IMAS Lunchtime Talk Series De-Mystifying the Hows and Whats of Retail Fund Distribution in Europe 5 June 2012
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1 IMAS Lunchtime Talk Series De-Mystifying the Hows and Whats of Retail Fund Distribution in Europe 5
2 Agenda The European funds marketplace Cross-border fund distribution in Europe Mechanics of fund distribution - Access to the market - Notification and maintenance process - Documentation (KIID, marketing and tax reporting) Distribution channels and models - what exists and what works? The information contained herein is for presentation purposes only. It may not be circulated or used in any external material, or shared or distributed to parties outside of the intended party without the express permission of PricewaterhouseCoopers S.a.r.l. (""). It is not meant to be comprehensive and does not constitute the rendering of any legal, tax or other professional advice or service by. De-Mystifying the Hows and Whats of Retail Fund Distribution in Europe 2
3 The European funds marketplace
4 The European funds marketplace The outlook on European asset management Regulatory burden increasing business costs and complexity, but opportunities for Asian managers are positive The regulatory tsunami: impact of regulations on the cost of compliance (and doing business)... UCITS IV & V, AIFMD, Dodd-Frank and FATCA, Financial Transactions Tax, MiFID etc Single market: The harmonised framework and ease of access to multiple markets remains a key advantage and pull factor Product innovation and new markets: Private equity, microfinance, Latin America and Asia European assets looking for safer havens and better return opportunities: Asian emerging markets are still attractive and currencies undervalued or stable 4
5 The European funds marketplace Overview of the European market The attractiveness of Europe Strategic market 500 million plus consumers; 27 member states composing a vast single market; 17 member states using the euro as currency; Goods free circulation within the European Market. The European market and Luxembourg is in the heart of it Source: CIA estimates, Science and Engineering Indicators
6 The European funds marketplace Overview of the European market Global overview of the fund industry: a worldwide market of EUR trillion (Q4 2011) Market share: countries/regions of worldwide investment fund assets (Q4 2011) Japan, 3.9% Australia, 5.6% Brazil, 5.7% Canada, 3.6% China, 1.3% Others, 2.7% USA, 49.0% Region Fund assets (bn EUR) USA 9,792 Europe* 5,634 Brazil 1,145 Australia 1,113 Japan 776 Canada 709 Europe, 28.2% Source: EFAMA, Others 801 Total 19,970 *UCITS 6
7 AUM/GDP The European funds marketplace Overview of the European market Key developments 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% State of the European asset management market Portugal UK France Italy Finland Source: Analysis, EFAMA, World Bank data. Spain Germany Poland Denmark Belgium Austria Sweden Netherlands Switzerland Norway 0% 5% 10% 15% 20% 25% 30% 35% 40% Gross Savings (% of GDP) French market is particularly heavily penetrated Norway has the opportunity to grow faster than the broader economy given its low AUM to GDP ratio and high savings rate International fund distribution hubs: Luxembourg and Dublin have AUM / GDP ratios above 5,000% and 600% respectively 7
8 The European funds marketplace Overview of the European market Net assets of the European fund industry as of Q Allocation of UCITS assets UCITS EUR 5,634 bn (approx. 71%) Total UCIS 7,920 Source: EFAMA, UCITS net assets Country of domiciliation EUR mn Share Luxembourg 1,760, % France 1,068, % Ireland 820, % UK 648, % Germany 226,456 4,0% Switzerland 211, % Spain 150, % Sweden 147, % Italy 139, % Belgium 79, % Austria 74, %... 8
9 The European funds marketplace Overview of the European market Evolution of net assets in Europe 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-4,241 3,288 Source: EFAMA, ,817 3,763 European investment funds: net assets (EUR bn) 5,348 4,192 6,594 5,189 7,552 5,951 7,909 7,060 8,150 7, ,156 1,405 1,601 1,749 1,545 1,745 2,140 2,286 6,160 6,087 4,542 5,315 6,010 5, Non-UCITS UCITS European fund assets decreased by 2.8% between 2010 and 2011; at the same time there was a decrease in number of funds available for sale in Europe due to mergers/liquidations Decline less sharp compared to crisis years (2008/09); by the end of 2011 European fund assets reached pre-crisis levels again 9
10 The European funds marketplace New funds launched by country of domicile in Europe (2011) AuM (EUR mn) AuM in new funds (EUR million) and number of funds launched YTD as at end of 2011 (UCITS) # funds 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, , ,212 13, , , ,247 3,418 2, Luxembourg Ireland Spain France Other Switzerland Belgium UK Germany Austria Source: MRI based on Lipper data AUM (EUR million) # funds 10
11 The European funds marketplace New fund launches: Equity asset class tops number 1,400 Evolution of # of new funds launched by asset class in Europe (UCITS & Non-UCITS) 1,200 1, Absolute return includes HF and FoHF Source: MRI based on Lipper data 11
12 The European funds marketplace New fund launches: Equity funds also attract the highest AuM 45% 40% Breakdown of AuM of new funds launched at the end of each year of launch (UCITS & Non-UCITS) % 30% 25% 24% 21% 23% 20% 15% 10% 8% 7% 7% 7% 5% 3% % 12
13 The European funds marketplace The European Asset Management market Asset Allocation by investment type (AUM) UCITS UCITS, Non-UCITS and mandates Other 21% Bond 27% Money Market, 14% Other, 10% Bond, 44% Money Market 19% Equity 33% Equity, 32% Source: EFAMA 13
14 The European funds marketplace The European Asset Management market Investor composition Breakdown of total AuM, by type of investors 25% Pension funds Retail, 32% Institutional, 68% 45% Insurance companies Sources : EFAMA 30% Other Institutionals 14
15 The European funds marketplace Top locations of institutional assets in Europe Top 15 locations of institutional assets in Europe* Rank Country Assets (EUR bn) 1 UK 2,589 2 France 1,940 3 Germany 1,795 4 Netherlands 1,080 5 Switzerland Italy Norway Sweden Denmark Spain Finland Belgium Luxembourg Ireland Austria 120 Assets of leading pensions funds, insurers portfolios and funds of funds at end 2010 Source : Analysis 15
16 The European funds marketplace Evolution of the Alternative UCITS market A fast growing segment for innovative strategies Number of Alternative UCITS , Luxembourg Spain France Other Ireland UK Source : Lipper -UCITS Absolute return according to Lipper category 16
17 The European funds marketplace European ETF industry: The success story of this decade Market continues to boom ETFs assets more than doubled since # Assets ETFs USD bn , , ,232 1,200 1, Source: BlackRock AUM (USD bn) # ETF 17
18 Cross-border fund distribution in Europe
19 Cross-border fund distribution in Europe Hotspots for distribution The heat map indicates the total number of cross-border registrations at the end of 2011 Total number of cross-border registrations as at December 31, 2011 Over 3,000 1,000 2, Less than 100 Source: Lipper LIM and analysis, December 31,
20 Cross-border fund distribution in Europe Global breakdown of distribution Evolution since December 2009 Region of Total Total Total # new registrations distribution registrations registrations registrations over the period Dec 2009 Dec 2010 Dec 2011 Europe 49,956 54,441 57,650 3,209 Asia Pacific 5,307 5,434 5, Americas 2,154 1,922 1, Middle East Africa TOTAL 58,544 62,812 65,931 3,119 [Source: Lipper LIM and analysis] 20
21 Cross-border fund distribution in Europe Cross-border fund distribution Distribution of foreign funds in Europe Penetration of cross-border funds on selected European markets Cross-border vs. domestic funds Country Cross-border Domestic France 43% 57% Germany 82% 18% Ireland 41% 59% Italy 85% 15% Luxembourg 11% 89% Netherlands 93% 7% Poland 52% 48% Spain 65% 35% Sweden 85% 15% Switzerland 83% 17% UK 65% 35% Source: Lipper Hindsight 31/12/2011. Increase in number of funds and assets More promoters offer a greater variety of cross-border products Majority of cross-border funds domiciled in Luxembourg 21
22 Cross-border fund distribution in Europe Cross-border fund distribution Number of cross-border funds and registrations 80,000 70,000 Luxembourg Ireland UK France Germany Other Number of true x-border funds 8,511 9,000 7,907 7,366 7,441 8,000 Num mber of cross-border registrations 60,000 50,000 40,000 30,000 20,000 10,000 3,260 3,750 4,529 4,875 5,170 5,907 6,525 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Number of cross-border funds 0 Average registrations per true crossborder fund Source: Lipper LIM/ analysis, data as at 31/12/
23 Cross-border fund distribution in Europe Distribution footprint of cross-border funds 933 (11%) 647 (8%) 2,944 (34%) Distribution in 3 to 4 markets Distribution in 5 to 9 markets 1,349 (16%) Distribution in 10 to 14 markets Distribution in 15 to 19 markets Distribution in 20+ markets 2,638 (31%) Total number of cross-border funds as at end of 2011: 8,511 (100%). 23
24 Cross-border fund distribution in Europe Domicile share of cross-border distribution Luxembourg continues to dominate France 3% Ireland 15% UK 3% Germany 1% Other 6% Source: Lipper LIM and analysis, December 31, Luxembourg 72% Top 5 destinations of leading fund domiciles Luxembourg Registrations in: Germany 4,035 Austria 3,559 Switzerland 3,511 Spain 2,973 Netherlands 2,735 Ireland Registrations in: United Kingdom 1202 Germany 1003 Switzerland 796 Austria 714 Netherlands
25 Cross-border fund distribution in Europe Cross-border fund distribution Growth in Luxembourg cross-border fund groups Total number of cross-border groups Source: Lipper LIM/ analysis, data as at 31/12/
26 Cross-border fund distribution in Europe Distribution trends & developments Distribution channels Increasing selectivity by distributors pressure on open architecture model Product transparency & support key focus by distributors Compliance & risk management are now sales tools MIFID II will change distribution relationships Retail is difficult many new entrants try an institutional approach first Products 35% of new cross-border UCITS since mid-2010 are sophisticated Increasing number of emerging market funds MM out of favour Growth in equity & ETF but regulatory changes for ETF & sophisticated UCITS? AM industry in Europe 26
27 Cross-border fund distribution in Europe Criteria to take into account before targeting EU countries What are the most efficient distribution channels? Any Tax reporting? What are the local arrangements required for the marketing of UCITS? 27
28 Mechanics of fund distribution
29 Mechanics of fund distribution A Step-by-Step approach Access to market Public distribution: Notification and maintenance process Documentation 29
30 Mechanics of fund distribution Access to Market Access to market Two options are available Private placement Public distribution 30
31 Mechanics of fund distribution Private Placement Definition Based on the Call For Evidence regarding the Private Placement Regimes in the EU issued by the European Commission on September 24 th, 2007 Private placement is a set of exemptions from rules that would normally apply in the event of public offer/sale of financial instruments (i.e. investment funds) Consequently, private placement is generally defined by opposition to public distribution A less regulated way to offer/sell the units/shares of an investment fund and usually used when a fund is targeted only at institutional investors 31
32 Mechanics of fund distribution Overview of the private placement regime in Europe Austria Netherlands Belgium Luxembourg France Spain Germany Sweden Ireland Switzerland Italy United Kingdom 32
33 Mechanics of fund distribution Public Distribution Definition Public offer/sale of financial instruments (ie investment funds) to the public This is a requirement when a UCITS targets retail investors in Europe Public distribution is governed by the articles 91 to 96 of Chapter XI SPECIAL PROVISIONS APPLICABLE TO UCITS WHICH MARKET THEIR UNITS IN MEMBER STATES OTHER THAN THOSE IN WHICH THEY ARE ESTABLISHED of the UCITS IV Directive 2009/65 /EC dated 13 July Now governed under UCITS IV which came into effect on 1 July
34 Mechanics of fund distribution Public Distribution: Notification and maintenance process Transposition of UCITS IV into national law at individual EU country level has not been simultaneous Luxembourg was the first European country to transpose Directive 2009/65/EC UCITS IV Directive into national Law relating to undertaking for collective investments (the 2010 Law ) Work-in-progress, but business as usual following phased implementation in other countries 34
35 Mechanics of fund distribution Overview of the transposition of the UCITS IV Directive in the main countries of the EU AM industry in Europe 35
36 Mechanics of fund distribution UCITS III vs UCITS IV: What has changed? UCITS III UCITS to Host regulator Simplified prospectus 2 months approval Ex-ante controls Translation required UCITS IV Home to Host regulator KIID 10 working days market access Ex-post controls Translation of KIID only 36
37 Mechanics of fund distribution UCITS IV: three objectives and five topics Reduce Administrative Burden Notification Procedure Increase Investor Protection Key Information Document Increase Market Efficiency Fund Mergers Master-Feeder ManCo Passport 37
38 Mechanics of fund distribution Documentation Key Investment Information Document ( KIID ) Marketing documents Tax reporting 38
39 Mechanics of fund distribution KIID Overview - Content 1 Objectives and Investment Policy What is the aim of this investment / what will the investment consist of? What else is there to know about the aim and investment content? 3 What are the costs of this investment? What is included in the costs and how are they calculated? 4 1 Risk and Reward What is the risk of this investment? What are the additional risks of this investment? Past Performance How has the investment performed in the past? How is the past performance calculated? Charges Practical Information Who is responsible for the investment / Where can I get further useful information? Investment structure specific useful information? 39
40 Mechanics of fund distribution KIID Main challenges Dissemination of the KIIDs to the local distributor Active / not active share classes KIID Update of the KIIDs 40
41 Mechanics of fund distribution Local arrangements required for the marketing of UCITS Local rules apply, not harmonized by the UCITS IV Directive; Requirements for the contents, format and manner of presentation of marketing communications; Any additional information required to be disclosed to investors; Facilities to unit/shareholders; Publication requirements. 41
42 Mechanics of fund distribution Your challenges Fund Tax Reporting Even if there were several advantageous developments in the recent past, fund tax reporting will be still a considerable barrier for cross border distribution within the European Union Especially Austria, Belgium, Germany, Switzerland and the United Kingdom have introduced various tax reporting regimes and highly complex frameworks for investment funds 42
43 Mechanics of fund distribution Case study Initial notification Maintenance of the notification A Luxembourgish UCITS wants to market the shares of Sub-Fund X in Germany Change of the investment policy of Sub-Fund X Amendment of the prospectus 43
44 Mechanics of fund distribution Initial notification A Luxembourgish UCITS wants to market the shares of Sub-fund X in Germany 44
45 Mechanics of fund distribution Description of the process (initial and subsequent notification) Home country : Luxembourg Initial notification process Host country : Germany Authorised UCITS Informs UCITS Notification file (content harmonised) No 10 working days process UCITS can immediately access the market after notification CSSF informs UCITS of transmission date for the notification file UCITS transmits notification file & translations to its home authority CSSF checks notification file for completeness UCITS to Home Regulator to Host Regulator Confirmation by Home regulator Controls ex-post by Host regulator Yes Regulator-to-regulator notification (no later than 10 working days after the receipt of the notification letter) Co-operation mechanism Bafin reviews - expost 45
46 Mechanics of fund distribution Change of the investment policy of Sub-Fund X Maintenance Amendment of the prospectus of the notification 46
47 Mechanics of fund distribution Maintenance of the public distribution Notification of any amendments in the Fund documents (Full prospectus, Management Regulation/Articles of Association, and KIIDs, the audited annual report and the semi-annual reports); Notification of any change in the way to market the units /shares of the UCITS in a local EU market, and of any change regarding the shares to be marketed; Subsequent notification of any new or not yet distributed sub-funds. 47
48 Mechanics of fund distribution Description of the notification of any amendments UCITS to Host Regulator Home country : Luxembourg Where update of marketing arrangements and/or changes in share classes, UCITS must inform host country before implementing changes Informs marketing arrangement Update before implementation Authorised UCITS Modified documents UCITS transmits to the host authority directly Host Authority Once notified, the documents can be used directly in the host country Host country : Germany 48
49 Distribution in Europe
50 Distribution in Europe - Think European, Act Local May 2012
51 Agenda European distribution market Country focus Q&A 51
52 European distribution market Total Mutual Funds Distribution Cross-Border Funds Distribution Source Cerulli, 2011 Source Cerulli, 2011 Investors do not buy funds, funds are being sold to investors Cross border funds are usually designed to be distributed beyond parentcompany distribution network Institutional is growing, as building a retail distribution takes time to establish Current economic context is pushing for safety and search for global strategies allowing better performance 52
53 Local distribution requirements Your local distribution responsibilities Your additional requirements Registration for distribution to local authorities Compliance with legal obligations regarding notification, publication and investor information Fund strategy Identify which funds are going to succeed in each distribution market Management of transactions and payments with investors as and when required Distribution channel Identify which distribution channel is best suited to penetrate each market Registration Distribution Monitoring Market pactice Monitor performance of the sales team Monitor the remuneration of the distribution channel Notification Local distribution needs Information Publication 53
54 Costs of the distribution Sales charges retained by distributors are up to 5% (according to fund prospectus and share class) Trailer fees are playing a central role when establishing a distribution strategy 60% 40% Retained by Fund Manager Retrocession to distributor 20% 0% Banks IFAs/Advisors Platforms Insurance Marketing costs (training of sales forces, translation of documents, advertising) Registration for distribution to the local regulator 54
55 Regulatory environment of the Distribution country Tax TIS form Germany, Switzerland, Luxemburg, Belgium DDI, AG, for Germany, Austria Local Tax Agent for Italy Marketing arrangements Appointment of local representative agent Appointment of a local paying agent Appointment of an information agent Appointment of a local distributor Investor information as required by the local regulator for the subfunds available for sale in the country Country specific information for regulator 55
56 Legal package and pricing structure of local representation services Legal package Agreement with an agent in each distribution country SLA if operational services Pricing principles Regulatory representation: Minimum fee plus additional fee per sub fund covering (between 10k and 15k per annum) Additional fees for operational services (when required) Maintenance of distribution agreements Register or issuing account maintenance Fund characteristics maintenance Clients data and account maintenance Operation processing Dividend or corporate action processing Position keeping fees Cash payment fees.. 56
57 European distribution countries United Kingdom Distribution Channel : IFAs(56%) Insurance/Pension (12%) Institutional/corporates (13%) Notification process with FSA Facilities Agent Application to get the Reporting Fund Status (HMRC) Sweden Distribution Channel : Retail Banks (59%) Pension funds (26%) Paying Agent Notification process with FSA France Distribution Channel : Institutional/corporates (34%), Retail Banks (21%), Insurance/Pension (14%), Notification process with AMF Agent centralisateur et financier Spain Distribution Channel : Retail Banks (63%), Insurance/Pension (12%), Private banks (8%) Notification process with CNMV Entidad designada Operational support to distributors Germany Distribution Channel : Retail Banks (44%), Insurance/Pension (16%), Private Banks (14%) Notification process with BAFIN Information and Paying Agent Tax status (transparent, semitransparent), TIS, AG, ZG Austria Notification process with FMA Information and Paying Agent Tax status (white, brighter then white), TIS, DDI, OeKB Switzerland Distribution Channel : Private Banks (52%), Retail Bank (18%) Insurance/Pensions (15%) Notification process with FINMA Fund representative and Paying Agent TIS, regulatory reporting (TER, PTR) Italy Distribution Channel : Retail Banks (54,3%), Insurance/Pension (13,5%), Private banks (13%) Notification process with CONSOB Paying Agent and Distributor/Investor relation manager, Tax agent Tax percentage Source: Cerulli 57
58 Switzerland Market overview Distribution Channels IFAs Supermkts/ Distributed funds domiciles Germany 2% Liechtenstein 3% UK 2% Direct Others 2% Ireland 11% Domestic 59% Wrappers Luxembourg 58% Banks Sources: Lipper FMI 2009 Source: Lipper, December 2011 Requirements A local fund representative must be appointed for each sub fund with the following main duties and responsibilities: Collect, control and publish the funds legal documents submitted in one of the national Swiss languages Communicate to FINMA any modifications in the funds life within 1 month after the approval of the home regulator as well as annual and semi-annual reports without delay Ensure that funds publish their NAV at least twice a month in a newspaper or on electronic media Make sure that the funds marketing materials as well as their homepages comply with FINMA rules Approval and due diligence of new distributors, follow up and control of distributors homepages and marketing material Sign new distribution agreements and check they comply with the requirements of the SFA A local paying agent must be appointed for each sub fund NAV publication Information to shareholders Regulatory reporting to the FINMA Tax reporting 58
59 United Kingdom Market overview Distributed funds domiciles Isle of Man 1% Jersey 1% Distribution Channels Others 3% Direct Ireland 17% Banks Domestic 40% IFAs Supermkts/ Wrappers Luxembourg 38% Sources: Lipper FMI 2009 Source: Lipper, December 2011 Requirements A local facilities agent must be appointed for each fund. Documents and information to be available at UK facilities agent: The instrument constituting the scheme and any instrument amending the instrument constituting the fund The latest prospectus and the KIID The latest annual and half-yearly reports, notices and documents for shareholders sent by operators and depositaries to and from the United Kingdom Details of how investors can redeem Correspondence address for complaints about operation of scheme for forwarding to scheme operator Information about fund unit prices Information to shareholders Regulatory reporting The Supervisory Authority must be informed of any amendments to the sales documentation without undue delay Tax 59
60 Germany Market overview Distributed funds domiciles Ireland 9% Distribution Channels IFAs Supermkts/ France 3% Direct Domestic 19% Wrappers Luxembourg 57% Banks Sources: Lipper FMI 2009 Source: Lipper, December 2011 Requirements A local information agent must be appointed for each sub fund to make available information and documents related to the Funds. A local paying agent, a German credit institution or the German branch of a foreign domiciled credit institution, must be appointed if some of the fund s units are issued as printed individual certificates, to undertake the payments to investors. The paying agent can also act as the information agent. NAV publication Information to shareholders Regulatory reporting to the BaFin The supervisory authority must be informed of any amendments to the sales documentation Tax transparency under the InvTaxAct 60
61 Italy Market overview Distribution Channels IFAs Supermkts/ Distributed funds domiciles France 5% UK 1% Austria 1% Domestic 17% Direct Ireland 10% Wrappers Luxembourg 66% Banks Sources: Lipper FMI 2009 Source: Lipper, December 2011 Requirements A local paying agent must be appointed for each sub fund, reporting the performance of payments for the investment to the fund, by shareholder. Investor relations manager / correspondent bank The fund has to enter into an agreement with an agent who shall care for the offering in Italy (ie order capture, management, routing and execution, trade management, transfer management, corporate actions, official communications/reporting to final client, cash and stock reconciliation, tax & fee management). NAV publication Information to shareholders Confirmation of each trade and, if required by the fund, the statement of account on a yearly basis Regulatory reporting to Bank of Italy Statistical reporting to Bank of Italy Tax 61
62 Spain Market overview Distribution Channels IFAs /Supermkts Distributed funds domiciles France 4% UK 1% Ireland 8% Direct Wrappers Domestic 38% Luxembourg 47% Banks Sources: Lipper FMI 2009 Source: Lipper, December 2011 Requirements A local, entidad designada, must be appointed for each sub fund, represent each sub fund and submit relevant documentation to the CNMV Information to shareholders The entidad designada, as well as all the distributors, must maintain in their head office for a minimum period of 6 years, the successive economic reports, as well as the annual reports which are prepared following registration with CNMV The official distributors in Spain shall provide each shareholder, prior to subscribing a copy of the simplified prospectus/ KIID and copy of the latest published economic report Payment of the fees to CNMV Regulatory reporting to CNMV Inform the CNMV of any amendments to the marketing arrangements communicated in the notification letter within seven days of the modification being made Communicate the number of shareholders, assets and the maximum percentage of a shareholding in a company in accordance with article 52 of the personal income tax regulation, by electronic means Statistical reporting: the entidad designada or each distributor included in the CMNV Registry must supply information on the distribution activity on a quarterly basis 62
63 France Market overview Distributed funds domiciles UK 2% Belgium 1% Distribution Channels IFAs Supermkts/ Others 1% Ireland 6% Direct Wrappers Luxembourg 31% Domestic 59% Banks Sources: Lipper FMI 2009 Source: Lipper, December 2011 Requirements A local financial and centralising agent must be appointed for each sub fund assuming the following responsibilities: Collection of subscription and redemption orders received from financial intermediaries acting on behalf of investors established in France Payment of dividends Provision of documents related to the funds to shareholders established on French territory Communication to shareholders of information originating from a clients special request, via Euroclear France Payment of the annual charge to the AMF NAV publication Information to shareholders All information required by French law must be made available to shareholders Regulatory reporting to the AMF Annual, semi-annual and any modification affecting the fund or the prospectus 63
64 The information contained within this document ( information ) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request. BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised by the ACP (Autorité de Contrôle Prudentiel) and supervised by the AMF (Autorité des Marchés Financiers). BNP Paribas Securities Services' London branch is subject to limited regulation by the Financial Services Authority for the conduct of its investment business in the United Kingdom and is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited and Investment Fund Services Limited are wholly owned subsidiaries of BNP Paribas Securities Services, incorporated in the UK and are authorised and regulated by the Financial Services Authority. Details on the extent of our regulation by the Financial Services Authority are available from us on request. The services described in this document, if offered in the U.S., are offered through BNP Paribas and its subsidiaries and its affiliates. Securities products are offered through BNP Paribas Securities Corp., a subsidiary of BNP Paribas, a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC, the Financial Industry Regulatory Authority, New York Stock Exchange and other principal exchanges.
65 Summary
66 Summary Europe is ripe for accessing assets looking to diversify into Asian exposure Distribution can seem daunting, but not too difficult to overcome Understand the mechanics well to properly access your cost-benefit analysis Find good partners to work with you! 66
67 Q&A 67
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