CERTYNEX IFRS ACADEMY

GestionPlus SA manages the Horizon fund on behalf of and for the benefit of the fund's investors, exercising decision-making rights delegated to it. Case convention: GestionPlus acts as an agent. Must GestionPlus consolidate Horizon?

No: as an agent, it does not control Horizon when it exercises the decision-making rights delegated to it.

Yes: it holds decision-making power over Horizon's relevant activities, which is enough to make it consolidate the fund it manages.

Yes: as soon as it receives a fee for its services, it acts on its own behalf and becomes the principal of the Horizon fund.

Yes, for the fraction of the fund's returns that accrues to it: it consolidates that share of the fund, line by line, despite being an agent.