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In May 2014, MS Management Services SA, a Luxembourg-based subsidiary of the Maitland group, a leading global fund administrator, received authorisation from the CSSF to act as a third-party AIFM to alternative investment funds. At the same time, it established its own umbrella fund platform, MS SICAV SIF, to support managers wishing to fast track the process of launching a readily passportable EU product.
Kavitha Ramachandran (pictured), Director of MS Management Services, notes that managers in Europe are increasingly aware that the AIFMD brand is becoming popular with investors. "Initially, people were trying to look for ways to avoid it
Collaboration is extremely important for any service provider looking to do business in Luxembourg and in that respect, Circle Partners (`Circle'), an independent fund administrator, is no exception.
Having first established a footprint in the Grand Duchy in 2011, Circle has invested considerable time and money and is now beginning to see the fruits of its labours as it prepares to establish an umbrella SIF. The platform will act as an incubator for managers wishing to create a sub-fund as opposed to taking on the burden of establishing their own standalone fund structure.
Michel van Zanten (pictured) is a Switzerland-based director
One of the biggest challenges of AIFMD is that it directly impinges on investment activities at the manager level, as opposed to the fund level under the UCITS IV framework. This has required a shift in mindset, not just for managers, but also fund authorities in well-established fund jurisdictions such as Luxembourg.
For Luxembourg to take full advantage of AIFMD, it needs to build on its success as a UCITS hub by also becoming a manager hub. One where global investment managers use the Grand Duchy to establish management company operations, or appoint a third party AIFM, and run their
This summer, to further enhance the strength of its global network, BNP Paribas Securities Services) (BNP Paribas) chose to integrate EY's Global Fund Distribution (GFD) product into its wider Fund Distribution Services (FDS) offering. This gives clients access to a comprehensive range of information to help them determine which product to distribute, which jurisdiction(s) to choose, which investors to target and the most appropriate distribution channels.
As Jean Devambez, head of asset and fund solutions at BNP Paribas Securities Services said at the time, the partnership with EY gives clients "access to a wealth of information at the click of
MultiConcept Fund Management SA ("MultiConcept") is an AIFM and UCITS IV fund Management Company. Established in Luxembourg in 2004, MultiConcept has approximately CHF10.7 billion in assets under administration. It currently has 20 umbrella structures with 89 sub-funds.
With the AIFM Directive now in full swing, the demand for management company services as well as the ability to get to market quickly with a new fund offering is growing exponentially among alternative fund managers of all shapes and sizes. Cindyrella Amistadi is the CEO of MultiConcept. In her view, the potential growth is particularly strong in the more illiquid market (i.e.
Luxembourg has carved out a significant position as Europe's leading onshore fund domicile over the last 20 years. This has largely been based on the popularity of UCITS funds, and the fact that the UCITS brand is now one with genuine global investor appeal.
According to the Association of the Luxembourg Fund Industry (ALFI), Luxembourg funds (including AIFs as well as UCITS) have grown 23 per cent over the last 12 months to EUR3.58 trillion. The jurisdiction is home to nearly 4,000 funds and 14,000 fund units.
More than 75 per cent of UCITS funds distributed globally are based in
Luxembourg's funds industry is marching ahead as Europe's leading funds domicile if figures released by the Association of the Luxembourg Funds Industry (ALFI) are anything to go by. According to ALFI, March saw the Grand Duchy enjoy record net sales and a growth of AUM.
Total assets now total EUR3.53 trillion, a 3.55 per cent increase for the month and a 13.89 per cent increase since the start of the year. In addition, net sales topped EUR49.92 billion.
Over the last 12 months, Lux-domiciled funds have seen their net assets grow more than 30 per cent. The low interest rate
Eze Software Group is to acquire TKS Solutions, a specialty software provider of shareholder and partnership accounting tools. The value of the deal, which is expected to close next month, has not been disclosed.
TKS Solutions’ core product, known as Penny It Works, will add partnership and shareholder reporting capabilities to the existing portfolio accounting and portfolio management tools in Eze Software Investment Suite. Top asset managers and fund administrators leverage Penny to calculate fees and generate statements for any type of fund in a controlled and auditable environment. The TKS suite also contains a fee calculator that will calculate
Worthy, the online marketplace for pre-owned luxury goods, has raised USD8 million in a Series B funding round led by Carmel Ventures (Carmel Ventures), a member of the Viola Group.
As part of the investment, Carmel's co-founder, Shlomo Dovrat, joined Worthy's board of directors. Other investors in the current round include previous investors such as Meir Barel, the founder of Star Ventures, and Eddy Shalev, a Worthy board member and the founder of Genesis Ventures. Proceeds of the funding round will be used to expand its marketplace presence across the US as well as towards product innovation. Worthy, founded in
Private equity firm Thoma Bravo has completed itsacquisition of DigiCert, a global SSL Certification Authority (CA) and the leading provider of trusted certificate management solutions.
Prior investor TA Associates and DigiCert management and employees will remain significant shareholders in the business.
DigiCert provides digital certificates to over 115,000 customers in more than 180 countries, and is one of the few CAs dedicated solely to advancing PKI-based solutions for enterprises and networked devices.
“As the internet economy continues its exponential growth, certificate management technology will play an increasingly prominent role in securing and verifying information across digital channels,” said Seth Boro,
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