BNP Paribas to scrap Monaco-domiciled fund

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BNP Paribas to scrap Monaco-domiciled fund

BNP Paribas Asset Management (Monaco) has announced it will remove the Paribas Monaco Obli Euro fund domiciled in Monaco on 30 December 2016.

The firm warned investors it has received the approval of Monégasque’s market regulator Commission de Contrôle des Activités Financières (CCAF) to modify the fund’s expiration date to 30 December 2016.

The strategy launched in December 1988 and investing in European bonds was due to run for 50 years initially.

The Paribas Monaco Obli Euro fund had €612,370 of assets under management as at 8 November 2016.