Investment funds - Operational aspects

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 from 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

Alexis is a director within PwC Luxembourg and has over 15 years of experience in the fund industry. He started his career in the audit of investment funds and has been involved in large scales advisory projects related to investment funds such as fund accounting, transfer agents, fund platform migrations and outsourcing implementations across the globe.