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La Financière de l’Echiquier launches “Echiquier” SICAV

La Financière de l’Echiquier (LFDE) is enhancing its asset management governance and transforming some of its FCP mutual funds into sub-funds of a French-law SICAV called Echiquier. The operation will take effect on 4 December 2018 and be followed by a similar one involving other FCPs. There will be no change to the investment strategy of the funds concerned.

This transformation is part of the governance reinforcement drive led by the board of directors, of which half the members are independent. In their capacity as shareholders, the investors have new rights that can be exercised during shareholders’ meetings: the right to representation and the right to vote.

Several strategies are affected by this transformation[1]: European growth mid-caps, with Echiquier Agenor Mid Cap Europe; our opportunistic strategy on European stocks, Echiquier Agressor and Echiquier Agressor PEA; convertible bonds with Echiquier AltaRocca Convertibles and Echiquier Convexité Europe; diversified funds with Echiquier ARTY and Echiquier Patrimoine, and finally corporate bonds with Echiquier Crédit Europe and Echiquier AltaRocca Hybrid Bonds.

“Foreign investors are undeniably showing an interest in this type of financial vehicle. It was important for LFDE to provide them with the best possible investment conditions. This operation fulfils the need to identify new growth avenues outside our domestic market and brings us closer to our goal of becoming a leading player in Europe”, said Christophe Mianné, Chief Executive Officer of LFDE.

“New developments on the Paris marketplace have made it easier to distribute internationally and have made asset management more competitive. The Echiquier SICAV will take La Financière de l’Echiquier’s solutions to new markets”, added Didier Le Menestrel, Chairman of LFDE.

 

[1] Capital contribution (corporate action) through the merger by absorption of 9 FCPs, to take place on 4/12/2018 based on the net asset values of 3/12/2018.