Investment Officer

EFA, the asset services unit of Frankfurt-based management company Universal Investment, on Tuesday said it has strengthened its presence in the Nordic countries by appointing Pia Kumlin as country head. Kumlin joins from Swedbank and will be based in Stockholm.

Institutional investors every year miss out millions of euros because they do not recover  withholding tax paid abroad. The reason: suboptimal communication and cooperation between institutional investors and a “custodian” that does not or not always fully perform the service formally assumed.

Teodora Croitoru has joined Crestbridge as head of compliance, fund services, while Emmanuelle Poret has taken on the role of head of client onboarding, fund services & ManCo.

DWS, the asset management arm of Deutsche Bank, on Monday said that Olivier Dubost de Cadalvène, currently head of DWS in France, Middle East & Africa, has taken up the additional responsibility for Luxembourg. The appointment coincides with the appointment of Arjen Jonk as country head in Belgium and the Netherlands.

Some 21 new Reserved Alternative Investment Funds, or Raifs, were registered at the Luxembourg Business Register during January, according to information made public at the end of the month.

The following funds have been registered:

Jersey-headquartered funds services and solutions provider Ocorian has appointed Peter Corry as head of global funds in Luxembourg as it continues to strategically grow and enhance its service to international fund managers.

The European Securities and Markets Authority, the EU’s financial markets regulator and supervisor known as Esma, on Thursday warned investors that they should prepare for further market corrections, given a “confluence of high risks”. 

Stocks have continued their rebound into 2023, delivering one of the best openings to a calendar year since January 2000. Morgan Stanley however believes the gains are just another bear market bounce. 

The inverted yield curve in the US, the curious outperformance of gold, and falling demand for oil in the US are three factors that warrant particular attention, Lisa Shalett, Morgan Stanley’s chief investment officer , told investors this week.

Luxembourg’s financial supervisor CSSF this week announced that it, at the end of 2021, presented management company Alter Domus with a fine of 174,000 euro relating to the collapsed Columna Commodities fund. 

This Luxembourg fund, created in 2013, went into liquidation in 2017, a year before the sale of its manager, Luxembourg Fund Partners, or LFP, to Alter Domus. CSSF said the fine was issued on 1 December 2021, more than a year ago.

Luxembourg alternative investment fund manager FundRock, part of the Apex Group, has been given a fine of 45,800 euro by Luxembourg’s financial regulator CSSF because the firm did not properly apply the rules relating to benchmarks.