The French multi-management is affected by the Madoff case. Under the authority of des marchés financiers (AMF), exposure to risk is approximately EUR 500 million for French UCITS have invested in UCITS of Irish and Luxembourgish law affected (read page opposite the interview of Gérard Rameix). Some 30 of management companies, the head of a Fund of funds 100, are thus affected.
In wanting to play the transparency, Wednesday evening, the AMF especially sowed anxiety among holders of shares of unit trusts and common funds, and at the time in management companies. This caused a certain irritation at Bercy. Yesterday, after having been received by François Fillon, Jean-Pierre Jouyet, the all new fees, President of the stock market authority reassured the public: "This is that smart, professional, investors who generally have large fortunes." There is no public money is involved and no funds where there is a small savers.
Specifically, the AMF considers that "8 of the risk concerns of UCITS distributed to the public". This does not relieve the managers to pedagogy. And the regulator out a list of questions and answers on the Madoff case, as it did when it had decided to prohibit short selling to mid-September.
If the public is so little affected, is not due to the complexity of the primary product, since LuxAlpha, offending Fund of Luxembourg law has been approved by the regulator of the Grand Duchy and could be found in all multigestions. If he was spared, it is simply because Access International, in charge of its marketing, preferred "big ticket", as an unfortunate Manager breathtaking. Now, the management companies scrutinize the facts and actions of UBS, the depositary LuxAlpha, which he was also the approach and October Manager. They hope that the Luxembourg Commission de surveillance du secteur financier (CSSF) encourages UBS to cooperate. Because they are few illusions about a hypothetical reopening of net asset value.
Lawyers are busy
Pending a possible resolution, management companies whose exposure to the risk Maldoff is less than 5 of their outstanding, provisioning. Others, some of which are at risk up to 18 of their portfolio, studying the arsenal of solutions offered by AMF: the suspension of subscriptions-redemptions, the cantonment of the assets in an ad hoc ("side-pocket") structure, the discount of the affected rows. "We have suspended the net asset value of our Elite, which is distributed and advised by a cabinet of wealth management, said Denis Faller, Director at Rothschild & Cie management." If UBS communicates nothing more by the end of the month, we are considering the use of a "side-pocket" (subject MFA agreement), with the creation of a fund Elite 1 comprising liquid assets and Elite 2 containing LuxAlpha shares. We can then make their freedom of movement to unitholders on Elite 1.
In the behind the scenes, the lawyers are busy. A dozen of international firms have been consulted. Two blocks of complainants would examine the means to force UBS to compromise. Contacted management companies Rothschild & Cie Banque, VP Finance, Aforge Finance do not hide their desire to bring an action to have recognized the responsibility of the depositary to compensate their carriers.
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