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Investment Fund Management Company (SAFI) Collaboration between Banco de Costa Rica, Banco Popular and Grupo Mutual They inform clients about their participation in stock market assets and savings holdings Financial Desifenentered the intervention procedure on August 13.
Desyfin, which carries out financial intermediation and is active in the stock market, has been subject to intervention by the National Financial System Supervision Commission (Conassif). The General Supervision Authority for Financial Entities (Sugef) found that poor practices in its credit portfolio management could have led to it falling into a state of undercapitalization.
SAFI conveyed this information through several relevant facts, which appeared on the website of the General Supervisory Authority of Securities (Sugeval).
This is a legal obligation as investment fund managers are required to segregate the assets of their portfolios when an issuer declares bankruptcy.
Visited: Financiera Desyfin: Equity ratio dropped to -0.06% and losses reached 13.679 billion pounds
Case by case
Desyfin’s operations and their proportion in each fund’s portfolio vary from case to case. This has been communicated by the responsible entities:
Brazilian Renewable Resources Corporation
BCR Management reported that its investment funds BCR Hybrid USD Diversification The investment in Desyfin, which began in September 2023, expired on August 30 this year.
This information is disclosed through related events CHR-5422published on August 14 this year, in which he recalled that “at the time of the purchase, (Desyfin) complied with all regulatory requirements.”
However, the fund’s risk exposure level is low. According to the main information, the assets involved account for 0.79% of the total assets of equity instruments.
“According to BCR SAFI estimates, the performance impact on a blended USD fund portfolio in the most negative scenario is estimated to be -0.05%”the agency responded to EF.
As of the end of the first half of August, the BCR Mixed Dollars Non-Diversified fund had total assets of £65.128 billion and 3,671 accounts opened. According to Sugeval’s records, its performance in the past 12 months was also 2.96%.
Popular SFI
On the other hand, Banco Pop’s management company invested in Desyfin assets through two funds. Their background is Popular Investments Liquidity Hybrid Science and Technology Diversification and bottom Popular Investments Liquidity Hybrid USD Non-diversified.
This information is disclosed by the subject through relevant facts CHR-5424 yes CHR-5445published from August 14 to 20.
In the case of the first fund, Desyfin’s participation ratio was 8.26% of the total assets of the investment fund; in the second, it was 8.65%.
“The company is committed in a parallel and responsible manner to managing the recovery or liquidation of the previously designated segregated percentage, as appropriate, in accordance with the schedule determined by the intervention process, always seeking greater transparency and the interests of investors.”read the second statement.
“For our investors, we will send you an account statement for your ‘Original Investment Fund’ and another one for your ‘Secondary Fund’ to record the behavior of your stock value.”The agency pointed out.
The Volkswagen Liquidez Hybrid Cologne Single Investment Fund has £42.626 billion in assets, 1,151 open accounts, and a performance of 3.63% in recent months, while the Volkswagen Liquidez Hybrid USD Non-Diversified Fund has £22.047 billion in assets, 409 open accounts, and a performance of 3.95% in recent months.
Daniela Redondo, General Manager of Volkswagen SAFI, stressed “Desyfin’s intervention only affected these two funds and had no impact on the rest of the portfolio managed by Volkswagen SAFI” It added that the plans were immediately initiated “to guarantee the best possible management and safeguard the interests of our investors.” “Precisely out of respect for the ongoing intervention process, we will not make any further public statements on this matter.”
Visited: Real estate investment funds: Which are performing best today?
Mutual SAFI
On the other hand, Mutual SAFI stated that its fund does not hold Desyfin shares; however, the current investment amount of the financial company is. This information appears in the relevant fact CHR-5431 published on August 16.
The fund’s portfolio includes the following instruments: Securitization of future flows of the Cologne housing mortgage portfolio #1, Mutual Non-Diversified Currency Markets I, Mutual Non-Diversified Currency Market II, Non-diversified common colonial income yes Non-diversified clonal growth mutual assistance.
In response to queries sent this way, Mutual responded that demand resources (in Desyfin) account for 6.73% of total assets under management.
“Investment funds are segregated as per Rule 41 of the General Rules for Investment Fund Management Companies and for closed-end securitisation funds, estimates are made in accordance with IAS 36 (International Accounting Standards),” he added.
Mutual’s full portfolio of investment funds has £17.32 billion in assets and 525 open accounts, with year-on-year returns ranging between 3.81% and 7.44%.
Visited: Silvio Lacayo from Desyfin gives first words after intervention order issued to financial firm
Pause Payment
The situation at financial company Desyfin has already had an initial impact on the Costa Rican stock market. Suspend payments on £3 billion of Colon debt bonds, which had a principal maturity date of Monday, August 19.
The suspension was issued by InterClear, the company responsible for making payments to holders.
“At the time of today’s cut in maturities, our accounts have not yet received the due payments from the issuer Financiera Desyfin SA. If the intervention ultimately leads to a decision to normalize the due payments, we will inform you,” the company communicated to custodian entities and interested issuers.
As the entity is subject to intervention, the decision on whether to respond to the obligation lies with the supervisor of the process. The debt of August 19 last year is the only stock market payment obligation for 2024.
After falling into default, risk rating agency SC Riesgo put Desyfin under observation.
At the time of intervention, financial firms had Six active bond issues with issuance amounts ranging from USD 3.5 million to GBP 14.5 billionAccording to records of the National Stock Exchange (BNV), in addition to the above-mentioned agreed payment date of August 19, there are five other amortization dates ranging from July 5, 2025 to May 11, 2027.
Tomás Soley, head of Sugeval, explained at a press conference that most of the holders were legitimate companies, although eight individuals were also affected.
Both BNV and Sugeval explained that their details could not be disclosed in accordance with the Securities Market Supervision Act.
Under the law establishing the Deposit Guarantee Fund (9,816), all deposits of individuals and companies in Desyfin are guaranteed up to £6 million. However, this guarantee does not cover stock market operations.. This was explained on August 13 by the head of Sugef, Rocío Aguilar, who noted that this is part of what those in charge of the intervention process must now take into account to determine “what is the best way to resolve this entity”.
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Notes to Editors: This note has been updated to add statements from Volkswagen SAFI and Grupo Mutual, sent following their publication.
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