THE EUROPEAN INVESTMENT FUND MANAGEMENT INDUSTRY - EBOOK


di: Massimo Paolo Gentili

Editore
Bancaria Editrice
Anno
2023
Pagine
364
ISBN
978-88-449-1289-5
Disponibilità
Disponibile
Prezzo Internet € 28,00
IVA esclusa 4%
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Presentazione

La gestione patrimoniale riveste un ruolo fondamentale nello sviluppo dell'economia e svolge una funzione cruciale nella vita dei cittadini e delle imprese, convogliando il risparmio verso gli investimenti. Gli ultimi dati confermano come il mercato dell’asset management, nonostante il periodo di crisi, sia in continua espansione  a conferma della fiducia che gli investitori ripongono in esso.
Il panorama europeo regolamentare in cui opera il risparmio gestito è cambiato radicalmente negli anni sotto la spinta della continua evoluzione della normativa comunitaria, imperniata su due pilastri: la Direttiva UCITS, introdotta nel 1985, e la Direttiva AIFM, introdotta nel 2011.
 
In tale contesto il volume “The European Investment fund management industry”, pubblicato in lingua inglese da Bancaria Editrice nella collana Edibank, di Massimo Paolo Gentili, fondatore della Gentili&Partners ed esperto dei principali mercati finanziari a livello europeo, fornisce una panoramica completa delle normative, dei principali assetti esistenti, delle dinamiche e delle dimensioni del settore dell’asset management in Europa.
 
La ricchezza dei contenuti, la profondità di analisi, le numerose considerazioni fanno del libro un importante strumento per conoscere l’industria del risparmio gestito in Europa.

Per i responsabili e i professional delle aree Risparmio Gestito, Legale, Studi, Normativa, ma anche per tutti gli operatori, i promotori finanziari, i consulenti e i professionisti impegnati nelle attività di risparmio gestito.
 
 

 

ABOUT THE AUTHOR
FOREWORD
INTRODUCTION
THE ASSET MANAGEMENT LANDSCAPE: AN INTRODUCTION

1. Historical background 
1.1 The origins of the asset management industry 
1.2 The modern history of the asset management industry 

2. The asset management industry: legislations and authorities 
2.1 Legislations 
2.2 Regulatory authorities 
2.2.1 European Supervisory Authorities (ESAs) 
2.2.1.1 European Banking Authority (EBA) 
2.2.1.2 European Securities and Markets Authority (ESMA) 
2.2.1.3 European Insurance and Occupational Pension Authority (EIOPA) 
2.2.2 European Systemic Risk Board (ESRB) 
2.2.3 National Competent Authorities (NCAs) 

3. The asset management industry: an overview 
3.1 Products 
3.1.1 Investment funds 
3.1.1.1 Undertakings for Collective Investment in Transferable Securities (UCITS) 
3.1.1.2 Alternative Investment Funds (AIFs) 
3.1.1.3 Investment funds investing in transferable securities 
3.1.1.4 Reserved investment funds 
3.1.1.5 Guaranteed investment funds 
3.1.2 Managed accounts 
3.1.3 Other products 
3.1.3.1 Pension funds 
3.1.3.2 Index-linked and unit-linked life insurances 
3.1.3.3 Structured products: actively managed certificates 
3.1.3.4 Securitisation vehicles 
3.2 Investors 
3.3 Managers 
3.3.1 UCITS management companies 
3.3.2 Alternative Investment Fund Managers (AIFMs) 
3.4 Economic role 
3.5 Environmental, Social, Governance (ESG) 
3.5.1 ESG developments in the EU 

4. The future of asset management 
4.1 Technological trends 

ASSET MANAGERS: UCITS MANAGEMENT COMPANIES AND ALTERNATIVE INVESTMENT FUND MANAGERS

1. Statistics 

2. Authorisation 

2.1 Authorisation of UCITS management companies 
2.2 Authorisation of AIFMs 
2.3 Personal requirements for qualifying shareholders 
2.4 Personal requirements for corporate bodies 

3. Operating requirements 

4. Functioning 

4.1 UCITS management companies: activities and functions 
4.1.1 Activities 
4.1.2 Functions 
4.2 AIFMs: activities and functions 
4.2.1 Activities 
4.2.2 Functions 
4.2.2.1 Valuation 

5. Delegation 
5.1 Delegation of the activities of UCITS management companies 
5.2 Delegation of the activities of AIFMs 

6. Business models 
6.1 The business model of “traditional” asset managers 
6.2 The business model of alternative asset managers 
6.2.1 Hedge fund managers 
6.2.2 Real estate fund managers 
6.2.3 Private equity fund managers 

7. Third-party management companies 

8. Remuneration 

8.1 Recent evolution of the European legislation in the field of remuneration in the financial sector 
8.2 Remuneration in the European asset management industry: developments under the UCITS and AIFM Directives
9.2 Criticisms

ACTIVELY MANAGED PRODUCTS: UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS)

1. Historical background

2. New regulatory proposals: UCITS VI 
2.1 Delegation 
2.2 Liquidity risk management 
2.3 Regulatory reporting 
2.4 Depositaries 

3. Statistics 
3.1 Volumes 
3.2 Domiciles 
3.3 Promoters 
3.4 Distribution markets 

4. Characteristics 

5. Eligible investments 

6. Investment limits and borrowing restrictions 

7. Compensation 
7.1 The fund industry financial ratios: the TER 

8. Structures in Luxembourg and Ireland 
8.1 Legal structures in Luxembourg 
8.2 Legal structures in Ireland 
8.2.1 Variable Capital Companies (VCCs) 
8.2.2 Irish Collective Asset-management Vehicles (ICAVs) 
8.2.3 Unit trusts 
8.2.4 Common Contractual Funds (CCFs) 

ACTIVELY MANAGED PRODUCTS: ALTERNATIVE INVESTMENT FUNDS (AIFs)

1. Historical background 

2. New regulatory proposals: AIFMD II 
2.1 Delegation 
2.2 Liquidity risk management 
2.3 Loan origination 
2.4 Marketing of non-EU AIFs 
2.5 Depositaries 
2.6 Miscellaneous 

3. Statistics 
3.1 Volumes 
3.2 Domiciles 
3.3 Focus on real estate funds 
3.4 Focus on private equity funds 
3.5 Focus on hedge funds 
3.6 Focus on funds of funds 

4. Characteristics 
4.1 Return characteristics 
4.2 Analytical characteristics 

5. Types 
5.1 Main categories 
5.1.1 Real estate funds 
5.1.2 Private equity funds 
5.1.3 Hedge funds 
5.1.4 Structured products 
5.1.5 Private debt funds 
5.1.6 Infrastructure funds 
5.1.7 Commodity funds 
5.1.8 Funds of alternative funds 
5.2 Sub-categories 
5.2.1 European Venture Capital Funds (EuVECAs) 
5.2.2 European Social Entrepreneurship Funds (EuSEFs) 
5.2.3 European Long-term Investment Funds (ELTIFs) 

6. Compensation 
6.1 Hedge funds compensation 
6.2 Real estate funds compensation 
6.3 Private equity funds compensation 

7. Structures in Luxembourg and Ireland 
7.1 Legal structures in Luxembourg 
7.1.1 Reserved Alternative Investment Funds (RAIFs) 
7.2 Legal structures in Ireland 

UCITS AND AIFs COMPARED: COMMONALITIES AND DIFFERENCES

1. Product’s life cycle 
1.1 UCITS life cycle 
1.2 AIFs’ life cycle: closed-ended funds 

2. Form 

3. Organisational structures and service providers 
3.1 Promoter 
3.2 Authorised manager 
3.3 Administrator, registrar, transfer agent 
3.4 Paying agent 
3.5 Depositary 
3.6 Distributor 
3.7 Portfolio manager 
3.8 Auditor 
3.9 Prime broker 
3.10 Valuer 
3.11 Placement agents 

4. Functioning of corporate governance and Board of Directors organisation 

5. The split of responsibilities between investment funds and managers 
5.1 UCITS common funds 
5.2 Self-managed UCITS SICAVs 
5.3 Externally managed UCITS SICAVs 
5.4 Externally managed AIFs 

6. Documentation and reporting 
6.1 For UCITS 
6.2 For AIFs 

7. Master-feeder structures 

8. Cross-border distribution 
8.1 Distribution of UCITS 
8.2 Distribution of AIFs 

9. Extraordinary transactions 
9.1 Mergers 
9.1.1 Mergers under the UCITS Directive 
9.1.2 Mergers under the AIFMD 
9.2 Liquidations

PASSIVELY MANAGED PRODUCTS: EXCHANGE TRADED PRODUCTS (ETPs)

1. Historical background

2. Definition of ETPs
2.1 Exchange Traded Funds (ETFs)
2.2 Exchange Traded Commodity & Currency (ETCs)
2.3 Exchange Traded Notes (ETNs)

3. Statistics
3.1 Focus on ETFs

4. Replication strategies
4.1 Full replication
4.2 Sampling replication
4.3 Synthetic replication
4.3.1 Fully funded swap
4.3.2 Unfunded swap
4.3.3 Counterparty risk management and containment

5. Costs
5.1 Understanding internal costs
5.2 Understanding external costs
5.3 Costs of UCITS ETFs

6. Performance
6.1 Understanding stock indices
6.2 Understanding commodity indices
6.3 Understanding currency indices
6.4 Performance of UCITS ETFs

7. Dealing arrangements

CONCLUSIONS
THOUGHTS FOR FRIENDS
ANNEX I - ASSET MANAGEMENT ASSOCIATIONS
ANNEX II - LIST OF ACRONYMS USED IN FINANCIAL SERVICES LEGISLATION
BIBLIOGRAPHY