Amundi boutique turns Asian equity fund into FoF

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Paris-based investment boutique Etoile Gestion, owned by Amundi, has reshuffled its Etoile Asie-Pacifique Sicav, InvestmentEurope has learned.

The fund will be transformed into a FCP vehicle, effective 24 April 2018. Amundi will no longer be the delegated manager of the fund since its management will be handed over to Etoile Gestion.

According to a shareholder note, the investment objective and strategy as well as the benchmark of the Etoile Asie-Pacifique fund will change.

The fund was hitherto relying on direct line investments in Asian equities excluding Japan. As from 24 March 2018, it will become a fund of funds that will select external Ucits funds focused on equities of the Asia-Pacific region, including Japanese stocks.

All changes were approved by French financial market authority AMF on 16 February 2018. The Etoile Asie-Pacifique Sicav had €34.9m of assets under management as at 19 March 2018.

Another change within Etoile Gestion’s fund range remains the forthcoming merger of the Etoile Banque Europe and Etoile Assurance Europe funds into a single fund Etoile Assurance Banque Europe, that will invest in European financial and insurance stocks. The merger will occur on 24 April 2018.

The two strategies had combined assets of €74.7m as of 16 March 2018.