Investment funds - Operational aspects

• Any person willing to better understand operational aspects from a NAV standpoint.

Investment funds are one of the major industries in Luxembourg. Part of our investment funds series and in the continuity of the module "Investment funds - Introduction and market data", this course will cover the operational aspects of funds with a fund accounting perspective.

• By the end of this training, participants will be able to understand how to calculate a net asset value (NAV) and surrounding concepts.

• What is an investment fund?
• Portfolio of assets
• Fund structure: umbrella vs single fund
• Fund structure: share classes
• Asset pooling for funds
• Determination of net asset value
• Accounting specificities of investment funds
• Value of shares/units
• NAV calculation – Balance sheet and P&L
• NAV per share/unit
• NAV errors and circular 02/77
• Fund accounting: actor in charge of NAV calculation
• Subscription and redemption of fund shares/units at unknown price
• Swing pricing

This training is coordinated by Alexis Bouly, Director at PwC Luxembourg.

• Alexis Bouly is a director with extensive experience in Luxembourg’s financial sector since 2008, specialising in supporting banks and asset servicers through their transformation journeys. With a background as a former auditor, Alexis possesses deep expertise in data, reporting, and regulatory frameworks, enabling detailed operational and compliance analysis. He has led digital transformation initiatives, including Robot Process Automation for fund administration, and managed multiple offshoring projects within securities services. Alexis has overseen post-NAV control framework revamps, financial statement reviews, and MIS reporting for major reinsurance clients. His project management experience spans TA and FA migrations alongside business-as-usual event coordination for leading European fund service providers.