The board of French financial market regulator Autorité des Marchés Financiers (AMF) has announced it has decided to withdraw its authorisation for real estate asset manager Vendôme Capital Partners, given the situation of the company.
This withdrawal will take effect on 27 April 2018. Launched in 2010, Vendôme Capital Partners manages around €2bn of assets across real estate vehicles.
AMF’s board met on 23 January 2018 and “took note the company no longer met the conditions of its autorisation”.
“Until that date, the portfolio management company is placed under the control of Ms Claude Dupuy, who is appointed as representative by the AMF to ensure that the company may only carry out those transactions during this period that are strictly necessary to protect the interests of clients and unitholders in the investment funds managed by the said company,” said the regulator.
According to French trade media L’Agefi, Vendôme Capital Partners has been under AMF investigation for governance problems and technical irregularities.