With a clear vision in mind, Jean-Marc Goy, recently appointed as chairperson at the Association of the Luxembourg Fund Industry, Alfi, is determined to foster the growth of the Grand Duchy’s asset management sector by encouraging effective collaborations with diverse stakeholders, including regulators. His focus lies in achieving a delicate equilibrium between safeguarding investors and encouraging innovation.
“The common goal is to strike the right balance between investor protection, and not putting in the way of the industry too many hurdles and obstacles that would stifle innovation,” Goy said in an IO Talks podcast interview.
Laying out the objectives for his two-year tenure as Alfi chair in an podcast interview with Investment Officer Luxembourg, Goy defined three goals. Making sure the association remains inclusive and representative for the entire Luxembourg fund sector comes first. Enhancing the dialogue with stakeholders comes second.
“We will enhance the exchanges with decision makers and stakeholders because we feel that a constructive regular, meaningful and open minded dialogue with decision makers ministries, politicians, regulators, investors, professional associations and other stakeholders both in a national and international context is key in order to ensure the positive development of our sector,” Goy said.
“Alfi will maintain its central role by actively engaging in the ongoing process of improving the legal and regulatory framework,” he said, adding that the association will advocate “in favour of striking the right balance to make sure that the rules are modern and achieving the appropriate level of investor protection without unduly stifling innovation and progress”.
Reinforcing Luxembourg financial centre
As a third objective, Goy said Alfi will strive to reinforce the entire Luxembourg financial centre. “Our goal will be to consolidate Luxembourg as a thriving financial centre of Excellence and a global leader in investment fund activities. Alfi is dedicated to instilling investor confidence as it focuses on representing their best interests.”
Goy, 52 years old, succeeds Corinne Lamesh, Fidelity’s country head who has served as Alfi Chairperson since 2019. As a conducting officer and board member of Capital Group’s Luxembourg management company, Goy possesses over 25 years of expertise in the Luxembourg fund industry. Before joining Capital Group, Goy served as the head of international affairs for the CSSF between 1998 and 2018.
Asked how he sees what appears to be an increasingly stringent financial supervision in Luxembourg and elsewhere in Europe, Goy noted that supervisors indeed as becoming “more prudent” in the context of “turbulent times” on financial markets and that it also is important for supervisors to be credible.
“I do not see this trend as being specific to any one country,” he said. “It is in the interest of the industry in Luxembourg, and in other EU member states, to be subject to the supervision of credible supervisory authorities.
‘Nothing wrong’ with cooperation between supervisors
“The supervisory authorities do closely collaborate under the remit of the European Supervisory Authorities in particular for funds, Esma, the European securities and Markets Authority,” he said. “When it comes to understandable cooperation between supervisory authorities there’s nothing wrong. On the contrary, it makes for having a strong, credible regulator.”
In this context, Goy reiterated his point about the importance of a constructive, regular dialogue and exchange with regulators and other stakeholders “to make sure that it is well understood that the common goal is to strike the right balance between investor protection, and again, at the same time, not putting in the way of the industry too many hurdles and obstacles that would stifle innovation.”
Alfi on Thursday marks its 35th anniversary with a celebration at the Melusina club in Luxembourg.