Asset Servicing

Luxembourg management companies are drawing attention to the increasing reporting burden that often lands on their shoulders when European level regulation, such as the cross-border fund distribution directive, is passed. These requirements, they argue, often simply serve to placate national authorities over their lost jurisdiction. “It’s creating an additional burden on the investment fund manager,” said Chloé Piquet, a senior manager in regulatory services at Deloitte.

Apex Group Ltd, a Bermuda-based global financial services provider with a well-established record of acquiring companies, has announced its successful acquisition of Brazil’s BRL Trust DTVM after obtaining full regulatory approval, according to a Tuesday press release.

Some 27 new Reserved Alternative Investment Funds, or Raifs, were registered at the Luxembourg Business Register during February, according to information made public at the end of the month.

The number brings the total new Raifs registered so far this year to 48 funds. That compares to 78 new Raifs that were created during the first two months of last year.

Luxembourg now is home to a total of 2173 Raifs. During 2022, a total of 472 new Raifs were registered. That is an average of 39 per month.

Financial services group Apex Group Ltd on Monday announced it has launched a new ESG database and benchmarking platform for private markets. 

Apex’s ESG data service is run as a ‘Data as a Service’, or DaaS, platform and draws on information from more than 400 GPs, 1,500 portfolio companies in more than 45 countries since 2019. It includes proprietary and verified data that can be used for benchmarking.

Pamela Goldminz has been named as head of the Dallas officer at financial services provider Apex Group, the firm announced on Tuesday. The appointment follows organic growth and acquisitions in the Texas market, it said.

Apex Group, active in Luxembourg as a leading AIFM and asset services firm, has become one of the largest independent fund services providers by headcount in Texas, it said.

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.

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.