caceis.com, new version

(
products and services
Deep-rooted in Germany
for asset servicing
Alternative investment,
joining forces
OTC derivatives, a single partner
CACEIS optimises post trade
for broker dealers
outlook
Towards a new
post-market environment?
Performance Fees: good practices
events
Gold Top Com award for the CACEIS’
advertising campaign )
(
caceis.com, new version
CACEIS has just launched its new
website. The presentation of the
group has been optimised and its
new 2007 companies are featured.
Available in English, German and French langua-
ges, CACEIS’ website illustrates each location
overview and the companies innovative offers.
From the homepage, clients find a direct link to
their web tools. On the portal we also keep you
Figures as at December 31, 2007
e950 billion in assets
under administration
of which e155 billion
in alterna tive assets
no. 13 - march 2008
updated on CACEIS highlights through the Events
and News headings. We deliver comprehensive
coverage of our full service from the complete
asset servicing documentation sorted by range
of products and related services. You can easily
download product fact sheets, reference papers,
activity reports and newsletters.
We hope our website will meet your requirements
and you will enjoy visiting caceis.com @
e2,300 billion in assets
under custody
7,000 structures valued
)

( products and services
Marco Wilms,
Head of Business Development
(Germany)
no. 13 - march 2008
Deep-rooted
in Germany
for asset servicing
With the creation of CACEIS Bank
Deutschland GmbH, the CACEIS
group has extended its
international network into
Germany, providing custodial
services to clients operating in
country’s funds market.
A 15% SHArE of THE GErmAn
CuSToDy mArkET
The Financial Markets Service Bank GmbH (FMSB),
an entity responsible for providing custodial activities
to the German market, was recently acquired
by CACEIS from German universal bank,
HypoVereinsbank (HVB). The deal was finalised
on December 28th , 2007, whereupon FMSB was
renamed CACEIS Bank Deutschland GmbH (CBD)
on February 1st . CACEIS’ new German subsidiary
provides comprehensive clearing and settlement
services for local and international institutional
clients such as banks, insurance companies, brokerdealers,
investment companies and large corporates.
It also offers a wide range of custody-related
services to asset management companies operating
in Germany. The bank holds some e400 bn in
assets under custody, which represents a substantial,
15% share of the German custody market,
which itself is the third largest in Europe. With a
staff of over 500 highly-qualified men and women,
CACEIS Bank Deutschland operates out of two
offices in Germany. The bank’s office in the city of
Munich is responsible for most clearing and custody
services, whereas the office in Hamburg deals
with the IT-Support and with certain depositary and
trustee functions.
An InTEGrATED offEr
for mArkET pArTICIpAnTS
CBD’s offer is strengthened by its many interfaces
with clearing and settlement platforms which
meet the needs of clients who trade on European
markets. Clients have access to the main European
stock markets Euronext, Xetra, Xontro, SWX, Virt-X,
LSE, Xetra Vienna as well as transactions clearing
on LCH.Clearnet and Eurex. This offer combines
outsourcing of trading and clearing with those of
custody and the settlement-delivery. Risk monitoring,
treasury management and reporting to financial
authorities are also offered. Clients of HVB, now
serviced by CACEIS Bank Deutschland will find that
the CACEIS group is heavily involved in initiatives to
improve European post-market infrastructures. Its
commitment to the field is demonstrated in several
ways: CACEIS is a direct member of the Target
2 cash system and the securities payment and delivery
system ESES for the French, Belgian and Dutch
markets; the group also gives solid support to international
development projects like T2S. With CACEIS,
clients have a partner with a true European view
of post market infrastructures, which makes significant
investments into the development of innovative
products and services designed to meet the
evolving needs of its clients.
A DEpoSITAry/TruSTEE funCTIon
for funD mAnAGErS
Within the framework of its role as a depositary
bank, besides asset custody, CBD ensures that funds
remain in strict compliance with all rules and regulations
laid out by the German financial authority and
investment law (InvG), such as those related to funds’
legal investment limits and ratios. The service also
includes controls on asset valuation methods as
well as the calculation of the daily asset values. The
bank offers legal support throughout the life of the
fund and also acts as fund liquidator if so required
CBD clients will benefit from the CACEIS group’s
broad offer of services in the knowledge that they
have the support of a partner that is fully committed
over the long term to the asset servicing industry.
In addition, clients of CACEIS outside Germany
will be able to use CACEIS’ newly acquired expertise
on the German market to further develop their
activities. CACEIS also intends to reinforce the service
package in Germany by developing an additional
fund administration offer @
© Gettyimage
2.

3
alternative investment,
joining forces
olympia Capital provides
comprehensive administration
services to the alternative
investment fund industry, with core
offerings including fund
accounting, registrar and transfer
agency, legal and compliance, and
cash services.
norTH AmErICAn AnD offSHorE CoVErAGE
Providing administration services since 1990,
Olympia Capital has offices in Bermuda, Dublin,
Halifax, Toronto and New York with approximately
250 employees. Olympia Capital (Bermuda) Limited
holds licenses in Bermuda and the Bahamas and
administers numerous funds in the BVI. In addi-
tion, comprehensive trust and other fiduciary
services are offered through partner companies,
Winchester Global Trust Company, a trust
company licensed in Bermuda, and Winchester
Fiduciary Services Limited. Today, as part of the
CACEIS network, clients of Olympia Capital have
not only access to an extensive network in Europe,
but also CACEIS’ comprehensive services offer,
which includes custody, securities lending, foreign
exchange and bridge financing. The assets under
administration are over e50 bn across more than
500 funds.
EXpErIEnCE AnD CApABILITy
Olympia Capital uniquely focuses on administering
alternative asset categories: hedge funds, fund of
funds and private equity funds. A plethora of asset
classes and investment strategies are serviced,
from traditional equity hedge funds to more eso-
no. 13 - march 2008
teric fixed income, multi-strategy, derivatives, as
well as, commodity funds. Olympia Capital is experienced
in servicing all fund structures – offshore
corporations in tax-free jurisdictions, US limited
partnerships, master-feeder arrangements and
managed accounts to name a few. The company
employs state-of-the art systems that are especially
designed for the complex strategies of today:
Advent Geneva for hedge funds, and E-Front for
private equity. CACEIS has the scale and financial
strength to make the continued investments
in IT systems which ensure that clients’ business
is always supported by the most flexible, reliable
and secure technology.
rECoGnISED SErVICE EXCELLEnCE
Olympia Capital was top rated by clients in the
2007 Global Custodian Hedge Fund Administration
Survey in the Overall,

( products and services
David Baert
Head of Control
Matching and PreSettlement
and Françoise Seive,
Head of OTC Derivatives
no. 13 - march 2008
oTc derivatives, a single partner
To minimise asset managers’ costs
and operational risks, CACEIS offers
a comprehensive and flexible
outsourced solution for processing
and valuing oTC derivatives.
rApID GroWTH In oTC DErIVATIVES
CACEIS’ service involves high-level expertise in
operational flows, regulations and risks, and the
sophistication of OTC derivatives means that dedicated
teams and systems are used. The increasing
number of complex instruments and entities involved
in OTC derivatives (brokers, prime brokers,
banks), along with strict regulations, are prompting
asset managers to deploy large-scale human
and technological resources. OTC derivatives
are becoming increasingly important in asset
management in general, particularly in institutional
portfolios.
There are a wide range of products available to
help investors meet hedging targets and boosting
the performance of their portfolios. The development
of the OTC derivatives market is confirmed
by the three-year worldwide survey co-ordinated
by the Bank of International Settlements (BIS),
published in late June 2007. Total amounts outstanding
on OTC derivatives doubled from around
products handled
$33,000 bn at end-June 2004 to more than $65,000
bn at end-June 2007.
DEDICATED TEAmS
CACEIS has experienced teams, focused on processing
OTC derivatives. These teams consist of
professionals who developed their skills through
day-to-day monitoring of activities at large asset
management companies. They can easily handle
complex instruments and aim to process them with
the same fluidity as simple instruments. Specialists
enter trading instructions directly into the systems
via proprietary-format files for simple OTC derivatives,
while complex derivatives require special
parameter-setting.
SuITED TECHnoLoGICAL mEAnS
CACEIS provides a highly secure modular solu-
tion that includes real-time integration into its fund
administration and custody systems. The mar-
ket-leading Kondor+ software package is used
at Luxembourg and will be gradually spread out
to Paris. It enhances their ability to process large
volumes while at the same time keeping a firm grip
on risks. The combination of our skilled specialist
staff and our high-performance software allows
us to monitor complex derivatives activity, and to
keep pace with new product developments.
The service covers all OTC derivatives transactions, with interest rate, equity, credit and
forex underlyings.
Standard transactions: Vanilla and non-vanilla swaps; Currency swaps; Inflation swaps
(HICP); Caps and floors; FRAs; Asset swaps (only the swap component); Non-vanilla
currency swaps; Non-vanilla cross-currency asset swaps; Swaptions; Forex options; Credit
derivatives: single name CDSs, credit indexes (ITRAXX and CDX), tranches of credit indexes,
basket default swaps, ITRAXX and CDX options etc.
Complex transactions: Equity swaps: performance swaps on equities, on baskets of
equities, on stockmarket indexes, on baskets of stockmarket indexes;
Total return swaps;
Equity options, index options, bond options;
Structured interest-rate and currency swaps: barrier interest-rate swaps, dividend swaps;
Volatility swaps: equities, stockmarket indexes, forex;
Variance swaps: share price, stockmarket index level, exchange rate;
Correlation swaps: share price, exchange rate, stockmarket index level; Options on spreads
between indexes; Exotic cap/floors: knock-in caps/floors, knock-out caps/floors; CFDs.
4.

5
oTC Derivatives process flowchart
1
2
3
4
5
Client
Client instructions processing
CACEIS Counterparty
Reconciliation of the confirmations
(OTC vanilla)
Calculation of the financial flows (OTC vanilla)
Reconciliation of the cash amounts
to be payed or received
OTC Derivarives transaction
Payments and announcements issuance (SWIFT)
In addition to its market-leading capabilities, our
application is connected to the SWIFT messaging
system and other communication media, electro-
nic trading platforms (DTCC, Swapswire). At each
stage of the post-trade process, our teams’ abi-
lity to anticipate events enables them to carry out
various activities in a timely fashion: setting up
maturity schedules, calculating margin calls and
collateral, reconciling confirmations with counter-
parties, calculating amounts payable and recei-
vable, netting payments, managing positions and
accounting for movements. These activities are
accompanied by tight risk controls.
InDEpEnDEnT VALuATIon
OTC derivatives valuation work is carried out by our
team of financial engineers. The team uses vali-
dated market data (interest rates, credit spreads,
volatility data, etc.) from various providers (Markit,
CMA, Super Derivatives, ICAP, etc.). The valua-
tion models used are provided by Kondor+ or
by external calculation libraries. CACEIS can
check asset manager and counterparty prices
(“Challenger“ role), or it can be a sole valuation
provider (“Provider“ role). The valuation process
will be detailed in a coming issue.
poSITIon-kEEpInG AnD DEpoSITAry
(TruSTEE) STATEmEnT
In France, since January 1st , 2008, the AMF’s general
regulations have supplemented the custody
account-keeping system applicable to traditional
financial instruments, adding the notion of position-keeping,
which concerns OTC derivatives in
particular. Recording assets using the position-
Market Place
no. 13 - march 2008
keeping method depends on asset management
companies reporting to the custodian all information
that allows assets to be identified and their
movements to be monitored. As a result, asset
management companies must now send a list of
framework agreements and copies of signed transaction
confirmations or transaction notes. This
obligation also concerns transactions not administered
by CACEIS carried out by Fund for which
it is custodian.
The CACEIS depositary statement, also available
in Luxembourg, is a clear and accurate way
of reporting information to clients, valuers, statutory
auditors and Trustees. It gives an overview of
asset management companies’ activity. It sets out
all financial instruments held by UCITS, along with
cash balances. Asset managers receive a daily
analysis for each Fund, involving a summary of
ratios by asset category and estimates.
SpECIfIC rEporTInG
The OLIS website allows real-time consultation of
all open positions by portfolio, and of each tran-
saction’s details. All information can be downloa-
ded in XLS or PDF format.
By providing staff and resources specific to the
OTC derivatives business, CACEIS gives clients a
dedicated solution for processing and valuing these
sophisticated products, along with risk monitoring
indicators. This shows CACEIS’ desire to develop
alongside investors, by offering them services suited
to changing asset management techniques @
products and services)
A financial engineer team
skilled in OTC Derivatives
products, an asset class
in a very sharp increase.

( products and services
Bernard Galdin,
Head of Settlement ;
Beatrice Peregort,
Head of local Clearing ;
Jérôme Klode,
Head of Clearing.
Broker dealers clients with
CACEIS have access to a
post trading activity range
of products, including
clearing of listed
derivatives, processing of
OTC derivatives, cash
management, securities
lending and
Foreign Exchange.
no. 13 - march 2008
cacEIS optimises post trade
for broker dealers
CACEIS adds its Global Clearing
member (GCm) services of
LCH.Clearnet SA for the cash equity
business to its recognized
settlement and custody skills.
This clearing service strengthens CACEIS’ comprehensive
range of post trade services for broker
dealers. Clients benefit from CACEIS’ rating
(S&P AA-) and financial guarantee. They can avoid
carrying out their own large-scale technological
development by relying on a solid partner that is
one of the world’s top-10 custodians. Clients can
benefit from CACEIS’ active involvement in market
infrastructure and regulatory developments,
and from its heavy investment in staff and technology.
The quality of CACEIS’ custody service is
rewarded by the annual Global Custodian magazine
agent banks surveys, which regularly gives
it ‘‘top rated’’ status.
An EVoLVInG GEoGrApHICAL CoVEr
The service is provided by CACEIS Bank and
forms part of its settlement and custody servi-
ces for securities eligible for trading on Euronext
Paris. CACEIS is a direct affiliate of the Euroclear
Settlement of Euronext zone Securities (ESES)
platform in France. On November 28th, 2008, it
will extend this clearing service to the Brussels
and Amsterdam markets when ESES is launched
in the Belgian and Dutch markets. As a result,
CACEIS will offer to broker dealers a single entry
participants
and flows
point for clearing and settling their transactions
in the Euronext markets. The integrated offering
will take on a pan-European dimension through the
access provided by CACEIS Bank Deutschland to
other European markets (the UK, Germany, Austria
and Switzerland).
A moDuLAr offEr
CACEIS sets up tools allowing customized services
to meet the client different needs. Around the GCM
offer a flexible range of services are ensured. Thus
Trading Member Firms (TMF) are supported for
matching of trades executed on NYSE-Euronext and
forwarded to LCH.Clearnet’s Clearing 21 platform.
Settlement through the CACEIS’ ESES affiliate num-
ber and linked corporate action processing can be
also provided for the trades netted by the clearing
house. Transactions are confirmed by Swift, files
and may be consulted on OLIS website. CACEIS
also helps to cover risks by a specific follow up
and compliance controls. Dedicated and skilled
teams calculate margin calls on open positions
(SPAN method). They also carry out outstanding
trades and buy-in warnings. CACEIS makes post
trade processing simpler and more flexible.
CACEIS streamlines the post trade processing
and allows clients to avoid connection to clearing
and settlement platforms and technological
developments. They also benefit from CACEIS‘
dealing capacity with the post-market infrastructures
and are exempted of the contribution to the
Clearing Fund @
client (t m f)
e u r o n e x t
lch.clearnet
e u r o c l e a r
caceiS
6.

7
Towards a new
post-market environment?
The markets in financial
Instruments Directive (mifID) is
transforming the trading and
post-market infrastructure
environment and creating sources
of fragmentation.
Changes and developments in trading platforms –
whether through mergers (NYSE-Euronext, LSE-
Borsa Italiana, Nasdaq-OMX) or the appearance
of new players (CHI-X, Turquoise, etc) have often
been in the news recently.
THE EnD of THE nATIonAL “SILo” SySTEmS
Although attracting less media attention, the postmarket
industry is also undergoing a revolution,
with the end in sight for national “silos” (tradingclearing-settlement/delivery
and central securities
custody). This is being encouraged by European
Union initiatives – either in the form of regulations
(MiFID) or recommendations (the Code of Conduct)
– that aim to foster competition between financial
infrastructures.
The old national model, which often is no longer
adapted to the reality of the economic ownership
of infrastructures – either because they are listed
companies (Deutsche Börse and NYSE-Euronext)
or because of their trans-national nature (Euroclear
and LCH.Clearnet Group) – is doomed to disappear
with the creation of the European single market
and the increasingly international nature of financial
transactions.
We will therefore soon have to cope with a larger
number of possible combinations between organisations,
with each combination being intended to
meet a specific pricing and service model.
a c t ua l p l at f o r m S
t r a d i n g clearing Settlement
Euronext, LSE, Xetra, Virt-X,
Borse italiana, etc.
mifid
LCH.Clearnet, Eurex, X-Clear,
CCG, etc.
t r a d i n g clearing Settlement
T2S, Smartpool, Euromillennium,
Chi-X, Turquoise, Equiduct, EMCF, EuroCCP (DTCC), etc. competition between CSD ?
Liquidnet, ITG POSIT, etc.
Tradegate, etc.
n e w p l at f o r m S
c o d e o f c o n d u c t
Euroclear, Clearstream,
Monte Titoli, etc.
t2S
no. 13 - march 2008
THE CHALLEnGE of InTEropErABILITy
All parties involved in post-market activities are
facing a major challenge: being able to manage
the multiple links that will exist in the future, while
maintaining the same processing effectiveness
(speed) and reliability (security and correct execution).
It is with this in mind that CACEIS is participating
and contributing to the discussions held
in the Paris financial market.
This is of course both a matter of connection and
communication, but is also of managing the multiple
operating rules, as each organisation will
be able to define its own rules and constraints
(working times, limits, collateral, etc.) for its own
market segment.
Today, it is hard to tell what the future holds. It is
likely that, after a transition period, most transactions
will be concentrated in the hands of a few
operators, working on a European scale, if not
global. This will be a positive change if it actually
results in lower prices charged by the organisations
and in a harmonisation of processes - in particular
for cross-border trades.
At the same time, we can envisage that common
foundations will gradually be laid down, on
which the development and innovation of financial
markets may be built. The necessary control
and management of systemic financial risk and the
continual search for economies of scale in noncompetitive
sector functions will certainly justify
initiatives such as Target 2 Securities (T2S), proposed
by the ECB and the main central banks in
the Euro Zone. T2S could be a common European
platform for secure settlement (in central bank
money) in 2013, and is therefore attracting widespread
support from financial institutions operating
in the Euro Zone, including CACEIS @
?
outlook)
Eric Derobert,
Head of Market Infrastructures

( outlook
Anne Landier-Juglar,
Head of compliance ;
Priscilla Murray Brown,
General Counsel and Chief Compliance
Officer (Bermuda) ;
Marie-Andrée Bonnet,
Head of Regulations Watch
Laurent Murier, Risk & Compliance
Manager (Switzerland).
ADVANTAGES
DISADVANTAGES
no. 13 - march 2008
Performance Fees: good practices
Drawing on its practical
experience in managing all types
of onshore and offshore funds in its
various locations, CACEIS would
like to outline its informal
observations.
A table summarising the benefits and disadvanta-
ges of the different methods and a table with sta-
tistics highlight this review. The regulatory aspects
are also referred to, in particular the recent changes
proposed in Switzerland.
THE THrEE mAIn mETHoDS
Classical
A provision is calculated on net asset value at each
valuation date and is applied to all the existing units
in the fund at the time of calculation. The provision
depends on the performance as measured against
the reference NAV, or “existing high water mark”.
Whenever the fund performs positively or outperforms,
variable management fees based on the
latest NAV are paid to the management company,
usually annually.
The calculations generally used result in the following
formula:
(Gross asset value on the valuation date – reference
NAV) x (variable fee rate) x (number of units
in issue).
It may be provided that the performance accruing
to unit-holders redeeming their units crystallises;
even if the NAV decreases at the year-end valua-
CLASSICAL METHOD SERIES EQUALISATION
Easy to understand
Easy to implement
Applicable to daily valuations
Applicable to collective investment schemes
with unregistered units intended
for the general public
Single NAV at each valuation date
Potential inequality of treatment
of unit holders
tion date, the fees corresponding to units redeemed
by unit-holders remain due to the management
company.
units issued in series
This method takes account of the performance
accruing to unit-holders who invested at the same
subscription date. It involves creating a new series
of units at each valuation date when a new subscription
is made. A net asset value is computed for
each independent series, with each series having
its own performance.
At the end of the reference period, if the NAVs of
the series are higher than their reference value, the
series that have been issued throughout the period
may be converted on the basis of the net value of
the unit in the initial series, after payment of the
performance fees.
Equalisation
This method uses a single NAV and requires an
adjustment for each new subscription, depending
on the position of the NAV:
> If an investor subscribes to the fund at a time when
the gross asset value is higher than the existing
high water mark, the investor pays a sum known
as a “credit equalisation”. This credit is then tracked
until the end of the reference period or until
redemption.
> If an investor subscribes to the fund at a time when
the gross asset value is lower than the existing
high water mark, the investor agrees to pay a fee
if the value of the fund increases, up to the reference
value as a maximum.
More equitable treatment of unit-holders More equitable treatment
of unit-holders
Single NAV
Complicated to understand,
but less so than the credit equalisation method
For a given date, there are several NAVs, which
could be confusing for an investor subscribing
at different times
The most complicated method
to explain
Administrative and accounting costs are greater because of the need to keep a register
and perform multiple calculations
Not usable for daily NAV calculations
Unit-holders must be recorded in a register
8.

9
Practices observed, by centre and product
Proportion of funds
with performance fees
Proportion applying
traditional method
Proportion applying
the series method
Proportion applying the
equalisation credit method
THE rEGuLATory EnVIronmEnT
FRANCE LUXEMBOURG SWITZERLAND
OFFSHORE
8% of total
98%
In france, the AMF sets the limits and conditions.
(General Regulation of the AMF, articles 314-78,
413-9, and 413-30). Collective investment sche-
mes can include a variable, performance-based
fee component, provided that:
1) it is expressly provided for in the scheme’s sim-
plified prospectus;
2) it is consistent with the investment management
objective as set forth in the prospectus;
3) the share of outperformance allocated to the
management company must not induce that
company to take excessive risk with regard
to the investment strategy, investment objec-
tive and risk profile set forth in the scheme’s
prospectus.
The AMF has stated that there is no maximum as
regards the share of the outperformance attributed
to the management company.
A ceiling may be placed on these fees, which are
paid annually at the latest. A provision for fees
must be made at each NAV calculation.
In July 2005, an AMF circular authorised the use
of the credit equalisation method for some collective
investment schemes (funds with streamlined
investment rules (ARIAs), contractual funds, funds
with registered unit-holders, funds with no distribution
of earnings).
In Luxembourg, there is no official standard, only
good practices consisting in submitting the calculation
formula to the CSSF for prior validation.
In Switzerland, the Federal Banking Commission
(CFB), has set out the 15 conditions that per-
19%
na
62% of total
100%
100% of hedge funds
0% of funds de funds
30%
0% na na 65%
2% na na 5%
no. 13 - march 2008
formance fees should satisfy in principle in
its Directive of December 14th, 2005. The CFB
announced a consultation period until January
25th, 2008 to change this regulation
“After having discussed the necessity and scope
of regulation in this area, the Federal Banking
Commission has decided, with respect to performance
fees, not to issue regulations in this area
and to leave market participants to set the criteria
for payment of such fees, which should be
clearly disclosed in collective investment scheme
documents.”
In other centres such as Bermuda, the Cayman
Islands, the British Virgin Islands and the Bahamas,
there is no precise regulation of performance
fees.
In SummAry, SomE prInCIpLES
mAy BE noTED
> The method should be described correctly and
examples of the calculation should be given,
to avoid interpretation and opening the way
to disputes;
> The same calculation method should be kept,
in order to offset benefits and disadvantages
over time.
Promoters and investors must pay attention to
whether detailed information is provided that
corresponds to the chosen method. Finally, the
registrar and depositary must provide reliable
information, enabling reconciliations to be made
with the fund’s accounts @
outlook)
In France, where there are still
not many hedge funds, the
traditional method remains
preponderant, stating that fees:
often crystallise at the time of
redemption;
are paid annually, either at the
period end or at fixed date;
are rarely subject to a ceiling.
In most jurisdictions,
performance fees are
approximately 20%.

( events
( Forums
no. 13 - march 2008
cacEIS Trading Desk
RSVP avant le 18 janvier 2008
Juliette Bernard
Communication CACEIS
on January 22nd 2008, Breakfast
1-3, place Valhubert
75206 Paris cedex 13
Tél. 01 57 78 18 20 – Fax. 01 57 78 13 14
Email : juliette.bernard@caceis.com
Seminar regarding products
Hôtel Bristol
Hôtel Le Bristol
112, rue du Faubourg Saint-Honoré
information in Paris was held in
75008 Paris
Métro : Saint Philippe du Roule - Miromesnil
the Bristol hotel.
Guillaume fromont, Member of the Management
Contact
Board of CACEIS, introduced Développement Commercial this quarterly
Patrick Lemuet
01 57 78 10 78
patrick.lemuet@caceis.com
event.
Gilles normand, Director of Treasury and Forex,
highlighted the global offer that can be tailored
to each client’s profile of the Group.
He outlined the benefits of a front to end processing
reducing costs and risks by integrating trades
in CACEIS’ custody and fund administration systems.
He also gave examples of the large range
of financial instruments maximizing revenues of
client’s portfolio.
The panel of judges was made up of communication
and advertising directors. They particularly
appreciated the targeted message, the
daring and creative campaign. They acknowledged
the overall coherence with the other Group’s
P e t i t - d é j e uner d’infor m a t i o n p r o d u i t s d e C A C E I S
CACEIS’ dealing room experts detailed the
services:
> David ranc, Head of Sales for Treasury and
Forex;
> Sylviane fuzewski, Head of Securities lending,
for Securities lending;
> Aurélien Sauvage, Institutional Sales, for
Structured products @
Gold Top com award for the cacEIS’ advertising campaign
CACEIS has just been recognised
by a Gold Top Com award for the
quality of its advertising campaign
”frog power”
communication media and strategy. CACEIS was
selected from a file among 350 other applications
sent this year.
This new advertising campaign was launched
last summer during the Fund Forum. It hits two
main targets: increase the CACEIS’ brand recognition
(particularly on the international markets)
and highlights its leadership ranking in the
French market.
CACEIS differentiated look to the traditional codes
of the financial sector. The humour, unmistakeable
to any British person, lay in its highlighting of the
age-old identification of the French as frogs, and it
was given a further level of irony through its use by
a French company… Its also a glance to enhance
its benefits in an international sector.
Our frog was immediately adopted by our clients,
notably during the Fund Forum and Sibos 2007
events. Since then, it has been displayed on other
communication media (website, promotional items,
publications).
This Gold Top Com award is strengthening CACEIS
in this innovative communication target @
10.

11
( conferences
Super return 2008
February 26-28
Munich
Vincent Beaujeu-Dumontel,
Sales Manager, “Efficiency
in Private Equity servicing”
( Press review
Global Investor
December 2007 - January 2008
Interview of José Benjamin Longrée,
Managing Director, CACEIS Bank Luxembourg
“Ucits go global”
Gestions Alternatives
January 2008
forum Gi
March 11-12 - Paris
franck Delbès, Head of Fund
accounting, CACEIS Fastnet,
“What are the new
challenges for asset
managers, investors, and
fund administrators faced
with the complexity of
financial instruments”
“CACEIS Capital International”
BAI Investor Conference
Hedge fund Summit
March 10-11
Frankfurt
Heike findeisen, Business
Development Director,
“Private Equity”
Investor Services Journal
February 2008
Interview of Etienne Carmon, Head of
International Product Development,
“Tales from transfer agency”
fT mandate
February 2008
ALfI Conference
March 18-19
Luxembourg
fund forum Asia
April 14 -16
Hong Kong @
no. 13 - march 2008
raymond morrison, Chief Executive Officer of
Olympia capital (Bermuda) Limited
“Hedge funds’ flexible friend“ @
events)

This newsletter has been produced by
CACEIS. CACEIS cannot be held
responsible for any inaccuracies or
errors of interpretation, which this
document may contain.
We hope you enjoy this Newsletter
also available in french and would be
very pleased to hear from you if there
are other topics that you would like to
see included.
Philippe Naudé
Market Information Manager
+ 33 1 57 78 10 68
philippe.naude@caceis.com
for further information on our products
and services,
please contact
our relationship managers
Publishing Director:
Régine Besnier-Docet
Editor:
Philippe Naudé
Design: Sylvie Revest
Photos credit: Yves Maisonneuve,
Grégoire Korganow (Agence Rapho),
Yves Langlois, FOTOLIA, iStockphoto.
Printer: GRAPH IMPRIM
Number ISSN: 1952-6687
www.caceis.com
BELGIUm
Fastnet Belgium
Avenue du Port/Havenlaan
Site de Tour & Taxis
86C Bte 320
B-1000 Brussels
+32 2 209 26 00
BErmUDa
olympia capital (Bermuda) Limited
Williams House
20 Reid Street
Hamilton HM 11
+1 441 292 1018
Winchester Global Trust company Ltd
Colombia House
32 Reid Street
Hamilton HM 11
+1 441 296 2000
canaDa
oc Financial Services Inc.
Toronto
1 Robert Speck Parkway
Suite 1510
Mississauga L4Z 3M3, Ontario
+1 905 281 0001
Halifax
CIBC Building
1809 Barrington St.
Suite 1304
Halifax B3J 3K8, Nova Scotia
+1 902 482 3039
FrancE
cacEIS Bank
1-3, place Valhubert
75206 Paris Cedex 13
+33 1 57 78 00 00
cacEIS Fastnet
1-3, place Valhubert
75206 Paris Cedex 13
+33 1 57 78 00 00
cacEIS corporate Trust
14, rue Rouget de Lisle
92862 Issy-les-Moulineaux Cedex 09
+33 1 57 78 00 00
GErmanY
cacEIS Bank Deutschland Gmbh
Munich
Lilienthalallee 34-36
D-80939 München
+49 89 5400 00
Hamburg - Branch Office
Alter Wall 2
D-20457 Hamburg
+49 89 5400 00
IrELanD
cacEIS Bank Luxembourg
Dublin Branch
ABN Amro House
International Financial Services Centre Dublin 1
+353 1 672 16 00
Fastnet Ireland Limited
ABN Amro House
International Financial Services Centre Dublin 1
+353 1 672 16 20
olympia capital (Ireland) Limited
Harcourt Centre, 6th Floor, Block 3,
Harcourt Road, Dublin 2
+353 1 418 07 00
LUxEmBoUrG
cacEIS Bank Luxembourg
5, allée Scheffer
L-2520 Luxembourg
+352 47 67 9
Fastnet Luxembourg
31-33, avenue Pasteur
L-2311 Luxembourg
+352 47 67 29 00
nEThErLanDS
Fastnet netherlands
De Ruyterkade 6
1013 AA Amsterdam
P.O. Box 192
1000 AD Amsterdam
+31 20 530 83 00
Dutch Trade Register N0 33193354
SWITZErLanD
cacEIS Fastnet (Suisse) S.a.
Chemin de Précossy 7/9
Case Postale 2259
CH-1260 Nyon 2
+41 22 360 94 00
USa
olympia capital associates L.P.
295 Madison Avenue
5th Floor
New York, NY 10017
+1 212 403 9500
> Stand F34
www.caceis.com