An Avoidable Collapse, Revealed Too Late
Exane Intégrale: a BNP Exane UCITS fund whose downfall raises questions about PwC’s role
The collapse of Exane Intégrale, a fund operating under the protective framework of the European UCITS directive, took many investors by surprise. This financial debacle raises serious concerns regarding the effectiveness of supervisory and control mechanisms, especially with respect to the role of external auditors in validating financial statements.
PwC, acting as the fund’s appointed auditor, now faces growing scrutiny, with several observers arguing that the firm may have failed to identify—or prevent—the systemic risks that ultimately led to the fund’s demise.
Potential Breaches of Audit Standards
Assessment of internal controls and risk management may have been inadequate
The audit of an investment fund requires statutory auditors to conduct in-depth and substantial due diligence, including a rigorous review of internal controls, risk management frameworks, and the procedures used to determine net asset values (NAVs).
In the case of Exane Intégrale, questions have arisen regarding the extent and quality of such procedures. According to multiple independent assessments, there appears to have been no thorough or documented evaluation of the fund’s risk management framework or of the reliability of its NAV calculations—despite the critical importance of these elements in protecting unitholders.
BNP Exane and PwC: A Trust Shaken
Audit decisions may have helped conceal structural weaknesses
The same sources suggest that PwC may have failed to detect—or chose not to report—systemic shortcomings within Exane Asset Management and its custodian, BNP Paribas Securities Services. By approving the financial statements without reservation, the auditors may have lent unwarranted credibility to a structure whose foundations, according to some analysts, were already compromised.
PwC’s signature may thus have been perceived as an unfounded guarantee, potentially misleading investors about the fund’s actual state of financial health.
An Illusion of Regulatory Compliance?
The unqualified audit opinion may have contributed to a false sense of security
By issuing an unqualified opinion on Exane Intégrale’s financials, PwC may have unintentionally reinforced a misleading image of regulatory compliance and financial stability. Experts believe this validation helped sustain investor confidence at a time when critical risks may have gone unnoticed or unaddressed.
A Breakdown in Trust with Serious Consequences
Investors now seek accountability amid a complex chain of responsibilities
The collapse of Exane Intégrale led to significant financial losses for investors. The issue of liability—whether it lies with the fund manager, the custodian bank, or the auditor—is now the subject of intense examination across the financial sector.
It will ultimately fall to the appropriate judicial and regulatory authorities to determine whether the parties involved fulfilled their duties with the level of diligence and care expected in the sensitive context of a UCITS-regulated investment vehicle.
Official Sources and References
To ensure full transparency and allow readers to verify the facts, the following sources and documents are made available:
- L’AGEFI – Exane AM’s Troubles Enter the Legal Arena (17/10/2022)
- Les Échos – Investor Files Complaint for Breach of Trust and Forgery (17/10/2022)
- Exane Funds Annual Report 2024 – PwC, Ongoing Liquidation, page 22
- Exane Funds Audit Report 2022 – PwC, Qualified Opinion on Exane Intégrale Fund
- Court of Appeal of Paris Ruling – 21 March 2025
Reference: Paris Court of Appeal, Division 1 – Chamber 8
Case No.: 24/06346
