- 3 min
CACEIS extends the services provided to the Fonds de Garantie
The Fonds de Garantie, the French solidarity compensation fund set up in the general interest, has entrusted CACEIS with the valuation and institutional accounting of its two funds, the FGAO and the FGTI.
This new appointment stems from the long relationship of trust established between the Fonds de Garantie and CACEIS, its principal custodian.
The assets held in custody by CACEIS will total some €1.2 billion on behalf of the FGAO and €800 million for the FGTI. CACEIS will also provide custodial, valuation and legal services for the Fonds de Garantie’s three SICAVs as well as middle-office services for its two self-managed SICAVs.
FGAO (The Mandatory Third Party Liability Insurance Guarantee Fund): the Automobile Guarantee Fund was set up in 1951 in the general interest, to compensate the victims of road traffic accidents in which those responsible were either not insured or not identified. Over the years, the Fund’s areas of competence were extended and, in 2003, it was renamed the FGAO. Funded solely by the insured and by insurers, it operates under the control of the Minister of the Economy.
FGTI (The Guarantee Fund for Victims of Terrorist and Other Criminal Acts): in 1986, when a wave of terrorist attacks was sweeping through France, a Terrorist Victims Guarantee Fund was set up; it was managed by the Automobile Guarantee Fund. In 1990, compensation for the victims of terrorism and other criminal acts, which had previously been managed by the State, passed to a new Fund, the FGTI. Under the terms of an agreement, the FGAO was required to manage the FGTI.