Experts in the field of funds management utilise their specialised knowledge of financial instruments and economic markets to invest and manage financial assets on a client’s behalf. These fund managers are often said to manage these funds on trust – under a fiduciary duty which keeps them accountable for the manner in which they financially conduct themselves. Amongst the many types of trusts, a managed investment trust (MIT) is a type of trust in which members of the public collectively invest in passive income activities, such as shares, property or fixed interest assets. A trust qualifies as a MIT if it meets certain requirements for the income year it is in operation. It is a managed investment trust that is commonly available to most investors.

The overall responsibilities of a fund manager include:

• Management of the risks undertaken by a funds’ investment,

• Utilising their learned expertise and specialised knowledge to determine which securities and investments would be able to provide the most return on investment,

• Assessing market volatility,

• Undertake risk management procedures to ensure that their assets are not depleted in a manner that is sudden and unpredicted.

Fund managers would be acquainted with the legal and institutional regulations which restrict financial malpractice and fraud from occurring in the trading of securities. For example, the Australian Securities and Investment Commission (ASIC) has implemented regulatory practices to ensure that various compliance, discretionary and disclosure obligations are adhered to by all parties operating in securities. The primary legislation regulating the trade and use of different securities and financial instruments is the Corporations Act 2001 (Cth). The need for such strict regulatory instruments is due to the fact that most fund managers, and asset managers, are often able to derive financial benefit from the investments that are able to accrue. To ensure that fiduciary duties and fraudulent investments aren’t conducted – these aforementioned legal and governmental institutions, and instruments, operate to assuage such issues. 

Fund managers would be extremely useful to the legal process. In relation to criminal law, fund managers would be able to comment on whether certain trading practices were done with the express intent of depriving benefit to the clients. Furthermore, fund managers would be able to comment upon best practices and provide industry standard knowledge in relation to cases where a certain party may have been manipulating financial instruments to accrue their individual interest over those of their clients. Fund managers may be able to determine whether certain fiduciary duties were breached in the carrying out of the managers’ fiduciary duties.

Fund managers often have extensive experience in the finance sector and are highly skilled in their capacity to analyse and assess markets. Fund managers are usually highly accredited and have been educated in reading the market. The specific specialisation and background needed by your fund manager will depend upon the circumstances of your matter.

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The overall cost of expert opinion depends on the services required. Some of the key factors that affect the cost of advice include:

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Relevant Articles Best mid- and small-cap mutual fund managers 2021

This article details the best performing managers of 2021 in celebration of the skill and expertise of those in the financial sector.

Evergrande's collapse could be very bad news for Australia and the world. Here's why.

This article, written in 22 September 2021, details a negative outlook on Evergrande’s debt default which may have a contagion effect on the global economy. Such a large economic and financial possibility has definitely affected how fund managers have decided to invest their money.

Relevant Cases Hill v The Queen [2021] SASCA 83 (26 August 2021)

This matter revolves around a case of financial fraud arising from a fund manager who had the specialised skills and knowledge to commit the fraud in question.

Fund Managers Canterbury Limited v AIG Insurance New Zealand Limited [2017] NZCA 325 (28 July 2017)

The issue of this matter related to whether or not a fiduciary duty arose from one party in their supposed contractual obligation to invest the funds of the other party in a certain manner.

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A sample of our experts in Accounting - Funds Management and Managed Investment Trusts

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