Characteristics, functioning and investment process

Course objectives

  • Understand the legal and regulatory framework of UCITS
  • Knowing the working procedures of UCITS
  • Control the management of investment portfolios within the UCITS
Course content

Fundamental characteristics of the UCITS

  • Definition and objectives of the UCITS
  • The UCITS in an accounting approach
  • Typology of the UCITS families in the French law
    • Approved funds available to all
    • Approved funds intended for certain investors
    • Non-approved funds
  • Main UCITS in European law

Case Study: Trends in the UCITS industry in France and Europe

Legal and regulatory framework of UCITS

  • Production of law and regulations applicable to UCITS in France
  • Structures supervising UCITS in France and Europe
  • UCITS environment: management principles and mutual recognition
  • Non-UCITS funds and AIFM Directive

Case Study: Analysis of the dynamics of the success of UCITS standards in the world

Functioning of a UCITS

  • Analysis of the role and responsibilities of different actors
  • Principles governing the interactions between actors

Case Study: Analysis of a UCITS platform prospectus and identification of the role of the parties

Actors: Comparison of major European variations

  • Stages of the constitution of a general purpose UCITS
  • Analysis and contextualization of the information obligations of a UCITS
  • ISDA, collateral agreement and distribution agreement: the other legal-key documents
  • Fee structure of a UCITS
  • The master and feeder funds
  • The end of life of a UCITS
  • Tax treatment of UCITS in France

Economic content of UCITS

  • UCITS and asset classes
  • Passive, semi passive and active management

Case Study: hedge funds and UCITS, the special case of fund of funds, the richness of the offer of funds in France

The management of investment portfolios within UCITS

  • Definition of the investment process of UCITS
  • Eligible universe and investment restrictions of the UCITS context
  • Objective of a UCITS and investment policy
  • Fiduciary duty in passing orders
  • The regulatory environment for UCITS risk management
  • Techniques of performance measurement of UCITS

Case Study: Analysis of the relevance of various performance ratios

The UCITS in practice

  • From the generation of an investment idea to the passporting: how a fund is launched?
  • Competitive position of funds management in Europe and the world
  • The future of UCITS: UCITS against AIFM

Julien Dauchez

Julien Dauchez

Julien is a quant-trained derivatives specialist with over 16 years experience in capital markets. After graduating with a Masters in quantitative finance from HEC and a M.Eng in Applied Computer Science from Dauphine University in Paris, Julien started his career at Lehman Brothers in London in 1998 where he structured interest rates derivatives and hedge fund-linked products for clients in Europe. After 7 great years at Lehman, Julien joined Barclays Capital’s Equity and Fund Structured Markets (EFS) in New York where he headed the fund-linked derivatives structuring and marketing team for the Americas. Upon his return to London in 2010, Julien joined the asset management arm of Barclays Capital where he originated UCITS and other investment funds for both institutional and retail-oriented clients. Julien left Barclays in June 2013 to set-up his consultancy. Julien has also been a visiting lecturer at HEC school of management in Paris.

Julien Dauchez also teaches :

Prochaines sessions & informations :
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