Our commitment to our customers pushes us to be in the forefront of investment vehicles.

Investment funds are collective investment schemes owned by a group investors. They are managed and represented by a management company that exercises powers of disposal but is not the owner of the fund. The objective of the management company is to raise funds, assets or rights from the general public to manage them and invest them in rights, securities or other instruments, financial or otherwise. The investor’s return is established according to the collective results.

Investment fund units are defined as each aliquot part of its total assets. The value of such units fluctuates daily depending on the performance of the portfolio and is called net asset value (NAV).

Investment funds are professionally managed by a single manager or a team of managers. Generally, the managers have a long-standing career in the field of financial markets.
Investment funds are regulated by the law and rules on collective investment undertakings, as well as by their own management regulations. The Comision Nacional del Mercado de Valores (Spanish Securities Market Commission) has the role of controlling the management of the investment funds and protecting shareholders from bad practices of managers.

The management company of a collective investment undertaking must circulate a full prospectus, a simplified prospectus, an annual report, a six-monthly report and two quarterly reports to the unitholders, shareholders and general public, in order to inform them of the factors and circumstances which may affect the valuation of the assets and the prospects of the undertaking, in particular, the risks that it entails, as well as the compliance with applicable laws and rules. The full prospectus is the best document to find out about an investment fund.

Investment funds may be classified according to several different factors and criteria. The main factors and criteria are set out below:

  • Equity

  • Fixed-income

  • Mixed

  • Hedge Fund

  • Monetary

  • Global

  • Emerging markets

  • Technology

  • Telecommunications

  • Finance

  • Health

  • Commodities

  • Energy

  • Large-cap

  • Mid-cap

  • Small-cap

  • Micro-cap

  • Growth

  • Aggressive growth

  • Dividends

  • Growth and dividends

  • Value

Professional Investor Funds (PIFs) are a special class of collective investment schemes which fall within the provisions of the Investment Services Act, 1994 (Laws of Malta). PIFs are investment vehicles regulated by the Malta Financial Services Authority (“MFSA”).

These collective investment schemes are targeted only at experienced investors who meet certain investment and financial sophistication requirements.

They are characterized by their high flexibility and by not being subject to leverage or investment restrictions.

PIFs have been widely used in non-traditional investments or specialized instruments, including, without limitation, private capital, derivatives and real estate.

SICAVs are open-ended investment companies whose purpose includes the acquisition, possession, use, general administration and disposal of marketable securities and other financial assets.

Although SICAVs appear to share many similarities with investment funds, they differ in the following aspects:

  • • Unlike the investment funds’ capital, which is divided into units, SICAVs’ capital is divided into shares.

  • • SICAVs may request the admission of their securities to trading on a regulated market.

For further details on this investment vehicle, please check the IF – Investment Fund section

A SIF is an investment vehicle regulated by and under the supervision of the Commission du Surveillance du Secteur Financier of Luxembourg (CSSF). This type of investment fund is aimed at well-informed investors with significant expertise in financial investments, such as institutional investors, professional investors or private investors who meet the qualifying criteria established by law.

The main feature of this type of investment vehicle is its flexibility to invest in a wide range of assets, including equities, debt securities, mortgage securities, derivatives, hedge funds and private equity.

In contrast to SICAVs, the minimum capital requirement for SIFs amounts to €1.25 million and may be created for a single investor.

The SIF Law imposes the condition that SIFs adhere to a policy of risk diversification. However, since the law does not elaborate on any type of investment restrictions, the CSSF has published a circular which provides additional guidance as to this risk diversification principle. Pursuant to this circular, a SIF should not invest more than 30% of its assets in securities of the same kind issued by the same issuer. However, this restriction does not apply to investments in other undertakings for collective investment that are subject to risk diversification requirements which are equivalent to the requirements imposed on SIFs. The circular also sets out that SIFs must have appropriate risk management systems in place to identify, measure, manage and monitor the risks associated with the positions and their contribution to the overall risk profile of the portfolio.

Vehicular Organization

D. Fernando Primo de Rivera
D. Franck Willaime
D. Miguel Barrón


Asesor Legal
: Cuatrecasas Gonçalves Pereira Madrid
Luxembourg: Chevalier & Sciales
Investment manager
Auriga Global Investors
Investment advisor
Lynx Capital Partners S.L.
Prime broker
Morgan Stanley London

Paying agent:

Credit Suisse Luxembourg
Credit Suisse Luxembourg

Investment funds in the form of a company are also known as alternative investment funds or hedge funds. They are not subject to the investment restrictions which apply to most of investment funds (hence their name). These funds are free to invest in any type of financial assets and may follow the investment strategy they consider the most appropriate. They can also borrow up to five times their total assets.

Due to their specific characteristics, they are particularly targeted at qualified investors (institutional investors or major investors). The minimum initial investment is €50,000.

Net asset value is calculated on at least a quarterly basis, although this interval can be extended to six months if the investments made so require. Therefore, investors can only subscribe or redeem units every three or six months (although funds may opt to offer more frequent liquidity, on a monthly basis for example).

These schemes are not bound by fee ceilings applicable to remaining investment funds.

Investors have to sign a document stating that they are aware of the risks involved.

The Undertakings for Collective Investment in Transferable Securities (UCITS) are investment funds that have been established in accordance with the European Community legislation (adopted in 1985). The aforementioned legislation refers to European Directive 85/611/EEC, which lays down the conditions under which a fund established in one Member State can be traded in another Member State. The main objectives of UCITS IV Directive are the consolidation of the European collective investment industry, the enhancement of cross-border business, as well as the simplification of administrative procedures, and, in particular, the appropriate protection of investors.

The transposition to Spanish law of the abovementioned directive sets out the following measures for the protection of investors:
To increase the number of cases in which the management company must inform the unitholders of the changes made to the management regulations of a UCITS, once such changes have been authorized by the CNMV.

To lay down the notification obligations to shareholders, unitholders and the general public through a document containing key information for investors. The content of this document (the Key Investor Information Document or “KIID” ”, according to the transposed directive) must be constantly updated. This obligation applies to both management companies authorized in Spain and management companies authorized in another member state. The Spanish Securities Market Commission (CNMV) is authorized to publish a standardized document model. The document contains the management and custody fees and sets out “the basis of calculation of fees, the ceiling for fees, the fees actually charged, and the beneficiary of such fees”. This document containing key information for investors, as well as the half-yearly report, must be provided free of charge to investors or unitholders. A copy of the prospectus and the latest published annual and quarterly reports must be made available to investors and unitholders upon request.

Where a UCITS markets its units in Spain, it shall provide to investors within the territory of Spain the same information and documents which it is required to provide to investors in its home Member State. Such information and documents shall be provided to investors in Spanish or any other language accepted by the CNMV.

Management companies must set up appropriate procedures and arrangements to ensure that they deal properly with investor complaints. This entails, inter alia, that management companies must allow investors to file complaints in Spanish.

To strengthen the duties and obligations of UCITS custodians/depositaries in order for them to become an useful tool to protect investors’ rights and interests.

To ensure that there are no restrictions for investors to exercise their rights in the event that the management company is authorized in a Member State different from the UCITS‘ home Member State.

Vehicular Organization

D. Benoit Andrianne
D. Enrique Martinavarro
D. Iñigo Resusta
Kinetic Partners (Luxembourg)




Auriga Global Investors SV.


Legal Adviser
Arendt & Medernach

Liquidador de Futuros
Banco Santander
Altura Markets
Prime broker
Morgan Stanley London




Auriga Global Investors SV
Agente de pagos:

Societé Generale Securities Services Luxembourg
(Luxembourg) SA
Private Bankers
Transfer Agent:

Societé Generale Securities Services Luxembourg Fund Services (Luxembourg) SA