Cross-Border Distribution of UCITS

A CACEIS PRODUCT DEVELOPMENT PUBLICATION - 2011

CHALLENGES & OPPORTUNITIES

Graph 24: Overview of commercial offerings and market initiatives

Front-end services

Back-end services

Negociation and management of

Trailer fee management/ payment

Order routing and confirmation

Settlement

distribution agreements

COMMERCIAL OFFERINGS

FUND CHANNEL (Crédit Agricole & BNP Paribas Groups)

AXELTIS (Natixis Group)

ALLFUNDS BANK (Grupo Santander and Intesa Sanpaolo Group)

MFEX

EMX

CALASTONE

Proprietary Systems Multi-markets initiatives

NSCC

PRIME TA ®

MARKET INITIATIVES

SWIFT NetFunds (SWIFT)

FUNDSETTLE (Euroclear Bank)

VESTIMA+ (Clearstream)

CFF (Clearstream)

EUROCLEAR France Order Routing Platform

ESES

EMXCo

Euroclear UK & Ireland

Source: CACEIS, 2011

Domestic

initiatives

Fund Channel 40 Established in May 2005 by the Crédit Agricole Group, Fund Channel is now a joint venture owned by Amundi (50.04%) and BNP Paribas Investment Partners (49.96%). Fund Channel solu- tion is designed for institutional clients distributing open architecture funds, such as multi-man- agers, private banks, insurance companies, banking groups and online distribution platforms. This platform currently gives access to 220 fund promoters and 13,529 funds and enjoys strong growth. It is structured around two complementary, integrated services: • A purchasing platform that allows its clients to benefit from the fee agreements that Fund Channel has established with management companies; • The calculation and collection of distribution fees. Fund Channel has proven expertise in all areas of fund distribution and uses a high-perform- ance proprietary information system. Axeltis 41 Axeltis, a subsidiary of the Natixis Group formed in 2002, is a European third-party fund distribu- tion platform initially based in London and relocated in Paris in 2010. Axeltis offers the following services to fund providers, multi-managers and third-party fund dis- tributors: Negotiation and centralisation of distribution agreements, negotiation of trailer fees payable by fund providers, monitoring of legal and regulatory requirements regarding counter- parts, calculation and reconciliation of positions, invoicing and payment of trailer fees. Since

3.4

40 Source : Fund Channel, About Fund Channel (www.fund-channel.com), 2011 41 Source : Axeltis, Axeltis at a glance (www.axeltis.com), 2011

Cross-border distribution of UCITS | page 59