Diploma in Fund Administration The funds industry has grown extensively over the last decade but has experienced significant turbulence and change in recent months. The ability of fund professionals to adapt to current circumstances will, to a degree, determine the success of the funds. Industry change creates opportunities, but it also increases demands. The role of international fund administrators is challenging. They must ensure that the fund is being run in accordance with its published objectives and that its back-office operations are managed efficiently and effectively for the benefit of the investors. This function is becoming increasingly specialised and requires professional skills across a range of disciplines, including legal, accounting, management and investment. The Diploma in Fund Administration covers all of the major aspects of the fund industry, and in particular, the organisation and operations of hedge funds. It is designed to provide administrators with the knowledge and professional skills required to undertake the daily operations of a fund in a consistent, productive and competent manner. Designed for fund practitioners, the Diploma provides detailed knowledge and practical skills. It is a certificated, professional education programme. Awarded in association with the University of Manchester Business School, the Diploma is a benchmark qualification demonstrating excellence. The Diploma is suitable for those fund practitioners who are relatively new to the industry as well as those who already have some practical experience and want to improve their knowledge. Individuals who complete the Diploma will gain a practical insight into the funds industry and be able to fulfil their responsibilities with confidence. By drawing upon international best practice, the Diploma helps prepare fund practitioners to adapt and change to meet the challenges of a constantly evolving external environment. Key Features A degree level, certificated programme resulting in a recognised practical qualification Awarded in association with the University of Manchester Business School Comprehensive, detailed, two volume course manual Course materials written by experienced industry practitioners Extensive support and resource material Variety of study options Key Benefits Improved knowledge Better developed skills Reduced reputational and financial risk for firms Enhanced workplace performance Potential for career progression CPD/CPE hours for professional bodies Supported by Cayman Islands Fund Administrators Association (CIFAA) Who will Benefit from the Diploma? This course is of interest to all local and international fund practitioners, including those who are relatively new to funds and wish to learn more, as well as more experienced members of the fund community who would like to expand their core understanding of different facets of the industry and develop a broader expertise. Whilst the course is designed primarily for the fund administrator, it will also be of interest to legal advisers, directors of funds, accountants and other professionals in the international fund industry. Admission Requirements The Diploma in Fund Administration has a practical focus and is designed for individuals who have: A sound educational background (e.g. a degree or professional qualification), or Relevant work experience (three years) and Ability to complete the reading and written aspects of the course in English If you would like to discuss the Diploma and how it might fit with your current role and career aspirations contact CLTInternational@centlaw.com

3 Syllabus The Diploma in Fund Administration is a comprehensive educational programme that covers all of the major aspects of the fund industry and particularly hedge funds. It examines the functions performed, and the duties owed, by the key players and the importance of developing networks. With course materials that are regularly updated, the Diploma focuses on current major issues that impact upon the funds industry. By the end of the Diploma programme, you will have a clear understanding of the roles and responsibilities of the fund practitioner. Knowledge gained can be used to measure practices and tailor them to meet future challenges. Unit 1: What is a Hedge Fund? VOLUME 1 Unit 6: Unit Trusts introduces collective investment concepts and defines basic nomenclature reviews the hedge fund industry and places the modern hedge fund in an evolutionary and historical context explains what hedge funds are and concisely describes their typical characteristics considers the future prospects for the hedge fund industry Unit 2: The Regulatory Landscape defines a trust and explains why a trust is an ideal vessel for collective investment reviews the historical evolution of the unit trust analyses the validity of a modern unit trust by reference to traditional equitable principles explores the equitable and other rights of unit holders created by a unit trust Unit 7: Typical Terms of a Unit Trust Instrument This unit covers: a discussion of the principles that underpin regulation the regulatory environment onshore, with an analysis of US and European regulations the softer regulatory environment, with an analysis of sample OFC regulation types of real-world investors and how they buy into a hedge fund Unit 3: The Launch of a Hedge Fund describes the launch of a hedge fund and explains the roles of the parties involved considers preliminary issues: what sort of vehicle? Established in which jurisdiction? analyses some of the tax implications from an investor s perspective provides an overview of the legal structures of US domiciled and non- US domiciled hedge funds Unit 4: The Investment Company reviews the historical origins and critical features of a corporate entity establishes the essential requirements of a collective investment vehicle and analyses whether and to what extent these are provided by a corporate structure introduces the three sources of law governing a collective investment company: companies legislation of the state of incorporation, the articles of association and the applicable collective investment fund regulations Unit 5: The Constitution of an Investment Company reviews line-by-line the express provisions of a typical trust instrument explores the typical rights conferred upon unit holders and the corresponding duties owed by the various service providers explains the meaning of the critical express provisions and analyses their purpose and effect Unit 8: Limited Partnerships reviews the historical evolution of the limited partnership defines a limited partnership and explains why it is a suitable vehicle for collective investment explains the registration procedure explores the powers, duties and liabilities of the general partner explores the rights, duties and liabilities of the limited partners Unit 9: The Limited Partnership Agreement describes private equity and compares a private equity fund with a typical hedge fund reviews the format and content of a typical limited partnership agreement discusses in detail some of the important provisions of a typical limited partnership agreement Unit 10: Disclosure Requirements outlines the constitution of a typical homogenous investment company incorporated offshore illustrates how the constitutive documents determine internal corporate administrative practices and procedures reviews line-by-line the articles of association of an investment company reviews line-by-line the memorandum of an investment company introduces the offering document and traces its historical origins reviews the prescribed content of an offering document to comply with disclosure requirements in the US and UK reviews the disclosure requirements imposed by common law principles and explores remedies for breach reviews the disclosure requirements imposed by typical offshore regulation

4 Unit 11: Typical Terms of an Offering Document reviews the typical content of an offering document illustrates how disclosure requirements are complied with reviews line-by-line an offering document and explains critical terms Unit 1: The Investment Manager VOLUME 2 introduces the basic features of investment management and defines relevant nomenclature identifies who the investment manager is likely to be and examines typical licensing requirements illustrates how an investment manager of a collective investment fund is appointed analyses the duties owed by the investment manager, in particular - the fiduciary duty - the duty of care - contractual duties Unit 2: The Discretionary Investment Management Agreement discusses the format and typical content of a discretionary investment management agreement between an investment fund vehicle and its investment manager reviews the contractual duties and rights of the investment manager navigates through the agreement and construes some of the typical provisions Unit 3: Prime Brokerage introduces the prime broker, prime brokerage firms and the services they offer establishes how a prime broker is appointed analyses the role of the prime broker explores the relationship between a hedge fund and its prime broker Unit 4: The Prime Brokerage Agreement and other Documentation explores the contractual relationship between the hedge fund and the prime broker reviews the terms of a typical prime brokerage agreement and other contractual documentation Unit 5: The Fund Administrator introduces the fund administrator reviews how a fund administrator is chosen and by whom analyses the legal relationship between the investment fund and its administrator explores a typical Fund Administration Agreement and construes some of its critical terms introduces fund accounting, reconciliations and the NAV calculation Unit 7: Net Asset Value (NAV) Calculation shows the importance of correctly calculating a fund s net asset value considers the role played by the administrator and third-party service providers reviews the stages in the NAV calculation process highlights the importance of the administrator s independence describes the different ways of pricing an investment portfolio reviews reconciliations and control procedures explains the type and nature of fund expenses describes how the payment of performance fees can become inequitable and the mechanisms used to correct the problem reviews corporate actions and their effect on the NAV calculation Unit 8: Investment Strategies reviews classifications of funds according to investment strategy explains and illustrates the different types of investment strategies adopted by fund managers Unit 9: Group Structures for Funds and Side Pockets introduces some of the issues faced by investment funds that invite subscriptions from investors located in different legal, regulatory, currency and tax regimes reviews how such problems are solved by special group fund structures describes typical group structures, namely - mirror structures - master-feeder funds - umbrella funds outlines the prejudice caused to remaining investors by redemptions when a fund is suffering from liquidity problems describes how side pockets can alleviate the last man standing scenario and explain the effect they have upon administration Unit 10: The EU Savings Tax Directive explores the origins of the Savings Tax Directive (STD) considers the impact of the STD analyses the jurisdictional application of the STD analyses the interpretation of the STD reviews the consequences of the STD for the funds industry Unit 11: Undertakings for Collective Investments in Transferable Securities (UCITS 3) This unit covers: an overview of the UCITS Directives - regulation of funds sold across the EEA consideration of the UCITS rules compliance with UCITS the management of UCITS funds administrative and accounting procedures in relation to UCITS funds Unit 6: Bookkeeping and Fund Accounting considers what information the fund administrator is required to record explains the fundamental accounting equation explains double entry bookkeeping illustrates the importance of the general ledger explains the importance of accounting concepts and conventions illustrates the accounting treatment of different types of securities

5 Programme Delivery All delegates will receive: Comprehensive two volume course manual Course Handbook Access to a website support system Delegates have the choice of attending local workshops or studying by way of distance learning. Study Options The Diploma can be studied either by distance learning combined with face-to-face workshops or entirely by distance learning. Workshops This option comprises two three day face-to-face workshops, in your jurisdiction each with a limited number of places to maximise the learning experience. Workshops also provide an opportunity for interaction and networking. Please note that minimum numbers in any jurisdiction must be met in order for the workshops to run. Where enrolment on the workshop option does not meet the required number, you will be invited to transfer on to the distance learning option. Distance Learning This option involves independent study of the course materials without attendance at the workshops. Those who choose this option will receive additional materials covering the content delivered on the workshops and receive additional support from a tutor. Duration of Programme The Programme has been structured to allow completion within 9 months. Fees Course fees include all materials, reading texts, workshops (or distance learning materials), assessments and examination fees. Prices quoted are in US Dollars/UK Pounds (and are subject to local taxes, where applicable). For full details contact CLT International or visit Qualification Awarded The Diploma in Fund Administration is awarded in association with the University of Manchester Business School. Quality assured by the University, the programme is at honours degree level, which designates the programme as a Graduate Diploma. Furthermore, a number of universities may give credit for the work that is completed on the Diploma against degree and masters level qualifications. For further information, contact the Course Director at CLTInternational@centlaw.com How to Apply Complete the course enrolment form (enclosed or on the website) and return by fax, by or post to the address on the back of this brochure. Assessment The Diploma will be assessed by way of two written assignments (2,500-3,500 words) to be submitted at different stages of the course and an open book examination to be completed at the end of the programme. About the Parties University of Manchester Business School M a n c h e s t e r Business School is the largest campus-based business and m a n a g e m e n t school in the UK. It provides world-class business and management education to undergraduates, postgraduates, experienced practitioners and those with serious academic and research ambitions. It is an international and progressive school, delivering cutting edge business thinking and teaching, informed by the contemporary commercial environment. CLT International CLT International is part of the global CLT Group, one of the world s largest legal, banking and financial training organisations with a presence in over 30 jurisdictions around the world. PROFESSIONAL T R A I N I N G CLT INTERNATIONAL CLT International is the experienced training provider of certificated programmes leading to professional membership of organisations, including: The Society of Trust and Estate Practitioners (STEP) and the International Compliance Association (ICA). Cayman Islands Fund Administrators Association (CIFAA) The Cayman Islands Fund Administrators A s s o c i a t i o n (CIFAA) is the professional body representing fund administrators in the Cayman Islands. The Association has its own Code of Practice and is dedicated to developing highly competent fund administrators capable of providing a reliable, high quality service to clients that is unrivalled anywhere in the world. CLT International provides in excess of 7,000 training courses annually across the world.

6 CLT International Wrens Court Victoria Road Sutton Coldfield Birmingham B72 1SX United Kingdom Phone: +44 (0) VHHF63