French boutique launches Italy PIR-compliant fund
French asset manager La Financière de l’Echiquier (LFDE) has soft-launched the Echiquier Rinascimento fund on 5 May 2017, InvestmentEurope can reveal.
The fund, co-managed by Stéphanie Bobtcheff and José Berros, invests primarily in European growth small and mid-caps, whose value is comprised between €1bn and €5bn.
In order to be compliant with the recently introduced PIR funds’ regulation in Italy (tax-exempt and long-term individual savings plans), the Echiquier Rinascimento fund invests at least 70% of its net assets in securities issued by companies headquartered in Italy or companies of the European economic area being established in Italy (e.g. subsidiaries).
At least 30% of these Italy-based or established companies should be Italian mid-caps, meaning that they cannot be part of the Ftse Mib Index on Borsa Italiana, the Italian stock exchange.
The Echiquier Rinascimento fund is also eligible to French individual share savings plans (PEA) as it is invested at 75% in equities.
Minimum exposure of the fund to European equities amounts to 60% while some 10% of its assets can be invested in non-European stocks.
LFDE is established in Italy since over 10 years, with an office in Milan since 2013 led by country manager Paolo Sarno.
It manages some €500m of assets from Italian clients.