

Fund securitisation makes capital vanish – and watchdog growl
Probe into possible “abuses” of CFO structure could hit wider investments, experts say
A securitisation technique that allows US insurance companies to lower the amount of capital they hold against private equity investments is attracting intense scrutiny from regulators and may result in a host of structured securities being reclassified for capital purposes.
The fuss centres on collateralised fund obligations (CFOs) – a type of securitisation similar to a collateralised loan obligation – backed by private equity assets. The structure parcels up fund investments into tranches
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