impact

Perhaps the most contentious development in Luxembourg’s fund management ecosystem this year was the order to management firms, issued by supervisor CSSF, to report back on the costs of investment funds and look at becoming more efficient.

Investment fund managers of Ucits funds in Luxembourg, home to about a third of all such funds in Europe, were ordered to review, and if necessary correct, the way they calculate the costs and fees of their investment funds and report back to the CSSF before April 1 next year.

The European Securities and Markets Authority recognises the asset management industry is under pressure to meet green investing rules and is preparing more detailed guidance shortly because it believes it is ultimately worthwhile work. “In a few weeks time you will be getting more guidance from the ESAs on various topics related to the SFDR,” an official said in Luxembourg.

As of this week asset owners can turn to Anthos Fund & Asset Management. The asset manager places high demands on the intrinsic motivation of prospective clients, bearing in mind the original values of its owners, the Brenninkmeijer family, one of the richest in the Netherlands and well known for its C&A retail fashion chain. 

The ESG revolution results in a new suite of products that combine passive and active characteristics. Traditionally purely passive products are being tailored to meet specific ESG demands, for example on carbon emissions.