Alicia Koplowitz's sicav absorbs her son's, which dissolves

MADRID, 29 Sep. (EUROPA PRESS) -

The general meetings of shareholders of the variable capital investment companies (sicav) Morinvest and Fermat 2006 have approved this week the merger of said companies, as published this Thursday by the Official Gazette of the Mercantile Registry (Borme).

Morinvest, chaired by Alicia Koplowitz Romero de Juseu, will absorb Fermat 2006, chaired by her son Alberto Cortina Koplowitz, which will be dissolved without liquidation and will transfer all its assets to Morinvest en bloc.

The operation was agreed by the boards of directors of both companies last March and authorized by the National Securities Market Commission (CNMV) in May.

According to the project, consulted by Europa Press, the merger seeks to concentrate portfolio management and a greater volume of assets in a collective investment institution, simplify investment policies, optimize administration and management costs and achieve economies of scale for investors from both institutions.

Likewise, the operation seeks to improve the protection of the interests of all investors regardless of the volume of investment and management by reducing the risk of forced disinvestment, as a result of the greater volume of managed assets and distribution of the capital invested.

Since the beginning of this year, most of the sicavs that existed in Spain have communicated their liquidation, as a result of the entry into force on January 1, 2022 of the law on measures to prevent and fight tax fraud, which establishes new conditions so that the sicav continue to be taxed at 1% in corporate tax, such that each of its at least 100 partners reaches a minimum investment of 2,500 euros. If they do not meet this requirement, they have to pay taxes for 25% of their benefit.

The regulatory change establishes a transitory regime during 2022 by which the dissolution and liquidation of these companies can be agreed without tax costs and defer the taxation of the profits derived from the liquidation, provided that the shareholders reinvest all of their liquidation quota in other Spanish collective investment institutions (CIIs).

According to the Borme, the merger of the sicavs of Alicia Koplowitz and her son Alberto Cortina is agreed in accordance with the principles of fiscal neutrality, by adhering to the provisions of chapter VII of title VII of the corporate tax law.

Morinvest will continue to be taxed at 1% in corporate tax, since it meets the requirements established for it.