Private equity fund administrator Ipes will this week commence the provision of central administration services in Luxembourg following authorisation and regulation by the Ministry of Finance and the Commission de Surveillance du Secteur Financier on 3 September.
Ipes established the office in Luxembourg in December 2009 and was licensed as a Chartered Accountant Company in February 2010.
Under its newly granted Professional of the Financial Sector license, Ipes Luxembourg is able to provide a full range of administration services to both regulated and unregulated funds including the popular Sif and Sicar structures.
Group chief executive Kevin Brennan says: “Establishing a solid on the ground presence in Luxembourg is a really significant step forward for us, and part of a considered expansion strategy. We believe this new office offers considerable growth potential for the business, based on strong existing demand from our clients and the increasing scale of the funds market in Luxembourg.”
According to statistics published by the CssF in August, the total net assets of undertakings for Luxembourg based funds as at 30 June 2010 exceeded EUR2,010bn representing a 23.26 per cent increase over the last 12 months.
Simon Henin, managing director for Ipes Luxembourg, joined the company in December 2009 to spearhead the establishment of the new office.
“Based on my experience of working here in Luxembourg, there is a real gap in the market for specialist fund services providers like Ipes. In addition to the firm’s strong reputation in the industry and diverse client base, one of the factors that attracted me to Ipes was its client centric culture. The new office will bring this service-led approach to Luxembourg,” says Henin.