Hostname: page-component-78c5997874-ndw9j Total loading time: 0 Render date: 2024-11-19T11:46:06.418Z Has data issue: false hasContentIssue false
  • English
  • Français

The Financial Management of Unit Trust and Investment Companies

Published online by Cambridge University Press:  10 June 2011

S.J.B. Mehta ,
M.G. Abbott ,
D.T. Addison ,
M. Dodhia ,
C.J. Hitchen ,
A.J. Oddie ,
M.R. Poulding  and
D.M. Riddington
S.J.B. Mehta
Affiliation:
43 Fairhazel Gardens, London NW6 3QN, U.K. Tel: +44 (0)20 7372 6335; E-mail: shyam.mehta@bnpparibas.com
Get access Rights & Permissions [Opens in a new window]

Abstract

The paper describes the application of actuarial techniques to the financial management of unit trusts and other collective investment schemes. The main features of collective investment schemes are described and the financial issues facing managers of these schemes are highlighted. The unit trust industry in particular is facing a number of potentially significant changes and the paper explores the areas in which the actuarial profession can add value to this industry.

Keywords

Collective Investment SchemesUnit TrustsInvestment TrustsOpen Ended Investment CompaniesDerivativesFinancial ManagementProfit TestEmbedded ValueAppraisal ValueInvestment Modelling
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 2 , Issue 5 , 01 December 1996 , pp. 1195 - 1253
Copyright
Copyright © Institute and Faculty of Actuaries 1996

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Association of Unit Trusts and Investment Funds (AUTIF) (1996). Press releases.Google Scholar
Burrows, R.P. & Whitehead, G.H. (1987). The determination of life office appraisal values. J.I.A. 114, 411–165.Google Scholar
Capital Gains Tax Act, 1979.Google Scholar
Datamonitor (1995). The Datamonitor guide to U.K. savings and investments.Google Scholar
Finance Acts (Various). Including FA 1990, 1994, 1995.Google Scholar
Finance Act (1984). Offshore funds legislation.Google Scholar
Financial Services Act 1986. Chapter VID as amended by various statutory instruments, and also Part 1 and Schedule 1.Google Scholar
Financial Times (1995). Unit trust yearbook 1995.Google Scholar
Foreman, A. (1996). The Allied Dunbar tax handbook, 1995–6. Longman.Google Scholar
Gardner, D. & Rains, P.F. (1995). Fund management risk control. Staple Inn Actuarial Society.Google Scholar
Goford, J. (1985). The control cycle: financial control of a life assurance company. J.S.S. 28, 99–114.Google Scholar
HM Treasury (1995). OEICs discussion papers.Google Scholar
IBC Financial Publishing and Technical Connection (1995). The international guide to taxation of life assurance and mutual funds.Google Scholar
Income and Corporation Taxes Act 1988 (ICTA 1988). Section 630, (for appropriate personal pension schemes) Section 842 (for investment trusts), Section 468.Google Scholar
Inland Revenue (1995). PEPs-plan manager's handbook.Google Scholar
Investment Management Regulatory Organisation (EVIRO). Rules on formation of a company.Google Scholar
Investment Services Directive.Google Scholar
Laker, R.J. & Squires, R.J. (1985). Unit pricing and provision for tax on capital gains in linked assurance business, J.I.A., 112, 117–161.Google Scholar
Mehta, S.J.B. (1992). Allowing for asset, liability and business risk in the valuation of a life office, J.I.A. 119, 385–455.Google Scholar
Personal Equity Plan 1989 (SI 1989/469) and amending regulations.Google Scholar
Personal Investment Authority (PIA). Rules on regulation of marketing and sales.Google Scholar
PIA Consultative Document. Disclosure rules for non-life products.Google Scholar
Professional and Business Information Pic (1995). The U.K. fund industry review & directory 1995.Google Scholar
Securities and Investments Board (SIB) (1995). OEICs discussion papers.Google Scholar
SIB (1991). Financial Services (Regulated Schemes) Regulations 1991.Google Scholar
SIB, Authorisation rules under section 78, FSA.Google Scholar
Social Security Act 1986.Google Scholar
SORP FOR AUTHORISED UNIT TRUST SCHEMES.Google Scholar
Stock Exchange. Admission of securities to listing (investment trusts).Google Scholar
Taxation of Chargeable Gains Act 1992.Google Scholar
Thomas, & Feldman, (1977). The Investment Analyst. September 1977.Google Scholar
UCITS DIRECTIVE (85/611/E.E.C).Google Scholar