Gestionnaires de patrimoine

The Luxembourg government clarified its application of the reverse hybrid rule in the EU’s second anti-tax avoidance directive (ATAD-2) last November, in 2022. It made clear that tax-exempt investors are exempt from the application of the reverse hybrid rules and clarified when they do apply to other investors. With the “quite helpful” clarification bringing simplification in one area, the quest for certainty has moved to related issues, such as allocating the potential tax burden if a given investor triggers it.

A recent European Central Bank study calling for a regulatory framework to address instability in the market for Real Estate Investment Funds, known as REIFs, has been downplayed by a growing number of real estate specialists contacted by Investment Officer in Luxembourg and London. 

If there’s one thing clear from recent months, it’s that Luxembourg is placing a major bet on the future of Eltifs, or European Long Term Investment Funds. The EU’s adoption of a major upgrade of the Eltif regulation is opening the doors to private markets for high-net-worth investors and wealth management clients.

Rising interest rates and the demise of Silicon Valley Bank and Credit Suisse have led to a paradigm shift in private equity and venture capital. Reji Vettasseri, lead portfolio manager at Swiss private finance group Decalia, believes investors now need to to be innovative with emerging strategies, carefully selecting ‘small cap’ firms to invest in instead of fleeing to the safety of larger ventures.

Europe’s fund and asset management organisation Efama, active in the development of the updated European long-term investment fund, expressed  strong optimism this week about the updated vehicle’s interest to both professional and retail investors and its ability to fulfill its Capital Market Union aspirations. Despite early questioning of its ability to provide sufficient liquidity to attract retail investors, Efama’s expert detailed how the legislation provides several tools that afford liquidity solutions.

Le capital-investissement (ou Private Equity) est une classe d’actifs habituellement réservée aux investisseurs privés très fortunés ou aux investisseurs institutionnels, mais Private Access, qui vient d’être lancé, est bien déterminé à démocratiser cette classe d’actifs.

BTG Pactual, the largest investment bank in South America, said it acquired Luxembourg-based private bank FIS Privatbank in a move that should enable its Latin American clients to diversify their investment portfolios in developed countries while expanding its European client base beyond Portugal, Spain and the UK.

The European Union on Monday published the text of its updated regulation on long-term 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.

The head of the European Securities and Markets Authority, which oversees and coordinates the work of European supervisors in asset management, on Tuesday called on the industry to pay more attention to the management of increasing interest rate risks and to step up its efforts in terms of “prudent management” of the investment funds.

Le gestionnaire d’actifs belgo-néerlandais Wealtheon s’installe à Waregem. C’est ce que rapporte De Tijd.