UCITS IV EN

Cross-border UCITS mergers and master/feeder UCITS structures

> To reinforce the European asset management industry’s competitiveness by rationalising the product offer within the EU and by increasing the average size of funds , through two measures:

1000 1200

Target

0 200 400 600 800

Current situation

Average size in € million 0 10000

20000

30000

40000

50000

Number of funds

Cross-border fund merger

Absorbed fund 1

Absorbing fund

LUXEMBOURG

FRANCE

Absorbed fund 2

• The set up of a harmonised process to facilitate fund mergers at the European level

Illustration

SPAIN

Cross-border master/feeder funds

Master FRANCE

Feeder 1

Feeder 2 Feeder 3 Feeder 4 Feeder 5

• The creation of a harmonised framework for master/ feeder UCITS structures

UNITED KINGDOM

LUXEMBOURG

SPAIN

ITALY

GERMANY

Illustration

> 1 management company > n dépositaries and jurisdictions

12 > UCITS IV•01/10/09