An Unprecedented Scandal in the History of UCITS Funds

Exane Intégrale, a compartment of Exane Funds 1, has gained notoriety as one of the only two UCITS funds with daily liquidity to collapse completely—losing 100% of investor capital.

📆 March 17, 2020

Suspension of the Net Asset Value (NAV) calculation and publication as of March 13, 2020, following a redemption request from a single investor representing around 5% of assets under management.

📆 March 23, 2020

The Board of Directors of Exane Funds 1 decides to place the Exane Intégrale compartment into voluntary liquidation.

📆 July 24, 2020

Exane Asset Management, acting as the liquidator of Exane Intégrale, informs shareholders of its inability to liquidate the fund.

📆 October 8, 2020

A liquidation status report mentions the existence of counterparty creditors and highlights the “length and complexity of the ongoing process”.

BNP Paribas Securities Services, the depositary bank, still fails to publish any NAV.

📆 December 31, 2022

Audit report by PwC:

The fund has apparently lost all of its assets and still owes money to several banking creditors.

PwC states it is unable to express an opinion, after having unconditionally certified the fund’s financial statements for several years.

No NAV has been published by BNP Paribas Securities Services.

📆 June 13, 2023

The Paris Commercial Court issues an order for the seizure of documents related to the Exane Intégrale fund at the offices of Exane AM.

Natixis, one of the 12 counterparties of Exane Intégrale, initiates legal proceedings against Exane AM and Exane Funds 1.

📆 2024

Sucden Group (Sucres & Denrées) proudly announces the recruitment of Thomas Chassenieux, the former lead manager of Exane Intégrale.

📆 December 31, 2024

PwC releases a new audit report again confirming its inability to express an opinion.

📆 March 21, 2025

First court ruling: The Paris Court of Appeal condemns Exane AM and Exane Funds 1, particularly for lack of transparency, delaying tactics, and unfair conduct.

🕳️ Five Years Later: Still No Liquidation. Still No Compensation.

Despite the voluntary liquidation initiated in 2020, the UCITS fund has still not been wound up.

BNP Paribas, now the sole owner of Exane, continues to refuse compensation to investors.

⚠️ Institutional Failures Across the Board

This case highlights serious failures by the institutions responsible for investor protection:

• AMF (French Financial Markets Authority)
• CSSF Luxembourg (Financial Sector Supervisory Commission)
• BNP Paribas Securities Services (Depositary)
• PwC (Auditor)

Despite their signatures, labels, and controls meant to ensure transparency and safety, none protected retail or institutional investors.

Worse: Their credibility acted as a smokescreen, lending false legitimacy to what would become one of the biggest asset management disasters in Europe.

🧨 Beyond Misconduct: A Systemic Credibility Crisis

This scandal is far from over.

It doesn’t just reveal mismanagement—

It raises a structural question about the credibility of the entire regulatory, auditing, and certification chain in European asset management.