Brexit: Amundi General Communication

London, Monday 25 February 2019

Expertises

Information updated on 17th September 2019

Preparation for the planned withdrawal of the United Kingdom from the European Union is well engaged and will enable Amundi to face a potential no deal Brexit.

1 - Marketing of Amundi EU domiciled funds in the UK

To prepare for the possibility of a ‘No Deal’ Brexit, the UK government introduced a Temporary Permissions Regime (“TPR”).  This allows European Economic Area firms currently passporting into the UK to continue operating in the UK for up to three years after the exit from the EU, while they apply for full authorisation from the Financial Conduct Authority (“FCA”).

 Amundi in the UK will be making full use of the TPR, ensuring that notifications are made to the FCA for a complete range of funds.

 This will enable Amundi to continue to sell its funds in the UK regardless of whether the UK leaves the EU with an agreed deal, or with no deal.

Amundi is notifying the FCA of sub-funds under the following umbrellas:

  • Amundi Funds
  • Amundi Money Market Funds
  • Amundi Index Solutions
  • Amundi Funds II
  • First Eagle Amundi
  • CPR Invest
  • Amundi SICAV II

and a number of other standalone cash/treasury funds.

2 - Portfolio Management :

Trading of financial markets instruments for the funds and portfolios managed by Amundi:  In the event of a “No Deal Brexit” our UK domiciled trading partners (brokers, clearers, counterparts, etc…) will no longer be allowed to serve EU clients from the UK. They have relocated/are relocating their businesses dealing with EU clients to a EU city. Amundi has finalized, for most of its counterparts, the changes required to contractual set-up to ensure business continuity. Trading capabilities will thus remain unchanged after the Brexit date.

For portfolios managed by Amundi from the UK: 

  • Thanks to cooperation agreements between the EU competent authorities and the UK regulator (FCA), cross border investment management delegations between the EU and the UK should remain in force even in the case of no-deal. This will allow Amundi in the UK to continue to provide investment management services to EU clients regardless of the outcome of negotiations.
  • For supervisory purposes, the portfolio management activities presently conducted by Amundi Asset Management London branch will be transferred to Amundi UK Ltd1, a UK legal entity fully supervised by the UK Regulator (FCA). This transfer of staff and all client businesses will be implemented by October 1st 20192. This change is strictly limited to the legal structure of Amundi in the UK: the premises, staff, organisation and activities will remain unchanged.
  • Clients invested in portfolios managed by Amundi Asset Management London branch have already received more detailed information.

 

For any additional questions:

  • If you are a professional client, please contact your usual sales representative, or client servicing contact.
  • If you are a retail client please contact your financial adviser.
For more information on Brexit scenarios and Amundi’s market views please access our  Research Center .

1. Amundi (UK) Limited is a wholly-owned subsidiary of Amundi Asset Management incorporated in England under number 01753527, whose registered office is at 41 Lothbury, London EC2R 7HF, UK, regulated by the Financial Conduct Authority under number 114503 and authorised to perform portfolio management and investment advisory services as a MiFID firm. You can find proof of these authorisations using the following URL:  https://register.fca.org.uk
2. Subject to all necessary approvals