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Business Strategy


Asset management business models need to be well considered and robust. They need to reflect carefully thought out business objectives and define how these are to be implemented. 


Strategic imperatives for business success include:

  • A clear operating business model

  • Clear definition of the target market(s) and client base

  • High quality investment, distribution and operational platforms

  • An organisational structure to reflect the operating business model

  • Implementation of an operational plan based on sound objectives

  • Effective communication of the business aims, both  internally and externally







Service Providers

The management process for a mutual fund is a team effort and the promotor needs to take care in selecting partners to assist in this process.


  • Lawyers

  • Auditors

  • Custodian

  • Prime Broker

  • Administrator

  • Registrar & Transfer Agent

  • Listing Agents



Fund Domicile


The choice of domicile for a fund can be very important particularly when considering the investment objectives and policy to be followed by a fund and the way in which investment restrictions may beapplied.


Certain domiciles are favoured by promotors and investment mangers offering retail funds. Others are more relevant for fund promoters and investment managers offering alternative investment products.


Should fund promotors or managers seek to list their funds on a recognised stock exchange, the choice of domicile again becomes important.


Regulators in the different domiciles also have different attitudes to the provenance of the fund promotor and investment manager.


Product structurers are faced with a varity of choices when deciding where to domicile an investment fund.  Popular locations include:


  • Luxembourg

  • Dublin

  • Bermuda

  • Cayman Islands

  • Channel Islands

Product Features


The formal presentation of a fund to investors is through a Prospectus or Offering Circular. The fund promotor needs to give careful thought in preparing this document which defines, inter alia, the investment focus of a fund, its management and administration, charges and fees and the way that investors are handled. Areas that need to be addressed include:


  • Investment Objectives & Policy

  • Investment Restrictions

  • Borrowing Policy

  • Leverage Policy

  • Hedging Policy

  • Subscription & Redemption arrangements

  • Dividend Policy

  • Risk Factors

  • Third Party Fees

  • Use of Derivative Instruments

  • Management & Performance Fees




Product Development


Asset managers have a wide selection of structures that can be used to deliver their investment offerings to their clients.


These include the choice between open-ended and closed-ended funds, the use of multi share class (umbrella) or single share class funds and the suitability of a corporate or unit trust type structure. Further, there is the decision as to whether a fund needs to be listed on a stock exchange.


There are a number of areas that asset managers need to consider, including:


  • Investment focus

  • Product domicile

  • Service providers

  • Product features

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