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FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Fund Solutions October 2020
+31 (0) 20 2477 [email protected]
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Who are we?
+31 (0) 20 2477 [email protected]
CEO: Adam Rose (2017)• CV: Goldman Sachs, Blue Sky Group, ABN Amro and
Euronext
CFO: Melvin Huisman RA RV (2010)• CV: PwC, FundShare Administrator, DAF Depositary
and DeGiro
CIO: Jan-Jaap Surie (2013)• CV: AOT/Binck and Market Wizards
FFM (October 2020): o 32 Sub-Funds in 3 Umbrella’s
▪ 7 QMMF Cash Fundso ~400 mln EUR AUM o ~2000 participants o 6 external portfolio Managers
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
History FFM
+31 (0) 20 2477 [email protected]
• FundShare Fund Management B.V. (FFM) is founded in 2006;
• Founders are 5 former Binck / AOT employees (IT/Quant/Trader);
• 2007 Launch of Fundamental Value Fund;• Infrastructure completely in-house developed;• Spin-offs: FundShare Administrator and DeGiro;• 2012: Launch AIF Umbrella / OpCo funds; and• 2014: Launch UCITS Umbrella / Cash Funds.
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Sector developments
+31 (0) 20 2477 [email protected]
• Complex laws and regulations (risk, compliance, AML and KYC);
• Service ‘smaller’ clients;• Efficient portfolio management;• Focus on costs / management fee; and• Core activity asset management and execution of
investment vision.
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Solution
+31 (0) 20 2477 [email protected]
Sub-Fund in the FundShare Umbrella• UCITS or AIFMD regulation;• ‘Closed fund for joint account’(FGR) with a UCITS-
passport for 17 countries in Europe;• Free access via DeGiro;• Via Fundsettle external access; and• Delegation of Portfolio Management (execution
investment policy) to asset managers.
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Type of Fund
+31 (0) 20 2477 [email protected]
• Investment Fundso Stockso Bondso Mixo Fund of Funds
• Feeder Fundso Hedge Fundso Private Equityo Pension Fundso AIF/UCITS Investment Funds
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
For who?
+31 (0) 20 2477 [email protected]
• Asset Managers• Investment Funds• Hedge Funds• Private Equity• Pension Funds
Requirement: Asset Manager License (Wft2:96)
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Portfolio Management
+31 (0) 20 2477 [email protected]
• Via online environment DeGiro;• Access to many instruments at exchanges
around the world;• Access to DeGiro Prof Desk for OTC trading;• Very low transaction costs; and• No risk, compliance, AML and KYC. Full
attention for 1 or more Fund Portfolios.
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Structure (1)
+31 (0) 20 2477 [email protected]
AIF/UCITSUmbrella
DeGiro
OpCo
FFM
FundsettleExternal
bank/broker
Stichtinglegal owner
FSAA
Mazars
KAS Bank
Participant(choice)
Sub-FundSub-Fund
Sub-Fund
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Structure (2)
+31 (0) 20 2477 [email protected]
• FFM is the fund manager (determining investment policy, risk and compliance) of the umbrella;
• FFM is the director of the ‘Stichting Legal Owner FundShareumbrella’;
• Mazars is the accountant of FFM and the umbrellas;• FFM delegates Portfolio Management (execution investment
policy) (PM) to an OpCo (Operating Company / Asset Manager);
• FSAA (FundShare Administration Activities): (daily) NAV, subscriptions and redemptions and participant administration;
• KAS Bank is the depositary of the funds;• DeGiro: broker (incl. risk), custodian and distribution; and• DeGiro: transfer agent and onboarding clients (AML/KYC).
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Safety
+31 (0) 20 2477 [email protected]
• FFM is monitored by AFM and DNB;• Umbrella UCITS or AIFMD regulated;• Risk control and assurance on 7 levels: PM (OpCo),
FFM, DeGiro, KAS Bank, Mazars, Audit and AFM;• No leverage ;• Only exchange listed products;• Only covered derivatives;• Securities lending with at least 104% collateral;• Minimum diversification restrictions;• Low turnover per Sub-Fund; and• Annual delegation due diligences and reviews.
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Costs/Revenues
+31 (0) 20 2477 [email protected]
Costs on a yearly basis. Monthly charged:• DeGiro: 5 bps minimum transaction fees. +
transaction fees above 5 bps;• FSAA: 7,5 bps with <25 mln AUM. Above 1 bps;• FSAA: min 2.500 EUR, max 22.500 EUR. Depends
on complexity portfolio;• KAS Bank: 1bps + 2.250 EUR fixed+ VAT;• Audit: 3bps with < 25mln AUM. Above 1 bps. +
2.500 EUR fixed+ VAT;• FFM: 15% of management fee (min 15k EUR);• OpCo: max 85% van management fee;• Startup costs: around 10k over 5 years;• No entry and exit fees; and• No minimal order value.
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Cost Example (1)
+31 (0) 20 2477 [email protected]
10k startup costs, 0.6% mgmt fee, Bonds EU + US
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Cost Example (2)
+31 (0) 20 2477 [email protected]
10k startup costs, 1% mgmt fee, stock Europe
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Cost Example (3)
+31 (0) 20 2477 [email protected]
10k startup costs, 1.5% mgmt fee, mix world
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Start a Sub-Fund
+31 (0) 20 2477 [email protected]
Start a new Sub-Fund
• Discuss type of Sub-Fund;• Due diligence;• Delegation contract;• Proposal objective and technique OpCo;• Translation to prospectus supplement by FFM;• FFM: setup Fund account DeGiro and FSAA; and• Prospectus change to AFM.
The total time of this process is ~ 3 months
FundShare Fund Management B.V.Rembrandt Tower 9th
Amstelplein 11096 HA Amsterdam
Questions?
+31 (0) 20 2477 [email protected]
+31 (0) 20 2477 [email protected]