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vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#SICAV/Open-end_Collective_Investment_in_Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>SICAV/Open-end Collective Investment in Switzerland</span> </div> </a> <ul id="toc-SICAV/Open-end_Collective_Investment_in_Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-SICAVs_in_Spain" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#SICAVs_in_Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>SICAVs in Spain</span> </div> </a> <ul id="toc-SICAVs_in_Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" 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Available in 9 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-9" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">9 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Societat_d%27inversi%C3%B3_de_capital_variable" title="Societat d'inversió de capital variable – Catalan" lang="ca" hreflang="ca" data-title="Societat d'inversió de capital variable" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Akciov%C3%A1_spole%C4%8Dnost_s_prom%C4%9Bnn%C3%BDm_z%C3%A1kladn%C3%ADm_kapit%C3%A1lem" title="Akciová společnost s proměnným základním kapitálem – Czech" lang="cs" hreflang="cs" data-title="Akciová společnost s proměnným základním kapitálem" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/SICAV" title="SICAV – German" lang="de" hreflang="de" data-title="SICAV" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Sociedad_de_inversi%C3%B3n_de_capital_variable" title="Sociedad de inversión de capital variable – Spanish" lang="es" hreflang="es" data-title="Sociedad de inversión de capital variable" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Kapital_aldakorreko_inbertsio_sozietate" title="Kapital aldakorreko inbertsio sozietate – Basque" lang="eu" hreflang="eu" data-title="Kapital aldakorreko inbertsio sozietate" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_d%27investissement_%C3%A0_capital_variable" title="Société d'investissement à capital variable – French" lang="fr" hreflang="fr" data-title="Société d'investissement à capital variable" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/SICAV" title="SICAV – Galician" lang="gl" hreflang="gl" data-title="SICAV" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Societ%C3%A0_di_investimento_a_capitale_variabile" title="Società di investimento a capitale variabile – Italian" lang="it" hreflang="it" data-title="Società di investimento a capitale variabile" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Sicav" title="Sicav – Dutch" lang="nl" hreflang="nl" data-title="Sicav" data-language-autonym="Nederlands" 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data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Collective investment scheme</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Irish_Collective_Asset-management_Vehicle" class="mw-redirect" title="Irish Collective Asset-management Vehicle">Irish Collective Asset-management Vehicle</a>.</div> <p>A <b>SICAV</b> is a <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment scheme</a> common in Western Europe, especially <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a>, <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>, <a href="/wiki/Italy" title="Italy">Italy</a>, <a href="/wiki/Spain" title="Spain">Spain</a>, <a href="/wiki/Belgium" title="Belgium">Belgium</a>, <a href="/wiki/Malta" title="Malta">Malta</a>, <a href="/wiki/France" title="France">France</a>, and the <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a>. SICAV is an acronym in <a href="/wiki/French_language" title="French language">French</a> for <i><b>s</b>ociété d'<b>i</b>nvestissement à <b>ca</b>pital <b>v</b>ariable</i>, which can be translated as 'investment company with variable capital and securities (government bonds, stocks, corporate bonds)'. </p><p>It is similar to an <a href="/wiki/Open-end_fund" title="Open-end fund">open-ended</a> <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a> in the United States, while a <i>sociedad de inversión de capital fijo</i> or <i>société d'investissement à capital fixe</i> (<a href="/w/index.php?title=Soci%C3%A9t%C3%A9_d%27investissement_%C3%A0_capital_fixe&action=edit&redlink=1" class="new" title="Société d'investissement à capital fixe (page does not exist)">SICAF</a>) is similar to a <a href="/wiki/Closed-end_fund" title="Closed-end fund">closed-end fund</a>. As in the case of other open-end collective investment schemes (such as contractual funds), the investor is in principle entitled at all times to request the redemption of their units and payment of the redemption amount in cash. </p><p>SICAVs are increasingly being cross-border marketed in the <a href="/wiki/European_Union" title="European Union">EU</a> under the <a href="/wiki/UCITS" class="mw-redirect" title="UCITS">UCITS</a> directive. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="SICAV_names_in_various_languages">SICAV names in various languages</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=SICAV&action=edit&section=1" title="Edit section: SICAV names in various languages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Czech_language" title="Czech language">Czech</a> <i>akciová společnost s proměnným základním kapitálem</i></li> <li><a href="/wiki/Dutch_language" title="Dutch language">Dutch</a> <i>Beleggingsvennootschap met veranderlijk kapitaal</i></li> <li><a href="/wiki/German_language" title="German language">German</a> <i>Investmentgesellschaft mit variablem Kapital</i></li> <li><a href="/wiki/Italian_language" title="Italian language">Italian</a> <i>società d'investimento a capitale variabile</i></li> <li><a href="/wiki/Spanish_language" title="Spanish language">Spanish</a> <i>sociedad de inversión de capital variable</i></li></ul> <div class="mw-heading mw-heading2"><h2 id="SICAV/Open-end_Collective_Investment_in_Switzerland"><span id="SICAV.2FOpen-end_Collective_Investment_in_Switzerland"></span>SICAV/Open-end Collective Investment in Switzerland</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=SICAV&action=edit&section=2" title="Edit section: SICAV/Open-end Collective Investment in Switzerland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act - CISA), an open-ended collective investment scheme may be in the form of a contractual fund or an investment company with variable capital (SICAV). </p><p>With open-ended collective investment schemes, investors have either a direct or indirect legal entitlement, at the expense of the collective assets, to redeem their units at the <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a>. </p><p>Each open-ended collective investment scheme has its own fund regulations (often referred to also as <a href="/wiki/Prospectus_(finance)" title="Prospectus (finance)">prospectus</a>). Contractual funds are regulated by the collective investment contract (e. g., fund contract). In SICAVs, it is the articles of association and the investment regulations. </p> <div class="mw-heading mw-heading2"><h2 id="SICAVs_in_Spain">SICAVs in Spain</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=SICAV&action=edit&section=3" title="Edit section: SICAVs in Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Spain" title="Spain">Spain</a>, a SICAV is a <a href="/wiki/Public_limited_company" title="Public limited company">public limited company</a> whose object is to invest in financial assets. SICAVs have great <a href="/wiki/Tax_advantage" title="Tax advantage">tax advantages</a>, paying corporate income tax (<a href="/wiki/Corporation_tax" class="mw-redirect" title="Corporation tax">corporation tax</a>) at a rate of just 1%. Nonetheless, they have to fulfill several requirements: </p> <ul><li>Number of stockholders no fewer than 100.</li> <li>Restrictions on investments.</li> <li>Capital may vary between the minimum and maximum established by the <a href="/wiki/Articles_of_association" title="Articles of association">articles of association</a>.</li> <li>Minimum capital of €2,400,000.</li> <li>Oversight and supervision is carried out by the <a href="/wiki/Comisi%C3%B3n_Nacional_del_Mercado_de_Valores" class="mw-redirect" title="Comisión Nacional del Mercado de Valores">Comisión Nacional del Mercado de Valores</a> and the Dirección General del Tesoro y Política Financiera.</li></ul> <p>In the <a href="/wiki/Basque_Country_(autonomous_community)" title="Basque Country (autonomous community)">Basque Country</a> and <a href="/wiki/Navarre" title="Navarre">Navarre</a>, the autonomous regional tax authorities have raised the corporate income tax for SICAVs to that of the rest of corporations (up to 28%). As a result, the Basque and Navarrese SICAVs have changed their sites to the rest of Spain or the European Union.<sup id="cite_ref-Confi_1-0" class="reference"><a href="#cite_note-Confi-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=SICAV&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">Collective investment schemes</a></li> <li><a href="/wiki/Financial_services" title="Financial services">Financial services</a></li> <li><a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">ICVC</a> (the UK equivalent)</li> <li><a href="/wiki/Investment" title="Investment">Investment</a></li> <li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a> (the US equivalent)</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=SICAV&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-Confi-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Confi_1-0">^</a></b></span> <span class="reference-text"><i><a rel="nofollow" class="external text" href="https://www.elconfidencial.com/economia/2015-11-07/asi-se-pasa-de-200-a-0-sicav-pais-vasco-muestra-el-camino-a-navarra_1086448/">Así se pasa de 200 a 0 sicav: País Vasco muestra el camino a Navarra</a></i>, Pedro Calvo, 7 November 2015, <a href="/wiki/El_Confidencial" title="El Confidencial">El Confidencial</a>.</span> </li> </ol></div> <ul><li>M. P. Gentili, S. Jannoni, M. Mastrangelo, <i>The SICAVs — Luxembourg UCITS and non-UCITS investment companies</i>, Bancaria Editrice - Roma, 2011</li></ul> <p><br /> </p> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist 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title="Investment management">Investment management</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Investment_fund" title="Investment fund">Investment <br />fund<br />structures</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_contractual_fund" title="Common contractual fund">Common contractual fund</a> (CCF)</li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a> (ETF)</li> <li><a href="/wiki/Fonds_commun_de_placement" title="Fonds commun de placement">Fonds commun de placement</a> (FCP)</li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Investment_trust" title="Investment trust">Investment trust</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge fund</a></li> <li><a href="/wiki/Labour-sponsored_venture_capital_corporation" title="Labour-sponsored venture capital corporation">Labour-sponsored venture capital corporation</a></li> <li><a href="/wiki/Listed_investment_company" title="Listed investment company">Listed investment company</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Offshore_fund" title="Offshore fund">Offshore fund</a></li> <li><a href="/wiki/Open-ended_fund_company" title="Open-ended fund company">Open-ended fund company</a></li> <li><a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">Open-ended investment company</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">Private-equity fund</a></li> <li><a href="/wiki/Qualifying_investor_alternative_investment_fund" title="Qualifying investor alternative investment fund">Qualifying investor alternative investment fund</a> (QIAIF)</li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a> (REIT)</li> <li><a href="/wiki/Royalty_trust" title="Royalty trust">Royalty trust</a></li> <li><a href="/wiki/Short-term_investment_fund" title="Short-term investment fund">Short-term investment fund</a></li> <li><a class="mw-selflink selflink">SICAV</a></li> <li><a href="/wiki/Split_capital_investment_trust" title="Split capital investment trust">Split capital investment trust</a></li> <li><a href="/wiki/Tax_transparent_fund" title="Tax transparent fund">Tax transparent fund</a></li> <li><a href="/wiki/Umbrella_fund" title="Umbrella fund">Umbrella fund</a></li> <li><a href="/wiki/Unit_investment_trust" title="Unit investment trust">Unit investment trust</a></li> <li><a href="/wiki/Unit_trust" title="Unit trust">Unit trust</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised insurance fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment styles</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Active_management" title="Active management">Active</a> / <a href="/wiki/Passive_management" title="Passive management">passive management</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge Funds</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Manager_of_managers_fund" class="mw-redirect" title="Manager of managers fund">Manager of managers</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">Socially responsible investing</a></li> <li><a href="/wiki/Social_trading" title="Social trading">Social trading</a></li> <li><a href="/wiki/Thematic_investing" title="Thematic investing">Thematic investing</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value</a> / <a href="/wiki/Growth_investing" title="Growth investing">growth investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investor</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></li> <li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a></li> <li><a href="/wiki/Performance_fee" title="Performance fee">Performance fee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theory</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a> (<a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a>, <a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a>)</li> <li><a href="/wiki/Martingale_pricing" title="Martingale pricing">Martingale pricing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Noisy_market_hypothesis" title="Noisy market hypothesis">Noisy market hypothesis</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Commodity_pool_operator" title="Commodity pool operator">Commodity pool operator</a></li> <li><a href="/wiki/Robo-advisor" title="Robo-advisor">Robo-advisor</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directives" class="mw-redirect" title="Undertakings for Collective Investment in Transferable Securities Directives">UCITS</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Investment_management_companies" title="Category:Investment management companies">Category</a> <span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_asset_management_firms" title="List of asset management firms">List</a></div></td></tr></tbody></table></div>    </div><noscript><img src="https://auth.wikimedia.org/loginwiki/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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data-event-name="ve-edit-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-edit mw-ui-icon-wikimedia-wikimedia-edit"></span> <span></span> </a> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only" id="ca-viewsource-sticky-header" tabindex="-1" data-event-name="ve-edit-protected-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-editLock mw-ui-icon-wikimedia-wikimedia-editLock"></span> <span></span> </a> </div> <div class="vector-sticky-header-buttons"> <button class="cdx-button cdx-button--weight-quiet mw-interlanguage-selector" id="p-lang-btn-sticky-header" tabindex="-1" data-event-name="ui.dropdown-p-lang-btn-sticky-header"><span class="vector-icon mw-ui-icon-wikimedia-language mw-ui-icon-wikimedia-wikimedia-language"></span> <span>9 languages</span> </button> <a href="#" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive" id="ca-addsection-sticky-header" tabindex="-1" data-event-name="addsection-sticky-header"><span class="vector-icon mw-ui-icon-speechBubbleAdd-progressive mw-ui-icon-wikimedia-speechBubbleAdd-progressive"></span> <span>Add topic</span> </a> </div> <div class="vector-sticky-header-icon-end"> <div class="vector-user-links"> </div> </div> </div> </div> </div> <div class="mw-portlet mw-portlet-dock-bottom emptyPortlet" id="p-dock-bottom"> <ul> </ul> </div> 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