The Universal Management Company

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1 The Universal Management Company Jean Devambez, BNP Paribas Securities Services Claude Niedner, Arendt & Medernach Christopher Stuart-Sinclair, Deloitte 25 October 2013

2 The Universal Man Co: combine your strengths 2

3 The growth of the industry s AuM Europe ranks as 2nd largest market in global asset managers with UK, France and Germany representing 2/3 of the total AuM AuM increase is misleading among European as mainly Luxembourg, Ireland and the UK 3

4 Funds sold cross border are increasing Cross-border funds account for 45% of European Industry assets Domestic market are more opened to foreign funds Luxembourg and Ireland hold 48% market share of European Ucits industry assets 4

5 A winner-take-all trend - Europe Quest for critical mass in a market in overcapacity Sales are concentrated on a limited number of block buster funds 5

6 Efficiency is the next frontier ,458 29,969 34,649 20,143 15,940 10,820 6,200 1,227 US Europe Asia Pacific World AuM (EUR million) # Funds Funds AuM are low therefore margins are under pressure 6

7 Regulatory change, business transformation opportunities? RDR Solvency II Reinforce stability and improving the governance of financial institutions 1 FATCA AIFMD Volcker rule UCITS IV Restoring confidence by enhancing investors protection PRIPS MIFID II Financial market efficiency and transparency 3 2 7

8 New operational challenges (1/2) Reinforce distribution Adapt governance Review operational model 8

9 New operational challenges (2/2) The efficiency isn t just about belt-tightening, it requires fundamental changes to the model BCG Capitalizing on the recovery july

10 Global Leaders Forum The Universal Management Company Claude Niedner Partner, Arendt & Medernach 25 October 2013

11 Agenda I. Permitted activities under the passport II. The aspects of the passport III. Remuneration rules IV. Notification procedure EU passport V. A large spectrum of eligible assets VI. Structuring/Corporate governance VII. Valuation 11

12 I. Permitted activities under the passport UCITS Management Company Permitted activities under Annex II of the UCITS Directive (collective portfolio management): investment management administration marketing Discretionary portfolio management Non-core services (investment advice, safekeeping and administration of units of UCI) External AIFM Permitted activities under Annex I of the AIFMD (investment management of AIF): portfolio management risk management Other additional functions: administration, marketing, activities related to the assets of AIF Discretionary portfolio management Non-core services (investment advice, safekeeping and administration of units of UCI, reception and transmission of orders) 12

13 II. The aspects of the passport Free provision of services: investment management (portfolio management, risk management) marketing Establishment of a branch Investment services? 13

14 III. Remuneration rules Principles: - Putting in place a remuneration policy in line with Annex II of the AIFMD (art. 13 of the AIFMD) - Transparency requirements (art. 22(2)e) and f) of the AIFMD) Who is targeted? - Senior management, risk takers and certain categories of staff - Delegatees (ESMA Guidelines of July 2013) Clarification needed on: - Delegation - Group exemption - Proportionality - Payment modus (AIF shares or other equivalent instruments) 14

15 IV. Notification procedure EU passport AIFM 5 Marketing may commence as of the date of the notification by the CSSF Investors 1 AIF Transmission by the AIFM of the notification file re Lux AIF to CSSF 4 CSSF notifies AIFM of the transmission of the file (without delay) No CSSF Yes AMF 2 CSSF checks compliance 3 20 working days after receipt of complete notification file Transmission by the CSSF to regulator of Host Member State 15

16 V. A large spectrum of eligible assets UCITS AIF - transferable securities - money OPCVM market instruments OPC, SIF: - units of UCITS/UCI SIF - Transferable securities, - Valeurs mobilières, instruments financiers, financial autres instruments, other - deposits SICAR: with credit institutions - Private Equity - Venture Capital SICAR - Private Equity - financial derivative - Venture Capital instruments - liquid assets UCI - Transferable securities, financial instruments, other 16

17 VI. Structuring/Corporate governance Investment advisor/ investment manager Investors AIFM - Board of directors - 2 conducting persons - Minimum capital+ additional own funds or insurance SICAV S.A. SPV Investment Investment Investment 17

18 VII. Valuation AIFM liable for a proper and independent valuation of the assets Rules applicable to the valuation laid down in the law of the country where the AIF is established Valuation by the AIFM (condition of independence) Valuation by an external valuer (condition of independence+ other conditions) At least annual valuation 18

19 The Universal Manco The arguments, the rational, the result

20 The Management Company Trail 20 BPSS Global Leaders Forum 2013 Deloitte Tax & Consulting

21 AIFM structuring Universal ManCo French Super ManCo French UCITS French AIF Irish AIF Lux UCITS UK UCITS FRANCE FRANCE IRELAND LUX UK AIFM Management Company Passport Existing UCITS management companies are already largely in line with AIFMD AIFMs / AIFs can be structured to leverage off existing UCITS management companies A UCITS ManCo could apply to be the AIFM Tax issues Deloitte Tax & Consulting

22 CONCEPTUAL To comply with AIFMD, the Promoter can either upgrade its current Manco or set-up a new structure Unique Super ManCo embedding UCITS and AIF Set-up of a ManCo dedicated to the AIF Promoter Promoter Asset Servicing units ManCo for all types of funds Upgrade of the current ManCo to comply with AIFMD Asset Servicing units ManCo for UCITS funds Current ManCo with no changes ManCo for AIF + Pro s + Pro s Single structure / centralisation of resources, processes and controls Legal and Compliance simplification Limitation of capital requirements Benefiting from economies of scale Single point of contact for investors, service providers and the supervisory bodies - Con s - Con s Mitigation of risks two activities located in two entities Set up of an independent business unit dedicated to the monitoring of more complex activities (might be used as a Marketing argument) Conflict of interest policy Segregation of Risks to be considered Complex and less-complex activities monitored by the same business unit Capital requirements are needed for both structures Duplication of resources may be not efficient from a pure organizational perspective 22 BPSS Global Leaders Forum 2013 Deloitte Tax & Consulting

23 Appointment and Authorisation of an AIFM Different entities could be appointed as the AIFM: - Investment manager - Management company - The fund in the case of a self-managed structure A number of factors will need to be considered in determining which type of AIFM is most suitable and there is no one size fits all Letter-box criteria Business model Entity consolidation Tax implications MiFID restrictions Cost Deloitte Tax & Consulting

24 How to structure the future Management Company Objectives Determination of optimisation criteria Benchmark of the target countries opportunities Preference of target countries Activities 1. Analysis Determination of optimisation criteria Comparative study of countries opportunities 2. Conclusion Preference of target countries Determination and description of target countries requirements Target model for the regulated UCITS, AIFMD, MiFID Compliance profile Opportunities Criteria Resources Tax System Process Organization Regulation Competence Centers Comparative study of target countries opportunities Preference of a target country 24 BPSS Global Leaders Forum 2013 Deloitte Tax & Consulting

25 Man Co cross border attention points Substance standpoint Oversight duties (local specificities) Capital requirements Due diligence on local providers Tax standpoint Regulatory standpoint Risk of tax requalification for the product Transfer pricing VAT ManCo cross border attention points Respect ManCo regulatory requirements Make sure Fund respects its own rules (risk management policy, investment policy ) Custody Agreement with ManCo (exchange of information) Operational standpoint Appropriate risk management policy Appropriate systems Staff knowledge on local products and regulation 25 BPSS Global Leaders Forum 2013 Deloitte Tax & Consulting

26 Q&A 26 BPSS Global Leaders Forum 2013 Deloitte Tax & Consulting

27 According to you, what is the main obstacle to a global fund strategy? 27

28 Tax Regulation Local market organization Marketing cost 28

29 How much would you assess the cost of being compliant with AIFMD ( per fund)? 29

30 <2 2 < 5 5< 10 >10 30

31 For Alternatives Managers: How do you rate the impact of AIFMD on your business? 31

32 This is just a compliance exercise (additional cost, no real impact on our business model ) No impact our business model but it does significantly impact our operational, legal and/or governance model set-up It impacts our business model, in terms of fund raising and/or investment focus 32

33 When looking at alternative strategies, are you considering setting up a structure outside Europe? 33

34 Yes No 34

35 Where do you expect AIFMs to be domiciled in the future? 35

36 In the financial centers for asset management In the fund jurisdiction In both, depending on the relevant asset class (PE/RE versus Hedge) Outside of Europe 36

37 In 5 years time, which product brand will win the game? 37

38 Cayman funds Ucits AIF Hong Kong funds 38

39 When considering developing an Universal Man Co, what would you expect from service providers? 39

40 More reporting Regulatory support Capacity to answer your client need Risk management services 40

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