Asset Servicing

The European Union on Monday published the text of its updated regulation on long-term private investment funds, known as Eltif 2.0, in its Official Journal, clearing the final hurdle before its implementation from January next year.

The publication was expected following the adoption by the European Parliament in February. Luxembourg, as a leading investment funds hub in Europe, is keen to develop itself as an international hub for this new type of investment funds which will open up alternatives and private equity also to non-institutional investors.

As the European Union considers banning inducements (aka kickbacks) for investment advice as part of its forthcoming retail investment strategy, those who support inducements, like Luxembourg’s ALFI and the worldwide CFA Institute, but also strong critics of inducements, such as the EU’s commissioner for financial services Mairead McGuinness and EU investor and financial service users organisation Better Finance are making their widely divergent views known. 

Luxembourg’s banks, one of the biggest employers in Luxembourg’s financial sector, are engaging in staff management practices that leave many of their staff dissatisfied, especially in the area of pay, according to a representative of a union representing financial sector employees who contrasted the banks’ record with what she considered a better approach from the insurance industry.

Financial services provider Apex Group on Monday said it has appointed Tony Alfonso as global head of valuation, a newly created role that will be in charge of valuation advisory services.

Financial service provider Apex Group on Thursday said it has been appointed by NewVest to provide administration services for the firm’s inaugural Private Equity 50 Index Fund, also known as PE 50, which is backed up by a blockchain. 

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.