Crédit Agricole unveils cross-border fund
EUROPE - Crédit Agricole Investor Services has unveiled a cross-border fund arrangement, between an existing Luxembourg-based fund and a Dublin-domiciled fund.
The bank said the structure would become effective on October 1, using its patented ‘cloning’ technique.
It said: “The globalisation scheme will be pioneered between an existing Luxembourg-based fund and a Dublin-domiciled fund launched on September 24.”
It added that the move has been approved by Luxembourg and Irish regulators.
“Permanent segregation of the assets is key in cross-border schemes to allow each official controlling body to retain control over its local assets,” the group said in a statement. “Permanent segregation does not apply for other globalisation techniques, in particular those associated with pooling.”
It currently administers cloned funds worth more than 25 billion euro in Luxembourg and Belgium.