The new offering, Registre Nominatif International (RNI–International Register), is an alternative to the Prime TA® solution offered by CACEIS for almost twenty years. It is designed, on the one hand for French and foreign management companies that market French funds abroad (except for Private Equity and Real Estate funds) and, on the other, for distributors and non-resident Institutional investors seeking to invest in these funds.
“Management companies are often faced with several difficulties when it comes to distributing their funds abroad: lack of knowledge of non-domestic markets, undersized international sales force coverage, cost of cross-border distribution (marketing, sales, operational infrastructure, etc.). For distributors and investors, the need to use the services of the French CSD is often viewed as an obstacle, given the operational and cost constraints linked to such an intermediary,” notes Etienne Carmon, Group Product Manager at CACEIS.
Within the framework of the new French regulations which allow “registered intermediary” (or nominee) accounts in fund units to be opened in registers, CACEIS has developed its Registre Nominatif International offering, the French equivalent of the Transfer Agent Registers that exist in other European countries such as Luxembourg and Ireland.
In practical terms, the ownership of the fund units subscribed to by distributors is recorded by an entry in the RNI.
“For management companies, CACEIS can also manage the opening and holding of investor accounts in the RNI. This includes the prior collection of essential documents and information.The service can include FATCA and AEOI type controls,” adds Etienne Carmon.
Furthermore, to support the international distribution of funds, the offering for management companies includes additional services such as assistance in registering funds, the management of distribution networks, the calculation and payment of trailer fees to distributors, and the provision of digital solutions such as data analytics (analysis of investor behaviour).
CACEIS' offer has several advantages. It draws on the group’s proven experience with regard to cross-border distributors and processes, and on multilingual teams with expertise in opening accounts and processing subscription and redemption transactions.
The technical platform that hosts the RNI is also tried-and-tested since it already supports the TA and Prime TA® services of CACEIS. Automated investor tax treatment solutions are already in place. Lastly, online reports are adapted to the needs of international distributors and management companies.
This is a flexible offer that will gradually integrate optional services, such as allowing investors to settle their subscriptions in a currency other than that of the fund, and dematerialisation of account openings with the CACEIS WebRegistrar in the future.
The new “Registre Nominatif International” solution consolidates CACEIS’s major role in distributing French funds, allowing them to concentrate on their management and marketing operations.