Investment Management Level One Flashcards
1
Q
Tell me what you understanding about the fundamental elements of property/asset returns including capital and rental returns, plus how these are generated in practice.
A
2
Q
Tell me what you understand about the mainstream types of property/asset valuation such as investment appraisal techniques.
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3
Q
Tell me about the principles of portfolio and asset management.
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4
Q
How do you understand the requirements of an investment portfolio?
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5
Q
What impacts upon performance of the portfolio?
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6
Q
What impacts upon performance of the portfolio?
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7
Q
What could pose a risk to portfolio performance?
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8
Q
How are you going to overcome this challenge?
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9
Q
How do you ensure that the portfolio is properly managed?
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10
Q
How could BIM be used in the future of investment/asset management?
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11
Q
How do you manage/avoid/mitigate risk for clients?
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12
Q
How do you compare your client’s investment in property against other investment classes?
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13
Q
How do you assess the performance of a client’s property portfolio?
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14
Q
How can you appraise capital investment?
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15
Q
Tell me about your understanding of NPV/IRR/pay back etc.
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16
Q
Tell me about the tax rules relating to a property investment/portfolio you have managed.
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17
Q
What are other ways of investing in property? (e.g. indirect investment, REITs)
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18
Q
What is the difference between a regulated and an unregulated fund?
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19
Q
What is a hedge fund?
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20
Q
What is a private equity fund?
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21
Q
How does Islamic funding differ to traditional Western finance?
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22
Q
What is a property fund?
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23
Q
What is collective investment?
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24
Q
What is the difference between direct and indirect investment?
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25
What is a regulated activity?
26
Who is the regulated for such activity?
27
Tell me about the RICS DCF guidance.
28
Does RICS produce any guidance about investment management? (could refer to RICS Strategic Public Sector Asset Management)
29
Why does property differ to other business resources?
30
How does liquidity relate to property investments?
31
What are the benefits of good asset management?
32
What is the difference between asset and property management?
33
Talk me through the asset management process.
34
How do you prepare for property asset management?
35
How do you prepare a property asset management policy/plan?
36
What are the key elements within this?
37
Tell me about a business case / project evaluation you have put together.
38
How do you set out your action plan and implement this?
39
How do you communicate the plan to key stakeholders?
40
How does the budget process relate to asset management?
41
How do you incorporate sustainability into your investment management?
42
How do you review and benchmark performance?
43
What is the role of the FCA?
44
What is the AIFMD legislation?
45
What is an authorised / recognised fund?
46
What is a Collective Investment Scheme?
47
What legal structures are you aware of for UK funds? How do these differ?
48
What is the main European legislation for funds?
49
How will this be affected by Brexit?
50
What is the FSMA?
51
What regulations do the FSA set?
52
What documentation governs the fund manager?
53
Who are the key parties involved in the governance of authorised funds?
54
What is the Approved Persons Regime?
55
What are the key responsibilities of the manager?
56
What are the key responsibilities of the Depositary?
57
Are there any other parties involved in the governance arrangements of authorised funds?
58
How else are investors protected by the UK governance structure?
59
What is the instrument constituting the fund?
60
What is a fund Prospectus?
61
What are KIIDs, KIDs Simplified Prospectuses and Key Features Documents?
62
Are investors entitled to receive any reports about the fund?
63
What information is contained within the Short Report?
64
What information is contained within the Long Report?
65
What happens when a change is to be made to the fund?
66
Tell me more about the types of changes that can be made to a fund?
67
Are there limits regarding investment and borrowing powers for funds?
68
Tell me more about eligible markets.
69
Tell me more about the general investment and borrowing powers for funds.
70
What are the rules regarding stock lending?
71
How are investors protected against risk from the use of derivatives?
72
Tell me more about the Risk Management Process?
73
Is the process of buying or redeeming units regulated?
74
Is the process of buying or redeeming units regulated?
75
Tell me more about the process of buying and redeeming units?
76
Are there any rules regarding the frequency of dealing to which a fund must adhere?
77
Do any funds operate limited issue arrangements?
78
Do any funds operate limited redemption arrangements?
79
How are funds priced?
80
What are the three pricing methods available?
81
What is dual pricing?
82
What is single pricing with dilution levy?
83
What is swinging single pricing?
84
Are investors offered any protection during the process of pricing and valuation?
85
What payments can be made out of the scheme property of the fund?
86
Can performance fees be charged out of the scheme property of the fund?
87
What are the charges that may be levied on investors when buying or selling units in a fund?
88
How do you know what charges will be incurred?
89
Can a fund offer different share classes?
90
What is the difference between an income and accumulation share class?
91
What is a currency class unit?
92
Are UK funds permitted to launch currency hedged share classes?
93
What is meant by the term “equalisation”?
94
What does ex-distribution date (XD date) mean?
95
What are the reasons for suspension?
96
Who makes the decision to suspend a fund?
97
What happens while a fund is suspended?
98
When should a fund suspension cease?
99
How often should the suspension be reviewed?
100
How are equity funds taxed?
101
How are bond funds taxed
102
What are PAIFs and how are they taxed?
103
How are investments in offshore funds taxed in the fund?
104
What is Stamp Duty Reserve Tax (SDRT)?
105
On what basis would you advise a client to invest in indirect property investment vehicles?
106
Describe the advantages and constraints of the main indirect investment vehicles available in your market (listed/unlisted etc).
107
Describe the interactions as well as lack of interactions between the physical property market and indirect investment vehicles.
108
What are the tax specifics of local Real Estate Investment Trusts (REITs)?
109
How do you define property returns?
110
What are the various ways of investing in real estate?
111
What are the main characteristics of your local investment market and your local letting market?
112
How would you explain to a client your role as asset manager and your contribution to his/her portfolio in case you are selected to manage the properties?
113
What can you do to improve the performance of property as a financial investment?
114
Why do investors look at property as an investment?
115
Is direct investment in real property a regulated activity?
116
What investment activities are covered by the UK financial services regulatory system?
117
Who is the UK’s financial services regulator?
118
What is the role of the FCA?
119
What investments fall under the Financial Services and Markets Act 2000?
120
What is indirect investment?
121
What are ‘regulated activities’ categorised as by the FCA?
122
What is a REIT?
123
What types property investments can be more tax efficient than others?
124
What is property private equity and debt?
125
What is property public equity and debt?
126
What are the most liquid forms of property investment?
127
What is a listed property company?
128
What is a PAIF?
129
What is a JPUT?
130
What is a CMB?
131
What are property securities and derivatives?
132
What are the advantages and disadvantages of a property investment you have been involved with?
133
What is the role of the Property Investment Manager?
134
What is an IMA?
135
What does this control?
136
What is a mandate?
137
What does ‘authority to invest’ mean?
138
What is this granted by?
139
What is an AUM?
140
How are investment management fees typically paid and structured?
141
What is the role of an asset manager?
142
How do asset and investment management differ?
143
What is property corporate finance?
144
What are the 4 quadrants of property?
145
Explain the impact of the National Security and Investment Act 2021 on real estate deals.
145
What might cause a transaction to fall within the voluntary regime (detailed within the Act)?
146
What is the role of the AIFMD?
147
What is the UK Stewardship Code?
