Words

aunt flow 大姨妈。。为什么外国人也用aunt呢？

[FS]Asset Management

Managed Funds

Off-shore funds
On-shore funds

Open-end funds
Close end funds

1. Fund Management Industry in Hong Kong
Retail investors
Private investors (wealthy individuals): need prospectus
Wholesale investors

2. Paticipants
Investors (satisfy them)
Promoters (Design, develop and maintain; promote; select fund managers)
Fund managers (Set objective and strategy, define investment style, make and implement investment decisions, responsible for performance)
Trustee companies (Charge a fee)
Distributors (market to clients)
Independent financial advisors
Others: Accountants, Custodians, Fund research houses and fund rating agencies

3. Formulating the investment strategy
1) Identify the investment objective and constraints
Cash flows
Liabilities (Dividends and payment of fee)
Legal requirement （Code in Unit Trust and Mutual Funds)
Investment horizon
Risk/Return
Tax consideration

2) Asset Liability Modeling
3) Setting the Strategic Asset Allocation

4. Implementing the Portfolio
Acive approach
active return: Tactical asset allocation(Marketing time), Security selection
Passive approach
Use of Derivatives

5. Performance Monitoring