Investment funds enabling a bond laddering strategy
First Claim
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1. A method for administering a fund for use in a bond laddering strategy, the method comprising:
- holding a plurality of fixed-income securities by a manager of the fund;
electronically receiving at an order management system a plurality of buy orders from a plurality of investors for purchasing shares of the fund, wherein the orders are received during different times before a liquidation date of the fund;
determining, by a fund management information system, a yield for each investor based on the shares of the fund purchased by the investor and the fixed-income securities held by the fund at the time that the shares were purchased;
electronically receiving at the order management system a plurality of sell orders from a plurality of investors for selling shares of the fund, the orders received during different times before the liquidation date of the fund;
determining, by the fund management information system, a plurality of distribution payments and a final liquidation payment for each investor so that the distribution payments and the final liquidation payment provide the yield determined for the investor when the investor purchased shares of the fund;
paying the investors the determined distribution payments at intervals before the liquidation date of the fund; and
paying the investors the final liquidation payment upon the liquidation date of the fund.
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Abstract
An open-ended fund, such as an ETF, holds fixed-income securities and has a liquidation date. An order management system receives buy orders from a plurality of investors for purchasing shares of the fund receives and sell orders from a plurality of investors for selling shares of the fund. A fund management information system determines a yield for each investor based on the shares of the fund purchased by the investor and the fixed-income securities held by the fund at the time that the shares were purchased. The fund management information system also determines a plurality of distribution payments and a final liquidation payment for each investor so that the distribution payments and the final liquidation payment provide the yield determined for the investor when the investor purchased shares of the fund. This enables investors to use the fund in a bond laddering strategy.
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Citations
16 Claims
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1. A method for administering a fund for use in a bond laddering strategy, the method comprising:
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holding a plurality of fixed-income securities by a manager of the fund; electronically receiving at an order management system a plurality of buy orders from a plurality of investors for purchasing shares of the fund, wherein the orders are received during different times before a liquidation date of the fund; determining, by a fund management information system, a yield for each investor based on the shares of the fund purchased by the investor and the fixed-income securities held by the fund at the time that the shares were purchased; electronically receiving at the order management system a plurality of sell orders from a plurality of investors for selling shares of the fund, the orders received during different times before the liquidation date of the fund; determining, by the fund management information system, a plurality of distribution payments and a final liquidation payment for each investor so that the distribution payments and the final liquidation payment provide the yield determined for the investor when the investor purchased shares of the fund; paying the investors the determined distribution payments at intervals before the liquidation date of the fund; and paying the investors the final liquidation payment upon the liquidation date of the fund. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A system for administering a fund for use in a bond laddering strategy, the system comprising:
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an account for holding a plurality of fixed-income securities; an order management system for; electronically receiving at an order management system a plurality of buy orders from a plurality of investors for purchasing shares of the fund, wherein the orders are received during different times before a liquidation date of the fund, and electronically receiving at the order management system a plurality of sell orders from a plurality of investors for selling shares of the fund, the orders received during different times before the liquidation date of the fund; and a fund management information system for; determining a yield for each investor based on the shares of the fund purchased by the investor and the fixed-income securities held by the fund at the time that the shares were purchased, determining a plurality of distribution payments and a final liquidation payment for each investor so that the distribution payments and the final liquidation payment provide the yield determined for the investor when the investor purchased shares of the fund, paying the investors the determined distribution payments at intervals before the liquidation date of the fund, and paying the investors the final liquidation payment upon the liquidation date of the fund. - View Dependent Claims (16)
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Specification
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Current AssigneeBlackrock Fund Advisors (Blackrock Incorporated)
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Original AssigneeBlackrock Fund Advisors (Blackrock Incorporated)
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InventorsLaipply, Steve, Tucker, Matthew
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Primary Examiner(s)Oyebisi, Ojo O
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Application NumberUS12/965,788Publication NumberTime in Patent Office879 DaysField of Search705/35, 705/36.R, 705/37US Class Current705/37CPC Class CodesG06Q 40/04 Trading; Exchange, e.g. sto...G06Q 40/06 Asset management; Financial...
