By Ray Russell
This advisor explains what mutual cash are, how they've got built and the way they're used, regulated and administered around the globe. either open-ended and closed-ended cash are defined and the diversities among the foreign markets, rather united states, Europe and united kingdom are addressed.Written by means of winning coach and advisor, Ray Russell, the cloth displays the expansion and value around the globe of mutual money as a way of making an investment in world wide monetary improvement, no matter if to construct a fund for retirement or another way. Readers will achieve a easy appreciation of Mutual money of their many kinds, advocating using the mutual fund as a smart, effective and finally worthwhile technique of funding. It covers the origins, goal, improvement, makes use of, operation and rules of mutual cash and attracts recognition to similarities and alterations among significant jurisdictions, commenting on their special gains and techniques.
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Additional info for An Introduction to Mutual Funds Worldwide (Securities Institute)
Safe but not risk-free In most countries, the regulations stipulate an important safeguard, whereby a fund’s individual holdings are to be registered in the name of an independent custodian or trustee, to ensure that investment in mutual funds is safe, in the sense that the assets cannot be misappropriated by the manager or by the investment adviser. However, this does not prevent fund prices fluctuating, reflecting the value of the underlying investments, and therefore, although ownership is secure, the value of an investment in mutual funds can fall as well as rise.
A summary level description of the current law and regulatory structure of a number of these countries follows: Australia – the first unit trust to be offered in Australia was named just that – Hugh Dalton’s Australian Fixed Trusts offering units in the First Australian Unit Trust in late 1936, when the funds industry was largely unregulated. The Australian retail funds market is now 50 AN INTRODUCTION TO MUTUAL FUNDS WORLDWIDE fully regulated under the provisions of the Managed Investments Act (MIA) and, more recently, the Financial Services Reform Act of 2001, which changed the licensing and disclosure requirements.
Plc’, ‘Ltd’, but these are rarely used, or required to be used, by unlisted investment funds structured as companies and there is no designation to identify that a fund is structured as a trust. THE MANAGEMENT OF FUNDS 29 Open-ended and closed-ended funds Whether a fund is open- or closed-ended is another feature not conveyed by the fund’s name, although the designation ‘ICVC’ is used as a suffix to the fund’s name by some UK OEIC managers, to denote a fund that is, in regulatory language, an ‘Investment Company with Variable Capital’ but this practice is not mandatory or widespread.
An Introduction to Mutual Funds Worldwide (Securities Institute) by Ray Russell