di 1° livello

English translation: top-tier

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:di 1° livello
English translation:top-tier
Entered by: Ivana UK

21:46 Nov 17, 2006
Italian to English translations [PRO]
Bus/Financial - Finance (general)
Italian term or phrase: di 1° livello
Qualora sia strettamente funzionale ad una maggiore efficienza di gestione del Fondo, il patrimonio potrà essere investito in OICR (fondi di fondi di 1° livello) che a propria volta investano in OICR (fondi di 2° livello).

fondi di fondi = funds of funds but I'm not sure how to translate "di 1° livello" and "di 2° livello".
Ivana UK
United Kingdom
Local time: 20:14
top-tier
Explanation:
Hi Ivana
I think these are top-tier and underlying funds

http://www.ey.com/global/content.nsf/International/United_St...
Fund-of-Funds
Fund-of-funds may be either registered as mutual funds or unregistered funds. The top-tier funds (i.e. the funds of funds) invest in underlying funds (the investee funds), which also may be formed as unregistered funds (e.g. investment partnerships), while others are registered with the SEC. The top-tier fund and underlying funds may or may not qualify as a regulated investment company for tax purposes. Additionally, fund-of-funds may be set up as multiple-class mutual funds. The 1940 Act also permits fund-of-fund structures involving registered UITs.




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Note added at 1 hr (2006-11-17 22:48:57 GMT)
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"Top-tier funds" is what E&Y, DTT, and the SEC use.

http://deloitte.net/dtt/article/0,1002,cid%3D36174%26pv%3DY,...
Additional Disclosure to be Provided about Layered Fees for ‘Fund of Funds’
The Report recommends that the Commission adopt a recently proposed rule that would require all registered top tier funds within fund of funds arrangements to disclose estimated fees and expenses associated with second tier funds.
Selected response from:

Linda 969
Local time: 21:14
Grading comment
Thank you Linda!
4 KudoZ points were awarded for this answer



Summary of answers provided
5first level
DCypher (X)
3 +2top-tier
Linda 969
3tier 1
Grey Drane


  

Answers


16 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
tier 1


Explanation:
I'm not an expert in funds of funds and UCIs, but "tier" is used a lot for "livello" in contexts like this, and it seems to get a fair amount of hits combined with "fund of funds".

Grey Drane
United States
Local time: 12:14
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 222
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20 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
top-tier


Explanation:
Hi Ivana
I think these are top-tier and underlying funds

http://www.ey.com/global/content.nsf/International/United_St...
Fund-of-Funds
Fund-of-funds may be either registered as mutual funds or unregistered funds. The top-tier funds (i.e. the funds of funds) invest in underlying funds (the investee funds), which also may be formed as unregistered funds (e.g. investment partnerships), while others are registered with the SEC. The top-tier fund and underlying funds may or may not qualify as a regulated investment company for tax purposes. Additionally, fund-of-funds may be set up as multiple-class mutual funds. The 1940 Act also permits fund-of-fund structures involving registered UITs.




--------------------------------------------------
Note added at 1 hr (2006-11-17 22:48:57 GMT)
--------------------------------------------------

"Top-tier funds" is what E&Y, DTT, and the SEC use.

http://deloitte.net/dtt/article/0,1002,cid%3D36174%26pv%3DY,...
Additional Disclosure to be Provided about Layered Fees for ‘Fund of Funds’
The Report recommends that the Commission adopt a recently proposed rule that would require all registered top tier funds within fund of funds arrangements to disclose estimated fees and expenses associated with second tier funds.


Linda 969
Local time: 21:14
Native speaker of: Native in ItalianItalian, Native in EnglishEnglish
PRO pts in category: 96
Grading comment
Thank you Linda!

Peer comments on this answer (and responses from the answerer)
agree  Peter Cox
5 hrs
  -> thanks, Peter!

agree  clarinet3: agree
5 days
  -> thanks, clarinet3
Login to enter a peer comment (or grade)

23 mins   confidence: Answerer confidence 5/5
first level


Explanation:
Hi Ivana. First level is fine here. We are obviously not speaking about quality but investment levels or layers. First level vs second level, third level etc. A cascade...

Funds of funds invest in other funds (or funds of funds) who in turn might invest in other funds. [so the funds get all the management fees and the poor little Scottish Widows investors gets nothing :)]

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Note added at 34 mins (2006-11-17 22:20:37 GMT)
--------------------------------------------------

first-level and top-level. I like this use of top-level which suggests investment layers rather than market position or ranking.

"There are two main types of multi-manager structure: fund of funds (FoFs) and manager of managers (MoMs). FoFs are, as their name suggests, a collective investment scheme invested in other collective investment schemes chosen from the wide range of ready-made mutual funds available on the market. In a MoM structure, the **top-level fund** is invested in a number of segregated portfolios, each managed by an appointed investment adviser."

http://www.ftmandate.com/news/fullstory.php/aid/24/More_valu...

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Note added at 12 hrs (2006-11-18 10:11:28 GMT)
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"Funds investing in other funds

1. Where a fund invests in other collective investment funds.... The *top level fund* is therefore invested 55% ((£1m + (20%x£3m) + (50%x£3m) + (80%x£3m))/£10m) directly and indirectly in money debts. The *top level fund* clearly passes..."

http://www.hmrc.gov.uk/esd-guidance/newguidance-v5.rtf.

DCypher (X)
Local time: 21:14
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 1066
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