Asset Servicing

Luxembourg’s Management Companies, the firms that handle a substantial portion of investments serviced in the Grand Duchy, employed a record 7,700 people at the end of last year, up 11 percent from the previous year. This figure is reported in PwC’s 2024 Barometer for the ManCo sector.

Registrations of new Reserved Alternative Investment Funds (Raifs) in Luxembourg slowed in April, continuing a decline from last December’s peak, reflecting higher interest rates and a market shift towards sub-funds under existing structures.

FE fundinfo, a Luxembourg-based financial data company that connects the asset management industry to distribution networks across the UK, Europe, and Asia Pacific, has announced its acquisition of Dericon, a fintech firm based in Frankfurt. Financial details were not disclosed. 

Jersey-headquartered Aztec Group has announced the launch of its Alternative Investment Fund Manager (AIFM) service in Luxembourg. This new service offers a range of support functions required by alternative investment managers establishing and managing European alternative investment funds. The services include marketing, compliance, risk management, regulatory reporting, and portfolio management.

LGIM has launched its first Luxembourg-domiciled fund, aimed at international institutional investors, to expand its private markets strategy. It’s called ‘Staff’, or short term alternative finance fund. LGIM’s head of private credit Nick Bamber spoke to Investment Officer.

Less than a week before announcing the sale of its asset management services arm, Luxembourg’s troubled investment firm Fuchs & Associés Finance - still in liquidation - was fined €785,000 by the Grand Duchy’s financial supervisor CSSF under laws on the fight against money laundering and terrorist financing.

Apex Group on Wednesday claimed to have become the first fund administrator to utilise blockchain technology as a book of record. It will leverage blockchain technology to service the 3.7 billion euro Hamilton Lane Global Private Assets fund.

Legal & General Investment Management (LGIM) on Wednesday has announced that it has launched its Short-Term Alternative Finance Fund under its newly created umbrella fund platform leveraging the Luxembourg regime for Reserved Alternative Investment Funds, or Raifs. The move comes in response to growing investor demand for such credit strategies, the firm said.

Waystone Luxembourg on Tuesday said it will provide single-umbrella ManCo and related services to US-based Fred Alger Management’s SICAV range.

The partnership will add 600 million US dollars to Waystone’s AuM, raising it to 2,000 million US dollars and is part of the firm’s international expansion effort in recent years.

The Commission de Surveillance du Secteur Financier (CSSF) has imposed a fine of 162,500 euro on Intertrust (Luxembourg) S.à r.l., a specialist in the professional financial sector, for not adhering to its custodial duties as outlined in Luxembourg’s financial sector legislation, particularly concerning the management of non-financial assets.