London Listed Funds – Session 2

Professional Development


A course run over two 3-hour sessions.

Session 1 covers an overview of London listed funds and is aimed at attendees who wish to gain a high-level understanding of London listed funds, key events and terminology, without the operational detail covered in Session 2.

Session 2 covers a detailed understanding of the operation of a listed closed-ended fund, how pricing and trading occur on listed funds, discount management, raising and returning capital over the life of the fund and the implications of this on NAV price performance. Attendees at this session are presumed to have either attended Session 1, or to have already developed this level of knowledge from practical experience.

Suitable For

Fund administrators and managers

3 CPD hours
3 hours

Learning Outcomes

Having attended this course, delegates will:

  • Understand the different markets of the London Stock Exchange and their regulatory environments
  • Understand key operational aspects of listed funds
  • Be aware of a fund’s main continuing obligations under its listing

Course content

  • Pricing and trading. The operation of a closed-ended fund, trading on the LSE, understanding trading at a premium and discount, discount management, factors to consider for NAV and incentive fee calculations.
  • Raising new capital and returning capital. Options for raising capital post fund launch via C share and TAP issue. Redemption facilities, buy-back programmes and tender offers.


Harry Rouillard

Harry has over fifteen years’ experience in the fund services industry and has worked in Guernsey, Luxembourg and Ireland. He was previously Head of Fund Accounting at Guernsey’s largest fund administration provider. His experience includes fund operations, project management, client servicing, fund launches, process offshoring and oversight. Harry is currently working as a project manager and tutor.