Agile Investment Servicing Overview

Transcription

1 Agile Investment Servicing 2013 Overview

2 00 Le choix du thème de l origami pour le rapport d activité 2013 de EFA illustre notre agilité, notre expertise et notre savoir-faire. Basé sur la création d un nombre infini de formes à partir d une feuille de papier de forme carrée, l origami est un art faisant appel à ces mêmes compétences. La feuille carrée représente le logo EFA.

3 Table of Contents Message from our Chairman and our CEO 02 Key figures 03 Our shareholders 03 Board of Directors 04 Executive Committee 05 Our mission & our services 06 Proactivity in cutting-edge solutions 07 Pole position in specialised segments 08 International growth and strategic partnerships 10 EFAnet 12 01

4 Message from our Chairman and our CEO Dear Sir, Madam, 2013 was a critical year for EFA, as we worked to leverage our traditional growth drivers while launching new initiatives that will bear fruit in years ahead. Our strategy focused first on expanding our international presence and entering into new partnerships with toptier players to achieve greater visibility and win market share in strategic markets. In France, we raised our profile significantly by signing an agreement with Oddo & Cie bank under which Oddo transferred all of its valuation and administration activities for French funds to us. Both partners are committed to building an all-new business model based on excellence and independence in fund administration. Oddo s newly acquired equity interest in EFA S.A. testifies to our on-going commitment to settle in for the long term on the French market. This same partnership doubled the number of funds administered by EFA France along with total assets. Our strategic EFA-Oddo agreement echoes the cooperation partnership signed a few months earlier with Standard Chartered Bank to deliver a full suite of professional services to the Bank s clients seeking to create and operate Luxembourg funds. This commitment to long-term partnerships strengthens our unique position in Europe as an open and independent platform, with agility evident in our ability to maintain operational flows with many counterparties. Developing innovative, added-value services was another major growth vector for EFA, along with our risk reporting and support services for AIFM, particularly crucial at a time when the regulatory framework requires Management Companies to implement more substance and control policies. Another major 2013 project offered clients a single personalised entry point for all services, reports and information produced by EFA, which in turn required deployment of the many new functionalities available through our EFAnet web portal. Alongside these initiatives, we observed strong growth in our dedicated private equity and real estate, unit-linked products and in responsible investment funds. We hope you enjoy reading this 2013 overview, and would like to take this opportunity to thank our stakeholders for their commitment, our clients for their loyalty, our employees for their dedication, and our shareholders for their support. Rafik Fischer Chairman of the Board of Directors Thomas Seale Chairman of the Executive Committee 02

5 Key figures 2,682 funds under administration billion Euro of assets under administration 215 clients 46 Management Companies working with EFA 55.5 million Euro turnover 24 million Euro of shareholders equity 93 depositary banks linked to EFA 486 Specialised Investment Funds (SIF) Our shareholders Banque de Luxembourg % Banque et Caisse d Épargne de l État % EFA Partners % KBL European Private Bankers S.A % Oddo & Cie 5.00 % 03

6 Board of Directors 1. Mr. Rafik Fischer, Chairman General Manager and Head of Global Investor Services, KBL European Private Bankers S.A. 2. Mr. Pierre Ahlborn, Vice-Chairman Chief Executive Officer, Banque de Luxembourg Mr. Rodolphe Belli Senior Vice President, Head of Secretary General, Banque et Caisse d Épargne de l État Mr. Philippe Oddo (*) Managing Partner, Oddo & Cie 5. Mr. Serge D Orazio Head of Investment Funds & Global Custody Services, KBL European Private Bankers S.A Mr. Fernand Reiners Member of the Executive Committee, Banque de Luxembourg Mr. Thomas Seale Chief Executive Officer, European Fund Administration S.A. 8. Mr. Paolo Vinciarelli Senior Vice President, Head of Investment Funds Department, Banque et Caisse d Épargne de l État (*): Since January 1 st,

7 Executive Committee 1. Mr. Thomas Seale CEO and Chairman of the Executive Committee 2. Mr. Frédéric Bilas Director Operations 3. Mrs Françoise Dumont Director - Finance and Risk Management Mr. John Glesener Director - Product & Strategic Development 5. Mr. Claude Hoffmann Commercial Director Mr. Emile Lutgen Director Human Resources, Legal Affairs and General Services 7. Mr. Jean-Marc Verdure Director Information Technology and Organisation

8 Our mission & our services Our mission As an independent company specialising in fund administration, our mission is to deliver a wide range of services customised, traditional and add-on to a demanding clientele. These services cover an equally wide range of products and vehicles, making excellence the priority at all times. Our services Net Asset Value calculation, bookkeeping and portfolio valuation Middle-office and order management services Transfer agent and registrar services Fiscal services Compliance & risk management Performance measurement & attribution Domiciliation Reporting solutions On behalf of UCITS and UCIs Alternative investment funds Pension funds Unit-linked life insurance products Private equity and real estate funds Islamic funds Microfinance funds Specialised funds Depositary banks Management Companies Holding companies 06

9 Proactivity in cutting-edge solutions One feature that sets EFA apart is our commitment to anticipating demand getting out ahead of market trends and regulatory requirements. By closely tracking developments in both areas, we transform regulatory shifts into customised services that add value across the board. AIFM regulatory reporting services After the AIFM Directive was adopted, EFA became one of the first industry players to offer Alternative Investment Fund Managers (AIFMs) registered or authorised a comprehensive reporting solution. We produce the reports required for all types of AIFs, calculate key risk indicators and monitor leverage and assets under management on a monthly basis. At EFA, we sought a solution offering maximum flexibility; clients select the individual modules they need and can combine these with our additional AIF Risk Reporting service to monitor all key risks, even for funds that we do not manage ourselves. FATCA To ensure that our clients meet their legal obligations under FATCA, we have developed a new range of dedicated services designed especially to help funds identify US investors. Other services include provision of all reports required for compliance. Here, too, flexibility is the watchword: clients can opt to interface with fund distributors and obtain investors FATCA status or perform due-diligence on pre-existing investors. New services will be added to this offering in the months ahead, including reporting to tax authorities and, possibly, calculation of withholding tax. Performance analysis reporting services EFA s innovative solutions give clients a real-time web-based view of specialised key performance indicators: since all data management is performed by EFA, clients benefit from a ready-to-use service, available online 24/7, with no development needs. 07

10 Pole position in specialised segments In 2013, EFA confirmed its lead in specialised investment funds (SIF), unit-linked portfolios, responsible investment funds and other highly specialised segments. With 486 SIFs under administration, we hold 31% of Luxembourg s SIF market, placing us well ahead of our competitors in this area. During the year micro-finance, environmental, impact financing, Sharia and other responsible investment funds showed a steep rise, reaching one billion euros in assets under administration. Valuation and administration activities for unit-linked portfolios also increased, winning an additional 464 million in new assets under administration. Reflecting our positioning as an open, agile and independent platform, in 2013 we served 215 promoters and 46 Management Companies. This involved maintaining operational flows with 93 depositary banks and 17 prime brokers. EFA Private Equity Our dedicated service offering for private equity and real estate funds EFA Private Equity, our business line specialising in private equity and real-estate funds, provides tailored-made solutions to 84 sophisticated investment structures. In 2013, total assets administered rose 10.2%, making EFA Luxembourg s leading administrator of private equity and real-estate funds billion Euro assets under administration At 31 December 2013, this business accounted for over 10 billion in assets under administration. growth 10.2 % 84 investment structures 08

11 EFA Hedge Fund Services Drawing on long experience and excellence in both hedge funds and funds of hedge funds, EFA has been one of the top contenders in this field for several years. At the end of 2013, our Hedge Fund Services business unit had 190 sub-funds under administration, representing 9.3 billion in all. Such high volumes reflect our global excellence initiative, which combines expert staff and technical know-how to address the very specific needs of alternative investment funds. 9.3 billion Euro assets under administration 190 sub-funds 70 investment structures 09

12 International growth and strategic partnerships One of the pillars underpinning EFA s strategy is our commitment to strong, sustainable growth at international level. An example was our major drive to stake out positions in Asia, where growth in assets under administration is the strongest in the world, and to strengthen our presence in France, home of Europe s second-largest investment fund sector. Building on our identity as an open platform, we have developed a store of expertise that allows us to serve funds domiciled in jurisdictions as wide-ranging as Luxembourg, France, Guernsey, Malta, Australia, the Cayman Islands and the British Virgin Islands. The administrative platform for Swedish funds, launched in 2011, continued to prosper with a steep 87% rise in assets under administration in billion Euro assets under administration for Swedish funds 1.0 billion Euro assets under administration for Cayman funds Oddo Following the conversion of our French subsidiary into a branch, we integrated all of Oddo Group s valuation and fund administration activities. When combined with our own third-party service culture, this store of expertise enables us to deliver particularly effective solutions to French Management Companies. Both partners are also convinced that their independent valuation model is particularly useful for investment funds. Based on the separation and complementarity of roles as depositary bank and fund administrator, this model guarantees neutrality for clients and adds checks and balances from a regulatory perspective. At year-end 2013, our French branch administered 186 funds representing over 12.5 billion in assets billion Euro assets under administration for European Fund Administration S.A. France 186 funds administered by European Fund Administration S.A. France 10

13 Standard Chartered Bank In July 2013, EFA and Standard Chartered Bank signed a strategic co-operation agreement after Standard Chartered opened a depositary bank branch in Luxembourg a move that came in response to increasing client demand for the Bank s support of Luxembourg-domiciled structures across dynamic markets in Asia, Africa and the Middle East. The aim is to deliver fund administration, transfer agency and a full suite of related services to clients seeking to create and operate Luxembourg funds. Our independence, ensuring neutrality, was a key decision driver for Standard Chartered Bank in choosing EFA as a privileged partner. Global Distribution Solution During the year EFA and CM-CIC teamed up to offer Global Distribution Solution, an option that allows French Management Companies to sell their French funds abroad. This new service builds on both companies strengths: EFA s expertise as a best-in-class transfer agent and registrar platform and CM-CIC s top-tier aggregating service. The platform enables French Management Companies to distribute their funds in over 50 countries throughout Europe, Latin America and Asia under the widely-recognised UCITS label. 11

14 EFAnet To maintain an interactive relationship with Management Companies, promoters, depositary banks and other clients, we implemented our online portal EFAnet in Offering a single personalised entry point to all services, reports and information, EFAnet gives users 24/7 access to accounting data (including last NAV published, NAV details, reporting browsing... ) and allows fund managers to validate NAVs online. EFAnet also grants access to transfer agency activities (TA positions, search functionality for transactions and reports produced, past dividend distribution... ) and KIID management (published or pending KIID overview, SRRI and OGC monitoring and more). 12

15 The choice of the origami theme for EFA s 2013 Overview illustrates our agility, expertise and know-how. Origami art requires these abilities and is based on creating an infinite number of shapes from a square sheet of paper. The square sheet of paper represents EFA s logo.

16 European Fund Administration S.A. 2, rue d Alsace P.O. Box 1725 L-1017 Luxembourg Tel: Fax: client.services@efa.eu European Fund Administration S.A. France 17, rue de la Banque F Paris Tel: Fax: services.clients@efa.eu European Fund Administration S.A. All rights reserved Membre associé de 2013 European Fund Administration S.A. Tous droits réservés