[14753]
May 28, 2002
TO: INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 20-02
RE: OFFSHORE FUND CHARACTERISTICS SURVEY RESULTS
Last year the International Operations Advisory Committee (IOAC) agreed to begin
focusing on cross-border, non-domestic retail investment fund clearance and settlement issues,
particularly in Europe. An IOAC member Task Force was formed and developed the enclosed
survey to gather specific information on the types of offshore fund products publicly sold by
IOAC members worldwide. The survey was sent to IOAC members and data collected earlier
this year.
The survey solicited data on offshore fund product characteristics including the: (1)
profile of the responding firm and offshore funds publicly sold (number and types of funds,
assets by fund type, region and share class, domicile, and registration information), (2) types
and form of shares sold, and (3) various settlement processing features and related information.
Twenty firms complete the survey on a specially designated area of the Institute’s
member website. The survey results and a listing of the fund complex participants are enclosed
for your review. The ICI solicited data from IOAC members for informational purposes only.
All survey responses were aggregated and no individual complex name or data has been
distributed or discussed in the final document. Each member should independently review and
utilize such aggregated data as it deems appropriate. The aggregate survey results will be
reviewed and discussed at future Committee meetings.
We would like to extend our thanks to Marc Scher of Merrill Lynch Investment
Managers who chaired this important project, as well as the following IOAC members who
participated on the Task Force:
Al Falcone – MFS Investment Management
Peter Ferrelli – Putnam Investments
Ghassan Hakim – Franklin Templeton
Tony Manetta – JP Morgan Fleming
Mark Stevens – Fidelity Investments Institutional Services
2
If you have any questions regarding the survey, please contact the undersigned at 202-
326-5930 or by email at kjoaquin@ici.org.
Kathleen C. Joaquin
Director - Transfer Agency
& International Operations
Attachment no. 1 (in .pdf format)