The Fonds de Garantie, the French solidarity compensation fund, has appointed CACEIS for valuation and institutional accounting of its two funds, the FGAO and the FGTI. CACAIS has long been the principal custodian for Fonds de Garantie.
The assets held in custody by CACEIS will total approximately 1.2 billion on behalf of the FGAO and 800 million for the FGTI. CACEIS will also provide custodial, valuation and legal services for the Fonds de Garanties three SICAVs as well as middle-office services for its two self-managed SICAVs.
FGAO, the Automobile Guarantee Fund, was set up in 1951 to compensate the victims of road traffic accidents in which those responsible were either not insured or not identified. The fund operates under the control of the Minister of the Economy.
FGTI, the Guarantee Fund for Victims of Terrorist and Other Criminal Acts, was established in 1986 following a wave of terrorist attacks in France. The fund is managed by the FGAO.
(CG)