Depositary function

BFCM -

The key points of the depositary function within Crédit Mutuel Alliance Fédérale

 

The Depositary Business within the Group Crédit Mutuel Alliance Fédérale was historically exercised by the Caisse Fédérale de Crédit Mutuel Centre-Est Europe, the Caisse Centrale du Crédit Mutuel and the Crédit Industriel et Commercial banks.

This activity was consolidated within the BFCM in 2006, as part of the modernization of the Undertaking Collective Investment depository function.

BFCM has emerged as the entity designated to carry out this mandate because of its positioning within the Group, the quality of its rating and the level of its equity capital. Today, it is one of the main players on the market.

As part of the AMF Instruction 2016-01 « Procédure d'agrément des entreprises d'investissement dépositaires d'OPCVM - Procédure d'examen du cahier des charges des autres dépositaires d'OPCVM et de FIA », the AMF validated the BFCM depositary's requirements specifications at the Board meeting on 31st October 2017.

In addition, the BFCM is granted with ISAE 3402 Type I norm for the depositary control activity since September 30th 2018. Further work to obtain the Type II norm is in progress, and will be validated during 2019.

A regulated profession

The UCI depositary has three regulatory missions :

  • Controling the regularity of the UCI's management decisions.
  • Custody of assets, i.e. custody (mainly securities) and record keeping of other securities (forward financial instruments and other pure registered financial instruments).
  • Cash flow monitoring.

The depositary may also exercise the contractual mission of keeping the liabilities of the UCI's, when this is delegated by the management company.

Our Organization

The BFCM organizes its depositary activity around three poles :

  • Depositary control,
  • Monitoring of management companies,
  • General and Legal secretariat.

This organization is efficiently complemented by a BFCM and CIC pooling, of a set of high quality human and technical resources allocated to the depositary activity within the group Crédit Mutuel Alliance Fédérale.

Our experience at your service

With employees from specialized financial businesses, BFCM's teams have acquired the know-how to respond accurately and promptly to the profession's requirements.

This expertise combined with the one of other entities of the Crédit Mutuel Alliance Fédérale Group on which BFCM relies, plus the implementation of integrated tools to secure its action, and its proximity-based organization, enable the depositary to offer availability and customized solutions to management companies.

Our activity with figures

On 31st December 2018, BFCM held nearly 1 000 UCIs in its books for an outstanding amount of €70 billion.

Our references

The large majority of the UCIs deposited with the BFCM are managed by the asset management companies of the Crédit Mutuel Alliance Fédérale Group :

  • CM-CIC Asset Management for general purpose and employee savings UCIs.
  • CM-CIC Capital Privé for private equity
  • CM-CIC Private Debt for securisation.

BFCM is also the custodian of securitisation mutual funds within a dedicated scope of assets only intended for the Crédit Mutuel Alliance Fédérale Group in partnership with France Titrisation.

The UCIs of some twenty management companies outside the Group, mainly specialized in private equity, represent the balance of the other assets deposited with BFCM.

Hereafter are some of the main management companies that have trusted us for many years :

  • Auriga Partners
  • Extendam
  • Equalis capital
  • IXO Private Equity
  • Siparex.

Documents

SSI Simplifées [PDF - 64 ko]

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