How billions of euros leak from institutes like pension funds
Institutional investors every year miss out millions of euros because they do not recover withholding tax paid abroad. The reason: suboptimal communication and cooperation between institutional investors and a «custodian» that does not or not always fully perform the service formally assumed.
Croituru, Poret join Crestbridge from Apex, Ocorian
Teodora Croitoru has joined Crestbridge as head of compliance, fund services, while Emmanuelle Poret has taken on the role of head of client onboarding, fund services & ManCo.
21 new Luxembourg Raifs registered during January
Some 21 new Reserved Alternative Investment Funds, or Raifs, were registered at the Luxembourg Business Register during January, according to information made public at the end of the month.
The following funds have been registered:
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Peter Corry joins Ocorian as head of global funds
Jersey-headquartered funds services and solutions provider Ocorian has appointed Peter Corry as head of global funds in Luxembourg as it continues to strategically grow and enhance its service to international fund managers.
Apex buys Bank of America’s Irish depositary business
Apex Group on Monday said it plans to acquire the Irish depositary business of Bank of America Custodial Services (Ireland) Limited, also known as Bacsil, through European Depositary Bank, one of its Luxembourg-based subsidiaries.
Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of Ucits, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies. Based in Dublin, the Bacsil business provides depositary services to client assets of 71.4 billion dollars.
Swissquote gets depositary license for digital asset funds
Swissquote Bank Europe has become the first Luxembourg bank to be able to offer depositary services to digital asset investment funds, having obtained CSSF regulatory approval to act as a depositary bank for Luxembourg-domiciled funds along with its status as Vasp, or regulated Virtual ASset Provider.
EDB names Thils, Steele to executive management board
European Depositary Bank, part of the Apex group, has appointed managing directors Jean-François Thils, and Robert Steele (photo) as members of the executive management board.
David Rhydderch steps down from the EDB board and has been appointed as global head of financial products and managing director, Emea for the wider Apex Group.
Centaur gives Waystone a leg up in fund administration services
Dublin-based international management company Waystone, a major actor also in the Luxembourg market, has added fund administration to its range of offerings now that its acquisition of Centaur Financial Services, also Dublin-based, has obtained regulatory approval and been completed.
Alfi Partners joins Apex’s family, becomes part of FundRock
Global financial services provider Apex Group is taking over Alfi Partners, a Luxembourg-based third-party fund marketing specialist, the firm announced today. Alfi Partners will become part of Apex FundRock, the largest third-party manager of investment funds in Luxembourg. Financial details were not disclosed.
Pandoo, as single brand, replaces Pandomus and Pancura
Two Luxembourg brand names in the alternative investments business are disappearing. Fund administration firm Pandomus and independent management company Pancura have been renamed under the single new brand of Pandoo.