Crestbridge has been granted AIFM licensing by Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) to become a provider of management company services to alternative investment funds.
Crestbridge is already authorised to provide services to UCITS funds under Chapter 15 of the law of 17 December 2010, but the process of gaining the additional authorisation "was a challenge requiring significant work," says Daniela Klasén-Martin, managing director and country head of Crestbridge (Luxembourg).
"Clients have been requesting this service for a number of months and we are delighted to be one of the first ‘Super ManCos’ able to provide services to both types of funds."
The transposition of the Alternative Investment Fund Management Directive into Luxembourg national law on 22 July 2013 positioned Luxembourg as one of the first jurisdictions to implement the regulations, defining the framework for how alternative investment funds are to be domiciled in Luxembourg.
There continues to be much discussion within the industry about the impact on both the Luxembourg financial sector and others within the EU. However, it is one factor among others that is contributing to the steep growth of assets under management within Luxembourg.
Klasén-Martin, says: “We are now looking forward to helping our clients to meet the increasing risk management and reporting requirements required by the directive. The whole industry is evolving and we are delighted to provide the know-how as well as the practical substance required. Timing is crucial. Notwithstanding various exemptions, the majority of fund managers only have until 22 July 2014 to put in place all of the necessary changes.”
Crestbridge provides management company services and independent risk management services along with fund, real estate, corporate and family office administration. The Luxembourg-based team provides governance and substance solutions to a wide range of fund structures and strategies.
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