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Clearing, Settlement and Custody, 2nd Edition by David Loader

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Chapter 8

Settlement of portfolio transactions and subscription/redemption of shares and units in investment funds

Abstract

In this chapter we look specifically at the settlement of transactions in the shares and units of investment funds as well as in the portfolio of the fund.

We cover the process of offering units and shares by different types of funds, the subscription and redemption process, maintenance of the fund register, AML and KYC checks and controls as well as distributions of income when applicable.

We describe the process as seen by the transfer agent.

We also look at the settlement of trades made by the investment manager for the portfolio and the role of the fund operations team in that process including the relationship to the ...

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