LFDE shifts FCPs to Sicav status

Jonathan Boyd
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La Financière de l’Echiquier (LFDE) is set to shift certain of its FCPs (fonds communs de placements) into a Sicav under French law – Sicav Echiquier – as it responds to international investor demands for the affected strategies.

The change is scheduled for 4 December, which it said will also improve access to strengthened governance, with a board that is majority formed by independent members.

Valuations of the affected funds will take place on 3 December, and the transaction affecting an initial nine FCPs is set to take place by means of a ‘fusion-absorption’ (voie de fusion-absorption (OST)).

The FCPs affected include: Echiquier Agenor Mid Cap Europe, Echiquier Agressor, Echiquier Agressor PEA, Echiquier AltaRocca Convertibles, Echiquier AltaRocca Hybrind Bonds, Echiquier ARTY, Echiquier Convexité Europe, Echiquier Crédit Europe and Echiquier Patrimoine.

Other FCPs will be considered for transformation to the Sicav during 2019.

Christophe Mianné, CEO of LFDE, said: “Interest among foreign investors for financial vehicles of this type is undeniable. It is important for LFDE to bring them the best possible conditions for investing. This operation will provide us means to pursue our ambition for strong growth in Europe.”

Didier Le Menestrel, chairman of LFDE, added that the adoption of Sicav status for the affected funds reflected the work ongoing of FROG, the joint activity of French regulator AMF and trade association AFG, which is intended to facilitate distribution of French product internationally.

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Jonathan Boyd
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Jonathan Boyd

Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope.