Abstract: Described herein is an embodiment for administering two or more funds or one or more funds and one or more separate account portfolios, where each fund or portfolio is managed using a common investment process. The funds may have different management and distribution fees and may have different investor eligibility requirements. The fee structure may be accomplished through a fund of funds or holding company structure. Also described is an embodiment for investment management wherein funds and separate account portfolios using a common investment process exchange their shares or units and baskets of their securities to accommodate entry and exit of investors while protecting ongoing investors from the cost of such entries and exits and to accommodate investors paying different fees and expenses.

Abstract: Systems, methods and computer program products for trading financial instruments are described herein. A first order to buy or sell a financial instrument is received, where the first order includes at least one contingency. The contingency may be price-based and/or volume-based. For example, the contingency can be based on a volume-weighted average price of the security (VWAP); a time-weighed average price of the security (TWAP); a target trading volume of the security as a percentage of total market volume during a specified period (TVOL); or a net asset value (NAV) of the security. The first order is matched with a corresponding second order. For example, a bid for a given security is matched with an offer for the same security. This matching operation also includes ensuring that the contingency(ies) of the first order are compatible with the contingency(ies) of the second order.

Abstract: Systems and methods are disclosed for managing and trading an investment fund having a portfolio including any combination of financial instruments and cash and having a general class of fund shares tradable in a secondary market. In the disclosed processes, assets enter and are removed from the investment fund through an exchange-traded fund share creation and redemption process governed by a set of rules. An intra-day fund share net asset value proxy based on a fund portfolio is distributed through electronic quotation vendors during the trading day at a specified interval. Notices of intention to create or redeem shares of the redeemable share class received by a specified time result in implementing the creation or redemption of shares at a net asset value determined after the notices are received. These features protect ongoing investors in the fund from costs of fund share trading by entering and leaving shareholders.