Tài liệu miễn phí Quỹ đầu tư
Download Tài liệu học tập miễn phí Quỹ đầu tư
European Investment Fund 2011
Typically, Business Angels take minority stakes; according to the study, only 5% of the BA financed companies have majority participations of Business Angels. Slightly more than 50% received financing at or before creation. Almost one third received support 3 years after creation - this means that Business Angels do not only finance companies in the seed and start-up, but also in the expansion phase. Table 2 below shows the attributes of companies with Business Angel or/and VC support. The authors surveyed 3,000 companies of the formation cohort 2001-2005 in the fields of high- tech/high-quality tech and tech-oriented services. The comparison between...
8/30/2018 2:40:15 AM +00:00
usiness Angels in Germany EIF’s initiative to support the non-institutional financing market
The information in this working paper does not constitute the provision of investment, legal, or tax advice. Any views expressed reflect the current views of the author(s), which do not necessarily correspond to the opinions of the European Investment Fund or the European Investment Bank Group. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents, including other research published by the EIF. The information in this working paper is provided for informational purposes only and without any obligation. No warranty or representation is made as to the correctness, completeness and...
8/30/2018 2:40:15 AM +00:00
Threadneedle Investment Funds IV ICVC – Retail Class
One of the most fundamental Dodd-Frank changes affecting private funds is the elimination of the “private advisers” exemption from registration with the SEC as an investment adviser (also known as the “15-client” exemp- tion). In its place, Dodd-Frank created several new, but less comprehensive, exemptions, with the result that most U.S. fund managers with $150 million or more in assets under management will need to register with the SEC, and most fund managers that also have non-fund clients (such as separately managed accounts) will need to reg- ister with the SEC or a state. Those changes are discussed in a separate article...
8/30/2018 2:40:15 AM +00:00
UK FAST START CLIMATE CHANGE FINANCE - 2012
Originally, several provisions under Dodd-Frank con- cerning swaps would have taken effect on July 16, 2011, but since such provisions required the SEC and CFTC to implement fi nal rules, that date was not achievable. 6 The effective date of most provisions was consequently delayed until December 31, 2011 or until new rules be- come effective, if earlier. 7 Importantly, any provision that references “swap,” “security-based swap,” “swap dealer,” and “major swap participant” is delayed because these defi nitions have not yet been fi nalized. 8 Once fi nalized, these provisions will set forth most of Dodd-Frank’s most stringent operating requirements. ...
8/30/2018 2:40:15 AM +00:00
Summary of the Co-Chairs Joint Meeting of the CTF and SCF Trust Fund Committees
Dodd-Frank provides for the comprehensive regula- tion of swaps and requires “swap dealers” and “major swap participants” to register with regulators. 3 As many private funds engage in various types of swaps and derivatives transactions, private fund managers will need to determine if their funds are captured by these new cat- egories, which would then require registration and com- pliance with numerous new compliance requirements. Since many of the rules and defi nitions have only been proposed and not fi nalized, however, it is not possible to make any fi nal determinations at this time....
8/30/2018 2:40:15 AM +00:00
Tax Guide 2012: 2011–12 Tax Return Information Statement Guide
Additionally, Dodd-Frank imposes mandatory clear- ing and trade execution requirements on most standard- ized swaps. 4 Prior to the implementation of Dodd-Frank, over-the-counter swaps were largely unregulated. The terms of many swaps were negotiated between eligible contract participants and not materially impacted by Commodity Futures Trading Commission (“CFTC”) or SEC regulations. However, Dodd-Frank brings all swaps under CFTC or SEC regulation. 5 This article provides a brief overview of the new regulations....
8/30/2018 2:40:15 AM +00:00
TD Mutual Funds Annual Financial Report
Excluded from the defi nition of “swap dealer” are entities entering into swaps for their own account and “not as part of a regular business.”16 Accordingly, it is likely that many private funds would be excluded from the defi nition, in the same way that private funds are generally considered to be “traders” and not “dealers” under Section 3(a)(5) of the Exchange Act because they buy and sell securities for their own account and not as part of a regular business. Additionally, a person or entity that engages in a de minimis quantity of swap dealing is not...
8/30/2018 2:40:15 AM +00:00
Overseas Private Investment Corporation Investment Funds Program
Even if an entity otherwise holds a “substantial position” in swaps, it would not qualify as a major swap participant if those positions are held for “hedging or mitigating commercial risk,” among other exceptions. 20 However, the proposed defi nition of “hedging or mitigat- ing commercial risk” would exclude swap positions held for speculative purposes. 21 As most private funds would presumably be deemed to be holding their swap positions for speculative purposes, that exclusion is unlikely to apply to them. However, depending on the fi nal defi ni- tions of “substantial position” and “substantial counter- party exposure,” it is likely that only very...
8/30/2018 2:40:15 AM +00:00
Issue 95 – Regulatory and Tax Developments in August 2012
Dodd-Frank requires that most swaps be cleared through a regulated clearinghouse if the clearinghouse accepts the swap for clearing. Under the proposed rules, all non-exempt swaps (i.e., swaps that are not subject to the “End User” exception discussed below) are generally expected to be subject to clearing and exchange trading requirements. 23 Additionally, swaps approved for clearing must be traded on a registered exchange approved by the applicable regulator (i.e., the CFTC or the SEC, depend- ing on the type of swap), unless no registered exchange accepts the swap for trading. 24 Dodd-Frank creates an exception from mandatory clearing and exchange trading for “End-Users.”25...
8/30/2018 2:40:15 AM +00:00
Issue 87 – Regulatory and Tax Developments in December 2011
Section 619 of Dodd-Frank (the “Volcker Rule”) generally prohibits any banking entity, including affi liates of banks, from the following (all of which are subject to a number of exceptions): (i) engaging in, sponsoring or investing in a “covered fund” (e.g., a hedge fund, pri- vate equity fund, and numerous other private funds and pooled investment vehicles), and (ii) having certain rela- tionships with a covered fund. 33 Additionally, the Volcker Rule places further restrictions on banking entities and their affi liates from serving as an investment adviser to a private fund. 34 The Volcker Rule also prohibits banking entities from engaging...
8/30/2018 2:40:15 AM +00:00
Issue 89 – Regulatory and Tax Developments in February 2012
The Volcker Rule prohibitions come into effect on July 21, 2012, regardless of whether the regulations are fi nal- ized by that point. 37 Banking entities have a further pe- riod of two years from the effective date to comply with the Volcker Rule. 38 Additionally, regulators may, upon application by any banking entity, extend the transition period for the requesting banking entity (i) for up to fi ve years (which is in addition to the two year transition pe- riod), 39 and (ii) to the “extent necessary to fulfi ll a contrac- tual obligation that was in effect on May 1, 2010” to...
8/30/2018 2:40:15 AM +00:00
Issue 84 – Regulatory and Tax Developments in September 2011
A banking entity may generally organize or offer a covered fund if, among other things, it (i) owns not more than 3% of the total ownership interests in any single fund within one year after establishment; 46 and (ii) invests an aggregate amount not exceeding 3% of the banking entity’s Tier 1 capital (i.e., the bank’s regulatory capital) in covered funds as a whole. 47 There is an exception to the 3% rule to allow the banking entity to make a seed investment in a fund (in which case it can own 100% of the fund), 48 provided that within one year of...
8/30/2018 2:40:15 AM +00:00
Issue 97 – Regulatory and Tax Developments in November 2012
A banking entity may invest in or sponsor a covered fund if (i) the banking entity is not directly or indirectly controlled by a U.S. banking entity; 53 (ii) the banking en- tity is a “foreign banking organization,” or, if not a foreign banking organization, meets at least two of the following tests: (a) total non-U.S. assets exceed total U.S. assets; 54 (b) total non-U.S. revenues exceed total U.S. revenues; 55 and (c) total non-U.S. income exceeds total U.S. income; (iii) no ownership interests in the covered fund are of- fered or sold to a U.S. resident, 56 and (iv) the investment or sponsoring occurs solely outside the U.S. ...
8/30/2018 2:40:15 AM +00:00
Issue 88 – Regulatory and Tax Developments in January 2012
A banking entity may acquire or retain an owner- ship interest in a covered fund for hedging purposes if the acquisition or retention of the ownership interest meets specifi ed criteria. Among other things, the hedging activity must (i) be made in accordance with the banking entity’s internal controls (which must comply with certain requirements); 58 (ii) be performed by persons whose compensation arrangements are not designed to reward proprietary risk-taking; 59 and (iii) be made in connection with liabilities of the banking entity that are (a) conducted on behalf of a non-banking entity customer to facilitate exposure by the customer to...
8/30/2018 2:40:15 AM +00:00
Issue 90 – Regulatory and Tax Developments in March 2012
Subject to a number of exceptions, fund managers that are SEC-registered investment advisers may not charge any type of performance fee or carried interest to their fund investors. 72 Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), allows registered fund managers to charge such fees to “qualifi ed clients.”73 Rule 205-3 historically defi ned “qualifi ed clients” as clients with at least $750,000 in as- sets under management or a net worth of at least $150 million. Pursuant to Dodd-Frank, the SEC has recently adjusted these thresholds to $1 million and $2 million,...
8/30/2018 2:40:15 AM +00:00
Issue 91 – Regulatory and Tax Developments in April 2012
Rule 506 is a “safe harbor” for the private offering exemption of Section 4(2) of the Securities Act. 76 Pursuant to a specifi c Dodd-Frank mandate, the SEC has proposed a rule to disqualify issuers (which would include private funds) from using Rule 506 for any securities offerings involving “felons and other bad actors.”77 The “bad boy” disqualifi cation would prohibit private funds from relying on Rule 506 if the fund, any general partner or managing member of the fund, the fund’s placement agent, any 10% owner of the fund, or certain other par- ties, have engaged in any “bad...
8/30/2018 2:40:15 AM +00:00
Issue 92 – Regulatory and Tax Developments in May 2012
Dodd-Frank includes a number of provisions requir- ing increased reporting by private fund managers. Pursu- ant to Dodd-Frank, the SEC, in its recent amendments to Form ADV, added a number of items concerning detailed disclosure of various information concerning private funds managed by the registered adviser. In addition, pursuant to a Dodd-Frank mandate that the SEC require private fund advisers to fi le reports for the assessment of systemic risk by the Financial Stability Oversight Council, the SEC has proposed, but not fi nalized, a new Form PF, 79 which will apply to most registered private fund advis- ers, with additional reporting required...
8/30/2018 2:40:15 AM +00:00
Issue 93 – Regulatory and Tax Developments in June 2012
Opportunity funds have delivered higher returns than core funds over the period 2003-2009. While core fund returns have been especially disappointing, deeper analysis suggests that the additional returns delivered by the opportunity funds may not be adequate to compensate investors for the significantly higher levels of risk taken by fund managers to achieve these returns. With highly significant levels of 'beta' calculated in the opportunity fund samples and the closeness of the observed returns to hypothetical geared returns, the research found that opportunity fund returns over this period have been driven primarily through pure leverage and at a cost of huge risk to the investor....
8/30/2018 2:40:15 AM +00:00
Issue 78 – Regulatory and Tax Developments in March 2011
There is some evidence of ‘alpha’ being generated by fund managers through 'skilful transaction activity and asset management. Opportunity fund managers also appear to have generated superior returns through controlling the timing of the buying and selling of assets, although, with performance fees generally charged on IRRs rather than time-weighted returns, it is open to debate as to whom this benefits more - the investor or the fund manager. Generally, core funds were found to have much higher levels of market risk than expected as the sample was found to have a higher than expected beta of 1.61. The research found that core funds have failed...
8/30/2018 2:40:15 AM +00:00
Have property funds performed? A ULI Europe Policy & Practice Committee report
Since the mid 1990s there has been a significant growth in the aggregate size and number of global property funds, largely fuelled by the investment of significant capital from institutional investors. This falls into two broad types: the 'core' universe and the 'opportunity' universe. This growth has seen fund managers launching new funds and raising more capital at a time when many have been unable to show clear evidence that their funds have provided historic out-performance against market benchmarks or performance objectives. Despite the lack of transparency/clarity as to how well funds perform compared to their peer group and/or the direct market, many fund management houses have...
8/30/2018 2:40:15 AM +00:00
IRISH STOCK EXCHANGE - INVESTMENT FUNDS 2012
In a more challenging, mature, and increasingly transparent market, this is unlikely to continue to be the case as it is increasingly possible to assembl performance records. Investors are becoming more assertive, and regulations/directives are playing an increasingly important role in the need for disclosure and accountability. The question of how manager performance is rewarded is therefore a key issue for the industry: do performance-related fees, for example, adequately distinguish between risk taking (higher beta) and genuine skill/out-performance (alpha)? ...
8/30/2018 2:40:15 AM +00:00
Dodd-Frank Act Changes Affecting Private Fund Managers and Other Investment Advisers
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), 1 which was signed into law on July 21, 2010, fundamentally changes a number of areas affecting private funds, including the regulation of swaps, a new restriction on the ability of banking entities to sponsor or invest in private funds (the “Volcker Rule”), and new reporting requirements for fund managers. This article discusses those changes, as well as more minor changes affecting the accredited investor defi nition, the qualifi ed client defi nition and Rule 506 disqualifi cations....
8/30/2018 2:40:15 AM +00:00
MARKAZ SECTOR REPORT GCC ASSET MANAGEMENT - 2011
The focus of this study is exploring determinants of mutual fund growth as its impressive growth, Compound Annual Growth Rate (CAGR) of 16.97%. As documented by Ramasamy and Yeung (2003), growth of mutual fund industry among emerging markets is expected to grow at the rate of double digit by 2030. There are extensive research collections of U.S. mutual fund or US funds investing in emerging markets i.e., Sharpe (1966), Petersen (2001), Kaminsky et.al (2001), and Ramasamy and Yeung (2003). However, research on emerging mutual funds and their determinants is still limited. ...
8/30/2018 2:40:15 AM +00:00
PENSION FUNDS: KEY PLAYERS IN THE GLOBAL FARMLAND GRAB
This study is distinct from pervious studies in two folds. Firstly, this study fills the gap of limited research on emerging mutual funds. Secondly, this study explores determinants of mutual fund growth at the asset management corporation level. Research on emerging market mutual funds are performed at mutual fund level. Nazir et.al (2010) assessed determinants of mutual fund growth focusing on equity funds in Pakistan. Analysis of Thai mutual fund industry and competitive situation are elaborated in section 2. Data, model, and methodology are discussed in section 3. The last section concludes the paper together with comments and policy...
8/30/2018 2:40:15 AM +00:00
Vietnam Investment Funds Review of Private Equity exits
Four major types of mutual funds offered by Thai AMCs are fixed income, equity, mixed, and property funds. Table 3 exhibits size (in million Baht) and proportion of each fund type offered by asset management corporations in Thailand. Two types of fund dominate asset management industry in Thailand namely, fixed income and equity funds. Fixed income funds outweigh other types of funds by having the largest amount of asset under management (AUM) with drastic growth from 640 billion Baht in 2006 to 1.23 trillion Baht in 20103 . The interpretation is that the impressive growth of Thai mutual fund industry is...
8/30/2018 2:40:15 AM +00:00
Guide to CISX Listing of Investment Funds in Jersey
AUM of the equity funds increased nearly three folds from approximately 99 billion Baht in 2006 to 261 billion Baht in 2010. Unlike developed capital markets, proportion of equity funds to total asset under management of the industry in Thailand is stable around 11% and 15% in 2006 and 2010. Higher value of asset under management of equity funds can be decomposed into two factors, which are valuation and new flow factors. As Thai stock market index (SET) had increased from the vicinity of 700 points in 2006 to the level of 1,000 points in 2010, higher value in equity...
8/30/2018 2:40:15 AM +00:00
HOW TO START A HEDGE FUND IN THE EU 2012
Equity and fixed income funds play an important role for the impressive Thai mutual fund growth. With an in depth analysis, we found two major facts. Firstly, Thai mutual fund industry is concentrated in fixed income mutual funds especially short-term money market funds. Secondly, approximately 50% of the AUM invested in Thai equity mutual funds are from LTF and RMF or growth in equity mutual funds is affected by tax incentive. Further in depth analysis aiming at indicating reasons of product concentration on fixed income funds and how tax incentive help increase AUM of equity funds is performed by categorizing...
8/30/2018 2:40:15 AM +00:00
How the Dodd-Frank Act Should Affect Mutual Funds, Including Money Market Funds
As documented in both panels of Table 5, AMCs related to large Thai commercial banks (LBs) dominate mutual fund industry. Large AMCs associated with Thai commercial banks (LBs) have largest market share in both fixed income and equity funds. For equity mutual funds, LBs possess 38.13% market share in 2006 and their market shares grow to 52.79% in 2010. The same pattern of high growth in market share of LB is also found for fixed income mutual funds, 58.14 to 2006 to 75.82% in 2010. Strong distribution channel of commercial bank is one of the mutual growth determinants. As commercial...
8/30/2018 2:40:15 AM +00:00
2012 Instructions for Schedule D
Large proportion in total equity AUM is asset under management of LTF and RMF-equity funds as documented in Table 4 Panel A. LBs have largest market share in LTF and RMF-equity throughout 2006 to 2010. LTF and RMF-equity market shares of LBs have grown from 51.25% in 2006 to 67.96% in 2010. LTF and RMF-equity gain their popularity via commercial bank distribution channels as indicated in the last column of Table 6. Market share of all AMCs related with commercial banks (BR) increased from 73.71% in 2006 to 87.02% in 2010. The findings lead to the conclusion that distribution...
8/30/2018 2:40:15 AM +00:00
Fund administration in Ireland survey 2012 Managing uncertainty
To conclude this section, given full financial services of commercial banks, AMCs associated with commercial banks (BR) dominate mutual fund industry in Thailand. Three determinants of mutual funds growth besides funds performance are distribution channel, reputation of parent company, and effective communication between potential investor and fund representative. Therefore, asset management companies with better distribution channels, better access to clients through a bank's nationwide branches, and more efficient complete financial services from their parent companies have the advantage. Possessing the three determinants, a company can grab bigger market shares in both fixed income and equity funds through cross selling....
8/30/2018 2:40:15 AM +00:00