You are connected to the website of

CMSA – CIGOGNE Management S.A.
18, boulevard Royal
L-2449 Luxembourg

a public limited company
registered in Luxembourg's Trade and Companies Register
under number B 101.547
Social security registration number.: 2004 2209 385, VAT registration number: LU 211 449 74

Authorised and regulated by the Luxembourg's financial sector supervisory authority: CSSF (Commission de Surveillance du Secteur Financier
as a Management Company under Chapiter 15 of the law of 17 December 2010 relating to UCIs
under number S 633
as an Alternative investment fund manager under Article 5 of the law of 12 July 2013 relating to AIFMs
under number A 766

283, route d'Arlon L-1150 Luxembourg
Telephone: (+352) 26 25 1 - 1 (central)
Fax: (+352) 26 25 1 - 26 01

Content manager: CIGOGNE Management S.A.

Webhost: Banque de Luxembourg

Purpose of the website

The aim of this website is to present CIGOGNE Management S.A. and its activities. It should not be considered as constituting a permanent establishment or effective cross-border provision of services outside the Grand Duchy of Luxembourg.

Access and use of the website

Any person in any jurisdiction whose nationality, country of residence or other legal reason prevents them from accessing the websites of foreign management companies must refrain from consulting this website. CIGOGNE Management S.A. declines all responsibility for such persons and invites all users to check prior to using the website that no regulations prevent or restrict them from using the site that CIGOGNE Management S.A. has put at their disposal.

This website targets investors, who may or may not be clients of CIGOGNE Management S.A. The services presented on this website are however strictly reserved for clients of CIGOGNE Management S.A.

To invest in investment funds managed by CIGOGNE Management S.A. described on this website, the investor should contact Crédit Mutual Alliance Fédérale, the parent company of CIGOGNE Management S.A., Banque de Luxembourg, the custodian bank, European Fund administration (EFA), sub-delegate for Central Administration services, or the usual platforms of the countries in which the funds are distributed.

Investment funds managed by CIGOGNE Management S.A. have the legal form of "SICAV" (Investment Company with variable share capital) or “FCP” (Fonds Commun de Placement) governed by Luxembourg law and promoted by CIGOGNE Management S.A. It may also be structured products in the form of Euro Medium Term Notes (EMTNs) issued under the programme for the issuance of limited recourse notes and governed by English law.

In general, the countries of registration of the sub-funds are Luxembourg, Belgium, France, Germany and Switzerland. Please contact CIGOGNE Management S.A. for more details on the list of products (by ISIN) registered in each of these countries.

Users are reminded that secrecy with regard to communication over the internet is not guaranteed and that they must take appropriate steps to ensure that their data and/or software are protected from viruses.

CIGOGNE Management S.A. will use all reasonable efforts to keep this website operational at all times. However, CIGOGNE Management S.A. cannot guarantee that this website and all of its features will be permanently available.

Access to this website shall be considered to have taken place at the registered office of CIGOGNE Management S.A. at the date and time shown on the CIGOGNE Management S.A. server, with the connections log serving as proof of these.

Applicable law and competent jurisdictions

This website, as well as relations and transactions pertaining to it, is governed by Luxembourg law, in particular the Law of 14 August 2000 on electronic commerce*. The content of the website is in accordance with the recommendations of the CSSF study "Les services financiers par Internet" (Financial Services Provision on the Internet) published in December 2001. CIGOGNE Management S.A. undertakes to comply with Luxembourg laws and regulations applicable to the use of a website.

Any litigation with respect to the current website shall be submitted to the exclusive jurisdiction of the district court in and of Luxembourg (Tribunal d'Arrondissement de et à Luxembourg, Grand-Duché de Luxembourg). Any complaints may also be lodged with the CSSF.

Website content

The information published on this website shall be considered as "commercial communication" within the meaning of the law of 14 August 2000 on electronic commerce. By accessing this website, users accept in advance any communication of a commercial nature that they receive from CIGOGNE Management S.A. via this website or by electronic mail.

This website contains information made available by external companies or hypertext links to other sites that have not been developed by CIGOGNE Management S.A. The existence of links from CIGOGNE Management S.A.' website to another website shall not constitute an approval, nor shall they serve as guarantee of the content or the ownership of this other website.

The financial and economic information and views published on the website are for information purposes only based on information known on the day of its publication; under no circumstances shall it constitute an offer for products or a recommendation or encouragement to invest nor can it be interpreted as investment, legal or tax advice. Such information must be used with the greatest caution. CIGOGNE Management S.A. provides no guarantee as to the accuracy, reliability, validity or completeness of this information.

Potential investors must ensure that they understand the risks of investing in such products and should not take an investment decision until they have given careful consideration, together with their professional advisers, to the appropriateness of such products to their specific financial situation, particularly with regard to legal, tax and accounting aspects. References to past performances of financial instruments should not be interpreted as a guarantee of future returns. Subscriptions to fund units will only be accepted on the basis of the latest prospectus, latest Key Information Document and the most recent annual report, or the latest half-year report if this postdates the most recent annual report.

CIGOGNE Management S.A. reserves the right to change the content of the site or restrict its access, whenever such actions are deemed suitable.

Hypertext links

Hypertext links may be set up with the current website subject to the express prior agreement of CIGOGNE Management S.A. The hypertext links provided on the website are provided for information and convenience purposes only.

CIGOGNE Management S.A. shall not be liable for hypertext links to other websites accessed from this website nor shall it be liable for the content of such websites.

Personal data

Users of this website are informed that their personal data may be used by CIGOGNE Management S.A. and automatically processed. Users are also informed that by accessing this website their personal data may be temporarily stored in the memory or registered on their own computer for purposes of facilitating navigation on the website (cookies). Users authorise CIGOGNE Management S.A. to act accordingly. Users are entitled to access and correct all relevant personal data in accordance with the law of 2 August 2002 regulating the use of personal data in computer programmes by writing to CIGOGNE Management S.A. at the above address.


Cookies policy


Any reproduction or representation, in whole or in part, of the pages, data and any other element making up the website, by whatever process or tool, without the express prior permission of CIGOGNE Management S.A. constitutes an infringement of copyright.


Access to the website is free with the exception of the costs of internet access (internet providers and telephone communication), which are billed directly to the client by the operator.

Policy on exercising voting rights

The policy on exercising voting rights linked to instruments held in portfolios managed by CIGOGNE Management S.A. is available free of charge for investors and on request:

by e-mail to,
by fax (+352) 26 26 24 19,
Or by post to:
CIGOGNE Management S.A.
18, boulevard Royal
L-2449 Luxembourg

Conflict of Interest Policy

The policy on conflict of interest of CIGOGNE Management S.A. is available free of charge for investors and on request:

by e-mail to,
by fax (+352) 26 26 24 19,
Or by post to:
CIGOGNE Management S.A.
18, boulevard Royal
L-2449 Luxembourg

Remuneration policy

The remuneration policy of CIGOGNE Management S.A. is based on that in force at its parent company, Crédit Mutuel Alliance Fédérale, and complies with the regulatory provisions and the values with which Crédit Mutuel Alliance Fédérale and CIGOGNE Management S.A. identify over the long term.

Details of the current remuneration policy, including a description of the way in which remuneration and benefits are calculated, the identity of the persons responsible for the award of remuneration and benefits and the composition of the remuneration committee, are available to investors free of charge on request:

by email to,
by fax to (+352) 26 26 24 19,
Or by post to
CIGOGNE Management S.A.
18, boulevard Royal
L-2449 Luxembourg

Not happy with our services? Contact us

We attach particular importance to our clients' satisfaction and the protection of their interests.
In this regard, we have established a quick and simple procedure to enable you to make a complaint to our company.
Complaints may be made in English or French:

by email to,
by fax to (+352) 26 26 24 19, FAO Head of Complaints Procedure

Or by post to:
CIGOGNE Management S.A.
Head of Complaints Procedure
18, boulevard Royal
L-2449 Luxembourg

The reasons for the complaint must be stated and the following documents submitted:

  • a detailed chronological summary of the facts leading to the complaint;
  • a declaration stating that you have not instituted court proceedings or appointed an arbitrator or other out-of-court complaints body in Luxembourg or elsewhere;
  • if someone is acting on your behalf, a document confirming their power to represent you;
  • a copy of your current passport or identity card and, where applicable, that of your representative;
  • a document proving that you are a shareholder (or former shareholder) and details of the position that you hold or held.

We will send you an acknowledgement of receipt within 10 business days of receiving your complaint.

We will provide an appropriate response to your complaint within one month of receipt of your complaint, except in exceptional valid circumstances.

If you consider you have not received a satisfactory response, you have the right to submit your complaint directly to the Management of our company at the above-mentioned addresses or fax number or to the Commission de Surveillance du Secteur Financier (283, Route d'Arlon, L-1150 Luxembourg) within one year after the introduction of the initial complaint, in accordance with Regulation CSSF 16-07 of 26 October 2016 on the out-of-court resolution of complaints, published in Mémorial A, No. 228 on 11 November 2016 and available for download from the CSSF website:


* Memorial A No. 96 of 8 September 2000, p. 2175.