Feeder fund
- Feeder fund
-
Un Feeder Fund ou fonds nourricier est un fonds d'investissement qui opère virtuellement l'ensemble des investissements à travers un autre fonds appelé fond maître ou master fund. En fait, le fonds nourricier est un fonds dont la vocation exclusive sera d'être investi à 100% dans un autre fonds, qualifié de maître.
C'est un principe de portage à l'instar de celui mis en oeuvre par les fonds de fonds (funds of funds arrangements) execpté que le fonds maître est ici responsable juridiquement de la gestion des capitaux investis.
Ce montage financier permet de porter l'entière resposnabilité de la gestion des actifs au niveau du maître, et par là d'en optimiser les résultats nets (efficacité et cout), tout en élargissant la politique de commercialisation au travers des fonds nourriciers qui constituent le réseau commercial du dispositif. Ainsi le feeder fund est un fond local (dans le pays de résidence des investisseurs) et le fonds master fund se trouve offshore (dans des pays où les avantages fiscaux sont plus propices, voire dans des paradis fiscaux). Cela permet aux investisseurs de tirer profit des avantage fiscaux du montage.
Wikimedia Foundation.
2010.
Contenu soumis à la licence CC-BY-SA. Source : Article Feeder fund de Wikipédia en français (auteurs)
Regardez d'autres dictionnaires:
Feeder Fund — One of several funds that feed into an umbrella fund called the master fund, which oversees all portfolio investments and trading activity. A feeder fund s structure is commonly used by hedge funds to pool investment capital. The master fund s… … Investment dictionary
feeder fund — noun An investment fund which does almost all of its investments through a master fund via a master feeder relationship … Wiktionary
Master-Feeder Fund — A structure commonly used by hedge funds to pool investment capital raised by U.S. investors both taxable and tax exempt and overseas investors into one central vehicle called the master fund, with separate investment vehicles or feeders created… … Investment dictionary
feeder funds — Funds that are specifically created to invest in a single private equity fund. Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010 … Law dictionary
Hedge fund — A hedge fund is a private investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment funds and which pays a performance fee to its investment manager.… … Wikipedia
Master-feeder — The master feeder structure allows asset managers to capture the efficiencies of larger pools of assets (see economics of scale) although fashioning investment funds to separate market niches. One or more investment vehicles pool their portfolio… … Wikipedia
Master Fund — In general, an investment vehicle that enables individual investors to invest money into one or more underlying investments that are operated by professional managers. Master funds can generally be categorized into three types: discretionary… … Investment dictionary
The New York Fund — Background information Origin London, England Genres … Wikipedia
Greater Manchester Transport Innovation Fund (TiF) — The Greater Manchester Transport Innovation Fund (TiF) is a bid by the Greater Manchester Passenger Transport Authority (GMPTA) to secure funds from the UK Government s Transport Innovation Fund (TIF). GMPTA seeks funds of up to £3 bn which will… … Wikipedia
Operational due diligence (alternative investments) — The phrase Operational Due Diligence (ODD), in the context of alternative investments such as hedge funds (or private equity, infrastructure, real estate, commodities and so on), means different things to different people. As the words themselves … Wikipedia
