Case Study 2

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Situation

An international asset manager wanted to offer his new Artificial Intelligence Capital Markets products to his existing institutional clients across Europe. For this reason, he considered a non-EU AIF below the threshold for the best solution. He considered setting up a Cayman fund and marketing it through national private placement arrangements in different countries.

The countries of his interest were Germany, Italy and Great Britain. After some research, he found out that Private Placement works well only in the UK. Germany, on the one hand, has tightened the AIFMD by introducing significant additional requirements. It requires the appointment of a depositary at the AIF, which, in addition to the type of custody, also bears the supervisory responsibility. Italy, on the other hand, prohibits private placements of non-EU regulated funds.

Due to the initial and ongoing costs of state-to-state registration (e.g., Germany about 13,000 € for the first year), compliance with national reporting requirements, and the impossibility of access to investors in certain countries, he was looking for another solution.

Solution with iMaps

This was the time he contacted us at iMaps. We offered him our ETI solutions that met all his needs. The structure can be publicly offered in all EU countries with a minimum investment of € 100,000.

The problem of inclusion in a Cayman fund was replaced by a security listed on the MTF of the Vienna Stock Exchange which can be traded as DvP or on the stock exchange. The ETI does not need a deposit like the AIF in Germany and also the go-to-market time has been significantly reduced which can take up to 5 months in Germany.

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