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In 2013, at the time the AIFM Directive was introduced, Luxembourg’s lawmakers took the opportunity to revamp the two existing limited partnerships with legal personality – the partnership limited by shares (SCA or société en commandite par action) and the common limited partnership (SCS or société en commandite simple).
Aware of the need to attract global fund managers more familiar with the Anglo-Saxon model, Luxembourg was keen to make the jurisdiction even more appealing by introducing a new legal form, the special limited partnership (SCSp or société en commandite spéciale), a vehicle without legal personality modelled on the English law
Following on the tried and tested UCITS experience and further strengthened by AIFMD, the delegation ManCo model has been successfully operated for many years and an entire ecosystem has been built around it, allowing among other benefits significant amounts of capital to be attracted to the EU.
The partnership approach carries a number of advantages. It allows fund managers to test the waters of a new market before developing their own full-fledged AIFM presence if they wish, in their own time. For managers without a European presence, the delegated model is the quickest and easiest route to market, and the
Unless you’ve been on Mars for the last 12 months, you will be only too aware of the chaos that has been uncorked following the UK’s decision, in June 2016, to leave the European Union.
A seminal moment in European and UK history, ‘Brexit’ has thrown into uncertainty the access UK fund managers will have to EU markets under AIFMD; will there be an equivalence arrangement in place? Will the UK, as a third country, cause an exodus of financial jobs to move to continental Europe? If Goldman Sachs Chairman and CEO, Lloyd Blankfein’s tweets are anything to go by,
By Jean-Florent Richard (pictured) & Pilar de Terry – Next year sees the introduction of two major pieces of regulation both of which will have implications for how asset managers distribute their investment funds across Europe. Simply put, MiFID II will apply to investment firms manufacturing and/or distributing financial instruments while the PRIIPS regulation applies to all unit-linked funds, structured products and retail investment products.
A common aim of these regulations is to increase transparency and governance of mainstream European fund structures such as UCITS and AIFs, with the aim of bolstering investor protection. Overlap between the two regulations will
Fuchs Asset Management SA is a family-owned group located in three jurisdictions: Luxembourg, Belgium and Switzerland. It has roughly 160 people and operates five different business lines: wealth management for UHNW individuals, family office services, brokerage of life insurance products, trading execution & support via its dealing desk and third party management company services.
With regards to the third party ManCo, Fuchs Asset Management sits plum in the mid-market and looks to partner with entrepreneurial fund managers eager to grow their business.
As CEO Timothe Fuchs explains, at present there is a barbell effect happening within the market. At one
Luxembourg will always be a very heavily regulated jurisdiction. When the Alternative Investment Fund Managers Directive was introduced in 2011, the Grand Duchy was well prepared in advance of this new post-financial crisis environment of global regulation.
“I believe the most important thing to have happened to Luxembourg in the last few years has been the global trend towards greater regulatory legislation being imposed on asset managers and service providers,” says Peter Jakubicka (pictured), Business Development Manager at Circle Partners, an independent fund administrator.
“A few years ago,” he continues, “many European fund managers typically chose a Cayman or
Rather than taking a short-term reactive approach to coping with regulatory change, and the inevitable reporting/data management task that comes with it, asset managers would be best advised to step back and think more long-term.
That’s the view of Lee Godfrey (pictured), CEO of KNEIP, one of the industry’s leading legal and regulatory reporting specialists.
In many respects the financial services industry, specifically asset management, is a little bit behind the technological revolution. There has been a lot of media coverage on the passive versus active debate and regardless of where one stands on the issue, the overall argument is
Although perceived as a very safe and conservative country, Luxembourg has embraced innovation in a number of ways that continue to set it apart from many of its competitors.
In many respects, Luxembourg got it right in 2013 when it shook things up a bit. It embraced AIFMD, having already been comfortable with the UCITS regime. At the same time, the Luxembourg authorities finessed the permissions under the depositary regime, opening it beyond banks to service providers such as independent fund administrators, as well as also introducing new Luxembourg Limited Partnership legislation and the creation of the Special Limited Partnership.
Arrowroot Capital Management has held the closing of its third fund, Arrowroot Capital III with over USD177 million in limited partner and general partner commitments.
The fund was oversubscribed and closed at its fundraising cap. The firm has already completed a number of investments throughout 2017 and expects to close additional opportunities prior to the end of the year.
Founder & Managing Partner, Matthew Safaii, says: “We are pleased to have brought in an impressive core of leading endowments, foundations, consultants, pensions, alternative asset managers, and other institutions who we look forward to working with in the months and
Aster has raised an additional EUR240 million bringing its total funds under management to EUR500 million. A specialist in digital transformation and industries of the future, the investment company provides support to growing companies in the sectors of energy, mobility and industry.
Building from a Business Hub, a true acceleration platform serving entrepreneurs, Aster provides them with support to jump-start their development projects and benefit from corporate investor networks.
A EUR240 million capital increase is to be invested primarily in Europe and the United States. The EUR240 million in capital raised in the first closing by several industrial players
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