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CACEIS supports Seven Capital Management in distributing one of the first Luxembourg AIF SIFs to be admitted to Euroclear France
Seven Capital Management has selected CACEIS as centralising agent for its Seven Lux SICAV SIF within the framework of the BlackSnake sub-fund being admitted to Euroclear France on 24th November.
Seven Capital Management is the first alternative investment management company in France to receive AIFM (Alternative Investment Fund Managers) approval. Since August 2013, it has been able to manage its alternative investment funds (AIFs) within the European Union and distribute them in the various Member States using the marketing passport process. The BlackSnake sub-fund is one of the first AIF SIFs to be admitted to Euroclear France.
As centralising agent, CACEIS is responsible for handling investment inflows from the French market and for the settlement of subscription and redemption orders on Euroclear France on behalf of the SICAV SIF. It also keeps investors updated on the status of the fund and provides them with the SICAV’s prospectus.
Johann Schwimann, CEO of Seven Capital Management stated: “BlackSnake’s admission to Euroclear France is a key step in distributing the Seven Lux SICAV SIF. CACEIS supported the launch of BlackSnake as depositary, fund administrator and transfer agent in Luxembourg. The range of international inflow handling services CACEIS provides us in Luxembourg is complemented by its role as centralising agent in France. We now cover all of the countries where we are aiming to distribute our funds.”
Joseph Saliba, Deputy Chief Executive Officer in charge of business development at CACEIS, commented: “BlackSnake was the first sub-fund to receive a cross-border European passport for direct alternative fund management, and is among the first AIF SIFs to be admitted to Euroclear France. CACEIS is delighted to offer its expertise in alternative investment fund services to Seven Capital Management, a pioneering management company in terms of its cross-border distribution.”
CACEIS is the asset servicing banking group dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a broad range of services covering depositary and custody, fund administration, middle-office outsourcing, execution, derivatives clearing, forex, securities lending, fund distribution support and issuer services. With assets under custody of €2.3 trillion and assets under administration of €1.3 trillion, CACEIS is one of the world market leaders in asset servicing, the second depositary bank and the leading fund administrator for European funds (figures as of 31 December 2013).
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