A case study of establishing a collective investment fund in Hong Kong.

• Other Authors: Chi, Chun Hung Michael.
• Format: Others
• Language: English
• Published: Chinese University of Hong Kong 1995
• Subjects: Mutual funds; Mutual funds > China > Hong Kong
• Online Access: http://library.cuhk.edu.hk/record=b5888294; http://repository.lib.cuhk.edu.hk/en/item/cuhk-318299

by Chi Chun Hung, Michael, Lo Kwai Sang, Dennis. === Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. === Includes bibliographical references (leaves 101-103). === ABSTRACT --- p.iii === TABLE OF CONTENTS --- p.vi === LIST OF TABLE --- p.ix === PREFACE --- p.1 === Chapter CHAPTER I --- INTRODUCTION --- p.3 === Scope of Study and Topics for Discussion --- p.4 === Research Methodology --- p.5 === Chapter CHAPTER II --- SOME CONCEPTS ON COLLECTIVE INVESTMENT --- p.6 === Definitions of Collective Investment --- p.6 === Functions of Collective Investment --- p.6 === Professional management --- p.7 === Risk diversification --- p.7 === Liquidity and savings of transaction costs --- p.7 === Entry to Overseas Markets --- p.8 === Regulations and Disclosure --- p.8 === Record Keeping --- p.9 === Challenges to CIS --- p.9 === The Product --- p.10 === Chapter CHAPTER III --- THE COLLECTIVE INVESTMENT FUND MARKET IN HONG KONG --- p.13 === The Developments Of The Equity Market In Hong Kong --- p.13 === A Brief History Of The Hong Kong Stock Market --- p.13 === Capital Raising At The Stock Market --- p.15 === Regulatory Environment --- p.16 === Market Size & Growth Of CIS --- p.20 === Market Development --- p.20 === Boom and Bust in the Past Two Years --- p.21 === Market Prospects --- p.24 === Near Future --- p.24 === Competition --- p.25 === Distribution --- p.27 === Chapter CHAPTER IV --- THE STRUCTURE OF COLLECTIVE INVESTMENT SCHEMES --- p.28 === Mutual Fund Vs Unit Trust --- p.28 === Open-end Vs Closed-end Funds --- p.29 === Constituents of a CIS --- p.31 === Trustee/Custodian --- p.31 === Investment Advisor --- p.32 === Fiduciary Duty and Conflicts of Interest --- p.32 === Chapter CHAPTER V --- THE REGULATORY ENVIRONMENT IN HONG KONG --- p.34 === Authorization --- p.35 === The Fit and Proper Rule --- p.37 === Fund Manager --- p.37 === Trustee/Custodian --- p.38 === Information Disclosure --- p.39 === Constitutive Document --- p.39 === Offering document --- p.40 === Continuing Obligations --- p.41 === Promotion --- p.42 === Investment Restrictions --- p.42 === Conflicts of Interest --- p.43 === Tax --- p.44 === Recognized Jurisdictions --- p.45 === Specialized Funds --- p.45 === Private Offerings --- p.46 === Registration --- p.46 === Fees --- p.48 === Recent Deregulatory Changes --- p.48 === Chapter CHAPTER VI --- A COMPARISON WITH OTHER JURISDICTIONS --- p.50 === Protection of Investors --- p.50 === Restrictions on Funds Promotion --- p.51 === Regulations of Operators --- p.54 === Restrictions on Types of Investment --- p.56 === Investment Limits --- p.57 === Reporting and Supervision --- p.59 === Administration --- p.60 === Authorization of Overseas Funds --- p.61 === Chapter CHAPTER VII --- FUND ECONOMICS --- p.65 === Revenues For A Manager --- p.65 === Front end fee --- p.65 === Back End Fee --- p.66 === Management Fee --- p.67 === Performance Fee --- p.67 === Rebate From Brokers --- p.70 === Costs to Fund Investors --- p.73 === Transaction Costs --- p.74 === Trustee/Custodian Fees --- p.75 === An Illustration of the Costs to the Fund Investors --- p.76 === Break-Even Analysis For A New Fund House --- p.77 === Chapter CHAPTER VIII --- OPERATING ISSUES --- p.79 === Performance --- p.79 === Herd instincts --- p.79 === Operating Scale --- p.80 === Chapter CHAPTER IX --- CONCLUSIONS --- p.82 === TABLES --- p.84 === APPENDIX 1 AN EXAMPLE OF PRICE QUOTES --- p.93 === APPENDIX 2 RECOGNIZED JURISDICTION SCHEMES --- p.94 === APPENDIX 3 SCHEDULE OF FEES PAYABLE TO THE SFC --- p.95 === APPENDIX 4 AMENDMENTS TO THE CODE ON UNIT TRUSTS AND MUTUAL FUNDS --- p.96 === APPENDIX 5 QUOTATION OF CUSTODIAN BANK CHARGES (BANK A) --- p.98 === APPENDIX 6 QUOTATION OF CUSTODIAN BANK CHARGES (BANK B) --- p.100 === BIBLIOGRAPHY --- p.102