DOCSLIB.ORG

Interim Report and Unaudited Financial Statements

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Interim Report and Unaudited Financial Statements Interim report and unaudited financial statements BlackRock Common Contractual Funds For the financial period ended 31 October 2019 BlackRock Common Contractual Funds CONTENTS Page Overview General information 1 Background 2 Performance Investment manager’s report 3 Financial statements Income statement 5 Statement of changes in net assets attributable to redeemable unitholders 6 Balance sheet 7 Notes to the financial statements 8 Schedule of investments 14 Additional information and regulatory disclosures Schedules of material purchases and sales 53 Transaction with connected persons 54 Soft commissions 54 Efficient portfolio management and securities financing transactions 55 Disclaimers 57 BlackRock Common Contractual Funds GENERAL INFORMATION Directors of the Manager1 Investment Manager and Securities Lending Agent William Roberts (Chairman) (British but Irish resident) BlackRock Advisors (UK) Limited Patrick Boylan (Irish) 12 Throgmorton Avenue Paul Freeman (British) London, EC2N 2DL Justin Mealy (Irish) United Kingdom Barry O’Dywer (Irish) Adele Spillane (Irish) Promoter and Principal Distributor Catherine Woods (Irish) BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue 1All Directors are non-executive London, EC2N 2DL United Kingdom Manager BlackRock Asset Management Ireland Limited Independent Auditor 1st floor Ernst & Young Chartered Accountants 2 Ballsbridge Park EY Building Dublin 4, D04 YW83 Harcourt Centre Ireland 2 Harcourt Street Saint Kevin’s Currency Hedging Manager2 Dublin 2, D02 YA40 State Street Europe Limited Ireland 20 Churchill Place London, E14 5HJ Irish Legal Advisers United Kingdom Matheson 70 Sir John Rogerson’s Quay Administrator, Registrar and Transfer Agent Dublin 2, D02 R296 Northern Trust International Fund Administration Ireland Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2, D02 R156 Ireland Depositary Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2, D02 R156 Ireland Tax Services Provider The Northern Trust Company, London Branch 50 Bank Street Canary Wharf London, E14 5NT United Kingdom Secretary of the Manager Sanne Corporate Administration Services (Ireland) Limited 4th Floor, 76 Baggot Street Lower Dublin 2, D02 EK81 Ireland 2In respect of the currency hedged share classes only. 1 BlackRock Common Contractual Funds BACKGROUND BlackRock Common Contractual Funds (the “Entity”) is an open-ended common contractual fund (the “CCF”) established on 6 November 2018 as an umbrella fund under the laws of Ireland. The Entity was constituted by the Deed of Constitution dated 6 November 2018 between BlackRock Asset Management Ireland Limited (the “Manager”) and Northern Trust Fiduciary Services (Ireland) Limited (the “Depositary”). The Entity is authorised as a CCF with segregated liability between the funds pursuant to the laws of Ireland. The Entity is authorised and supervised by the Central Bank of Ireland (“CBI”) pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Entity is constituted as an umbrella fund and comprises of one fund (“Fund”). The units of the Fund may be grouped into different classes of units (each a “unit class”). The Fund will represent a separate portfolio of assets and may consist of one or more unit classes. Each unit class may apply different subscription and redemption provisions, charges, fees or brokerage arrangements. The creation of an additional class of units will be notified to the CBI in advance. The portfolio of assets maintained for the Fund will be invested in accordance with the investment objectives and policies applicable to the Fund as set out in the prospectus. The assets of each Fund shall belong exclusively to the Fund and shall not be used to discharge directly or indirectly the liabilities of or claims against any other Fund. The term “Fund” shall be deemed to mean the Fund of the Entity, or if the context so requires, the Manager or its delegate acting for the accounts of the relevant Fund. The term “BlackRock” and “Investment Manager” are used to represent BlackRock Advisors (UK) Limited. All references to “redeemable units” shall be deemed to mean redeemable participating units when Fund units are classified as financial liabilities. The term “Directors” means the directors of the Manager. Further details, including the investment objectives and minimum subscription requirements, are set out in the Entity’s prospectus. Changes to the Entity during the financial period On 19 June 2019, Graham Bamping resigned as a non-executive Director. United Kingdom Exit from European Union Following the June 2016 vote to exit the European Union (“EU”), the United Kingdom (“UK”) served notice under Article 50 of the Treaty on European Union on 29 March 2017 to initiate the process of exiting from the EU, commonly referred to as "Brexit". At the Emergency EU Summit held on 10 April 2019, an agreement was reached to extend the deadline by which the UK is required to exit the EU to 31 October 2019. The deadline was further extended to 31 January 2020 at the European Council on 29 October 2019. Following the outcome of the 2019 General Election, which saw the Conservative Party return a clear majority, the uncertainty around a no- deal Brexit on 31 January 2020 has now been significantly reduced. Substantial uncertainty remains surrounding the terms upon which the UK will ultimately exit the EU. The impact of Brexit may depend in part on any arrangements that are put in place between the UK and the EU and, to the extent they are, whether the UK continues to apply laws that are based on EU legislation. As a result, the UK’s relationship with the EU remains unclear and the passage of time without a resolution in place has become a source of economic, political and regulatory instability. BlackRock is implementing a number of steps to prepare for various outcomes, including effecting organisational, governance and operational changes, applying for and receiving licenses and permissions in the EU, and engaging in client communications. These steps, many of which have been time-consuming and costly, are expected to add complexity to BlackRock’s European operations. In addition, depending on the terms of the future relationship between the UK and the EU, BlackRock may experience organisational and operational challenges and incur additional costs in connection with its European operations post-Brexit, which may impede the Company’s growth or impact its financial performance. Fund details The Entity had one Fund in operation as at 31 October 2019. Fund name Benchmark index Investment management approach1 CCF Developed World (ESG Screened) MSCI World ex Select Controversies Euro Non-replicating Index Fund Net Index 1Please refer to the Investment Manager’s Report for further information on the meaning of a non-replicating fund. 2 BlackRock Common Contractual Funds INVESTMENT MANAGER’S REPORT Investment objective The investment objective of the Fund is to provide investors with a total return, taking into account both capital and income returns, which reflects the total return of the MSCI World ex Select Controversies Euro Net Index. Fund performance and tracking error The Fund performance figures are based on the NAV calculated in accordance with the prospectus for the financial period under review with any dividends reinvested. Due to FRS 102 requirements which apply to the financial statements, there may be differences between the NAV per unit as recorded in the financial statements and the NAV per unit calculated in accordance with the prospectus. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. For a non-replicating fund, the investment management approach aims to match the main risk characteristics of the benchmark index by investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs. Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking difference. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. The Fund’s total expense ratio (“TER”) is accrued on a daily basis throughout the financial period, which can impact the measurement of a tracking error in a positive or negative manner depending on the performance in the market and the TER rate applied. The extent and magnitude of this effect on performance measurement is subject to the timing of the market performance relative to the performance period and can be greater than the headline TER in a positive market and lower than the TER in a negative market. In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out by the Fund. The following table compares the realised Fund performance against the performance of the relevant benchmark index during the financial period ended 31 October 2019. It also discloses the anticipated tracking error of the Fund (disclosed in the prospectus on an ex-ante basis) against the actual realised tracking error of the Fund as at 31 October 2019. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period.
Load more

Recommended publications
  • Fund Structures Ccfs Common Contractual Funds
    Fund structures: CCFs/ Common Contractual Funds Irish investment fund products can be constituted in various legal forms. A range of factors can influence the choice of legal vehicle, including tax treatment, risk spreading requirements, local market requirements and market preferences. The structuring options include a Common Contractual Fund CCF( ), an Irish Collective Asset- management Vehicle (ICAV), a Variable Capital Company (VCC), a Unit Trust and an Investment Limited Partnership (ILP). This series takes a look at each of these options. What is a CCF? CCFs are also used for asset pooling where investors are not pension funds but are A ‘common contractual fund’ is defined in institutions or other structures pooling their the European Communities (Undertakings for assets into a single fund vehicle. Collective Investment in Transferable Securities) Regulations 2011 UCITS( Regulations) as a ‘collective investment undertaking being How is a CCF created? an unincorporated body established by a A CCF is formed by a contractual deed between management company under which the the manager and the depositary whereby participants by contractual arrangement investors participate and share the property of participate and share in the property of the the fund as co-owners of the assets of the fund. collective investment undertaking as co-owners’. Each investor holds an undivided co-ownership Many multi-national pension schemes seek to interest as a tenant in common with the other achieve economies of scale and efficiency of investors. The deed of constitution may be operation by pooling pension fund assets into one drafted to provide that income is distributed on entity. For such pooling to successfully take place an annual basis so as not to prejudice the tax it is imperative that the pooling vehicle is tax transparency of the vehicle in certain jurisdictions.
    [Show full text]
  • Choosing an Investment Vehicle European Real Estate Fund Regimes
    Choosing an investment vehicle European Real Estate Fund Regimes May 2019 www.pwc.com/realestate This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Introduction This booklet aims to provide an overview of the most common European collective investment vehicles (CIVs) suitable for investment in real estate, including their legal form, as well as their regulatory and tax position. The AIFM Directive entered into force on Many countries offer attractive tax facilities, 22 July 2013 and has been implemented by including tax exemptions, to their local real EU Member States, which had to consider estate CIVs. In many countries, these tax both regulatory matters and changes to facilities are not available to real estate CIVs Uwe Stoschek fund and investor taxation. This has resulted investing from a different jurisdiction. Therefore, in significant changes in the European real there are still important steps to take until there Partner, estate fund landscape. AIFMD has forced is a level playing field for real estate CIVs also Global Real Estate Tax fund managers and investors to change from a tax perspective. Our country specialists Leader their approach and look not only at national mentioned in this publication will be very happy PwC Germany rules, but also at EU rules and guidelines. to help you by providing further information on At the same time, the new passports for any of the fund vehicles described. +49 30 2636-5286 professional investor funds provide new +49 160 5820641 options. Managers must consider where they [email protected] apply for authorisation to obtain the licence, paying close attention to legal and tax aspects, as well as available business infrastructure and personal resources.
    [Show full text]
  • NL CCF Prospectus
    PROSPECTUS VANGUARD INVESTMENTS II COMMON CONTRACTUAL FUND An open-ended umbrella common contractual fund with segregated liability between sub-funds authorised and regulated by the Central Bank of Ireland pursuant to the UCITS Regulations This Prospectus is dated and is valid as at 20 May 2019. 33246391.70 VANGUARD INVESTMENTS II COMMON CONTRACTUAL FUND IMPORTANT INFORMATION Investor Responsibility Investors should review this Prospectus carefully and in its entirety and consult a stockbroker, bank manager, solicitor, accountant or other financial adviser. Central Bank Authorisation Authorisation of the Fund is not an endorsement or guarantee of the Fund by the Central Bank nor is the Central Bank responsible for the contents of this Prospectus. The authorisation of the Fund by the Central Bank shall not constitute a warranty as to the performance of the Fund and the Central Bank shall not be liable for the performance or default of the Fund. This Prospectus describes Vanguard Investments II Common Contractual Fund (the “Fund”), an open- ended umbrella Common Contractual Fund authorised pursuant to the UCITS Regulations. Accordingly, the Fund is supervised by the Central Bank. The Fund is constituted as an umbrella fund insofar as the Units of the Fund will be divided into different series of Units with each series of Units representing a separate investment portfolio of assets which will comprise a separate Sub-Fund. Units of any Sub-Fund may be divided into different classes to accommodate different subscription and/or redemption provisions and/or other charges and/or dividends and/or fee arrangements, including different ongoing charges. Please see the section of the Prospectus entitled Units for further information.
    [Show full text]
  • Annual Report | 31 December 2020
    Annual Report | 31 December 2020 Vanguard Investments II Common Contractual Fund Contents Tracking Error 1 Vanguard FTSE Developed World II Common Contractual Fund 2 Vanguard SRI FTSE Developed Europe II Common Contractual Fund 29 Vanguard SRI FTSE Developed World II Common Contractual Fund 39 Notes to the Financial Statements 63 Statement of Manager's Responsibilities 74 Additional Information from the Manager (unaudited) 75 Report of the Depositary to the Unitholders 76 Independent Auditors' Report to the Unitholders 77 Directory Inside Back Cover Tracking Error Each Sub-Fund listed in the table employs a “passive” investment strategy designed to replicate the performance of its benchmark index. Some Sub-Funds attempt to replicate the index by investing all, or substantially all, of their assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. Others attempt to select those securities that will create the representative sample that tracks the performance of the index as closely as possible. Optimisation or stratified sampling techniques, or both, are used to create the sample. Tracking error measures the volatility of the return difference between the Sub-Fund and the index. It is calculated as the standard deviation of the tracking difference between the Sub-Fund and the index (gross of fees for the trailing 36-month period, or since the Sub-Fund’s inception if it does not have 36 months of performance history). Realised tracking error may vary from the anticipated tracking error, depending on a range of circumstances. These include transaction costs, securities lending income, and withholding tax differences.
    [Show full text]
  • Common Contractual Funds
    COMMON CONTRACTUAL FUNDS The Tax Efficiency in Asset Pooling irishfunds.ie COMMON CONTRACTUAL FUNDS What is a Common CCF – Key Tax Benefits CCF – Non-Tax Benefits Contractual Fund? The tax efficiencies within any asset As the CCF is tax transparent it allows The Common Contractual Fund (“CCF”) pooling solution are critical to the pension funds and other institutional is an Irish tax transparent structure success of the solution to meet investors pool their investments, first established in 2003. It was investor demands. The CCF has creating economies of scale resulting specifically developed to enable asset firmly established its’ tax transparent in lowered costs, while maintaining managers and asset owners pool their credentials over the last 10 years and withholding tax benefits which could investments (primarily in the context of a number of large asset managers and otherwise be lost through traditional pension fund assets) in a tax efficient asset owners (including multinational ‘opaque’ investment vehicles. The keys manner. corporations with pension assets) benefits of a CCF as an asset pooling have established CCFs benefiting from structure are as follows: The CCF is an unincorporated body their tax efficiency and other non-tax established by an Irish management benefits. • The CCF offers economies of scale company pursuant to which investors compared to fragmented investment participate and share in the underlying • The CCF benefits from Ireland’s products and strategies with different investments of the CCF. Each investor competitive tax regime providing investment managers, administrators/ in the CCF is deemed to hold an certainty, stability and transparency. and custodians resulting in lower undivided co-ownership interest in the • Over 70 funds have been established costs and enhanced investor returns.
    [Show full text]
  • ZURICH INVEST COMMON CONTRACTUAL FUND (An Umbrella Common Contractual Fund with Segregated Liability Between Funds)
    ZURICH INVEST COMMON CONTRACTUAL FUND (An umbrella common contractual fund with segregated liability between Funds) An open-ended common contractual fund established under the laws of Ireland and constituted as an umbrella fund with segregated liability between Funds and with variable capital pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011, as amended PROSPECTUS This Prospectus is dated 21 October 2019 The Directors of the Manager whose names appear in the section entitled Directors of the Manager of the Prospectus below accept responsibility for the information contained in this Prospectus and each relevant Supplement. To the best of the knowledge and belief of the Manager (who has taken all reasonable care to ensure such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Manager accepts responsibility accordingly. TABLE OF CONTENTS 1. DEFINTIONS .............................................................................................................................................. 2 2. INTRODUCTION......................................................................................................................................... 8 3. FUNDS ...................................................................................................................................................... 10 4. RISK FACTORS ......................................................................................................................................
    [Show full text]
  • Northern Trust Ucits Common Contractual Fund
    NORTHERN TRUST UCITS COMMON CONTRACTUAL FUND An open-ended umbrella common contractual fund divided into a number of Sub-Funds established under the laws of Ireland pursuant to the Regulations. PROSPECTUS This Prospectus is dated 20 January 2012 The Directors of the Manager, Northern Trust Fund Managers (Ireland) Limited, whose names appear in the section titled “Directors of the Manager” below accept responsibility for the information contained in this Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. CONTENTS 1.0 INTRODUCTION 4 CALCULATION OF NET ASSET VALUE/ VALUATION OF ASSETS 59 2.0 DEFINITIONS 7 6.17 Calculation of Net Asset Value/Valuation of Assets 59 3.0 SUB-FUNDS 17 6.18 Suspension of Calculation of Net Asset Value 63 3.1 Investment Objective and Policies 18 6.19 Form of Units 65 3.2 Investment Restrictions 19 3.3 Borrowing and Leverage 19 7.0 FEES AND EXPENSES 67 3.4 Cross-Investment 20 3.5 Hedging 20 8.0 TAXATION 69 3.6 Gross Income Payments 21 8.1 General 69 8.2 Irish taxation 69 4.0 RISK FACTORS 23 8.3 Report to the Irish Revenue Commissioners 70 8.4 Stamp duty 70 5.0 MANAGEMENT OF THE CCF 36 8.5 Capital acquisitions tax 70 5.1 Directors of the Manager 36 8.6 Intermediary 71 5.2 The Manager 39 8.7 Other Jurisdictions 71 5.3 Principal Investment
    [Show full text]
  • Ccfs and Asset Pooling
    CCFs and Asset Pooling 0 CCFS AND ASSET POOLING Background to Asset Pooling In the context of investment fund products, asset pooling is not a new concept. For many years asset managers have been offering pooled investment products to their clients, such products including US mutual funds, European UCITS, UK OEICs, etc, as a means whereby investors of varying types and sizes could invest on a collective basis in a pool of underlying assets with the aim of benefiting from centralised, professional asset management services and specialist fund administration and custody services with the perceived additional benefits of cost savings across these various services as a result of economies of scale. In addition, certain investors consider they obtain a higher standard of governance for their portfolios through investment in pooled schemes as well as a consistency of approach and, additionally, depending on the type of scheme chosen, may benefit from relevant regulatory protections applicable to the pooled structure and its service providers. One drawback, however, of many pooled structures has been how they have been treated from a tax perspective. Take, for example, a small pension fund which decides to invest unilaterally and directly (i.e. not through a pooled scheme). In such a case it may be able to access double tax treaties benefiting from, for example, a reduction or absence of withholding tax on distributions from the investments acquired. In the case of a pooled scheme, the capacity for the investor to obtain directly or indirectly the benefit of the reduced rate of withholding tax has generally been absent as the pooled vehicle may, due to its legal nature, be treated as an opaque vehicle where the assets are assets of the vehicle itself.
    [Show full text]
  • BLACKROCK COMMON CONTRACTUAL FUNDS PROSPECTUS 4 March 2021
    BLACKROCK COMMON CONTRACTUAL FUNDS PROSPECTUS 4 March 2021 • CCF Developed World (ESG Screened) Index Fund • CCF North America (ESG Screened) Index Fund • CCF Europe (ESG Screened) Index Fund • CCF Pacific (ESG Screened) Index Fund PART I IMPORTANT INFORMATION This Prospectus comprises information relating to BlackRock Common Contractual Funds (the "Fund"). The Fund is structured as a common contractual fund and is authorised in Ireland by the Central Bank of Ireland or any successor thereof (the "Central Bank") as a UCITS for the purposes of the UCITS Regulations. The Fund is structured as an open-ended umbrella fund with segregated liability between Sub-Funds in that it may be divided into different Classes of Units with one or more Classes representing a separate Sub-Fund of the Fund. The creation of any Sub- Fund will require the prior approval of the Central Bank. Units are currently available in the following Sub-Funds (each a "Sub-Fund", together the “Sub-Funds”): • CCF Developed World (ESG Screened) Index Fund • CCF North America (ESG Screened) Index Fund • CCF Europe (ESG Screened) Index Fund • CCF Pacific (ESG Screened) Index Fund Applications for Units will only be considered on the basis of this Prospectus (and any relevant Supplement) and the latest published audited annual report and accounts and, if published after such report, a copy of the latest unaudited semi-annual report. These reports will form part of this Prospectus and the relevant Supplements. The Fund is both authorised and supervised by the Central Bank. The authorisation of the Fund is not an endorsement or guarantee of the Fund by the Central Bank and the Central Bank is not responsible for the contents of this Prospectus.
    [Show full text]
  • If You Are in Any Doubt About the Contents of This Prospectus You Should Consult Your Stockbroker, Bank Manager, Solicitor, Accountant Or Other Financial Advisor
    If you are in any doubt about the contents of this Prospectus you should consult your stockbroker, bank manager, solicitor, accountant or other financial advisor. The Directors of the Company whose names appear in the section entitled "The Board of Directors" accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit any material fact likely to affect the import of such information. RUSSELL INVESTMENT COMPANY PUBLIC LIMITED COMPANY constituted as an investment company with variable capital incorporated under the laws of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended P R O S P E C T U S F O R G E R M A N Y for an umbrella fund with segregated liability between sub-funds comprising OLD MUTUAL AFRICAN FRONTIERS FUND OLD MUTUAL PAN AFRICAN FUND* OLD MUTUAL VALUE GLOBAL EQUITY FUND OLD MUTUAL GLOBAL BOND FUND* COPPER ROCK GLOBAL ALL CAP EQUITY FUND* OLD MUTUAL GLOBAL REIT FUND* OLD MUTUAL GLOBAL AGGREGATE BOND FUND* OLD MUTUAL GLOBAL CURRENCY FUND OLD MUTUAL U.S. CORE-BOND FUND* OLD MUTUAL MSCI AFRICA EX-SOUTH AFRICA INDEX FUND* OLD MUTUAL FTSE RAFI® ALL WORLD INDEX FUND OLD MUTUAL MSCI WORLD ESG LEADERS INDEX FUND OLD MUTUAL GLOBAL BALANCED FUND OLD MUTUAL EMERGING MARKET LOCAL CURRENCY DEBT FUND* OLD MUTUAL GLOBAL DEFENSIVE
    [Show full text]
  • Sif How to Set Up
    HOW TO A SPECIALISED INVESTMENT FUND (SIF) DESCRIPTION A Specialised Investment Fund (SIF) is an investment fund that can invest in all types of assets. It usually qualifies as an alternative investment fund (AIF) and can be sold to well-informed investors. SIFs that have appointed an EU AIFM can market their shares, units or partnership interests via a specific passport to well-informed investors across the EU. ELIGIBLE INVESTORS Investment in a SIF is limited to “well-informed” investors CAPITAL BASE that are able to adequately assess the risks associated The net assets of a SIF may not be less than EUR 1,250.000. with an investment in such a vehicle. These are defined as This minimum must be reached within a period of twelve institutional investors, professional investors, and investors months of its authorisation. At least 5% of the capital needs to who have confirmed in writing that they adhere to the be paid up at subscription. “well-informed” investor status, and who either invest a minimum of EUR 125,000 in the SIF or have been assessed by a credit institution, investment firm or management LEGAL FORM company which certifies the investors’ expertise, The SIF may be structured as: experience and knowledge in adequately appraising an investment in the SIF. • an open or closed ended common contractual fund (fonds commun de placement – FCP). The FCP has no LEGAL FRAMEWORK legal personality and must be managed by a management SIFs are subject to the Luxembourg Law of 13 February company. 2007 (SIF Law). The SIF regime was amended by the Law • an open or closed ended investment company with of 12 July 2013 on Alternative Investment Fund Managers variable capital (société d’investissement à capital variable (AIFM Law).
    [Show full text]
  • LGPS Pooling
    LGPS Pooling ACS Vehicle State Street has a long association with the Local Government Pension Scheme, with some client relationships dating back more than 25 years. With asset pooling set to dramatically impact the industry, we recognise that regulated vehicles will be at the forefront of this change. As one of the UK’s largest providers of investment administration services for Authorised Contractual Schemes, we can support the industry and guide the newly formed pools through what is often a complex and confusing process. Our dedicated team has a wealth of industry knowledge and experience and stands ready to deliver solutions tailored to your specific needs. JOSEPH L. HOOLEY Chairman and Chief Executive Officer State Street Corporation 1 Authorised Contractual Scheme 2 LGPS POOLING Background In July 2013, the UK introduced its own version of a ‘tax transparent fund’, the Authorised Contractual Scheme (ACS). This was introduced partly to compete for a share of the European pooled funds market following the introduction of master-feeder structures in the Undertakings for Collective Investment in Transferable Securities (“UCITS”) IV Directive. We have seen an increase in interest An ACS may be a suitable tax- from our clients from all sectors for transparent investment vehicle for this new investment vehicle, as an a range of investors depending on ACS represents an opportunity for requirements. Importantly, it offers multiple investors to pool assets within benefits to investors seeking a single fund structure, achieving cost operational efficiency through efficiencies through rationalisation, consolidation of their existing fund management, administration and structures, without compromising the economies of scale, while retaining tax efficiency for underlying investors.
    [Show full text]