Melanie White speaks to Charles Muller, deputy director general for the Association of the Luxembourg Fund Industry (Alfi).
Muller comments on 2010's high growth in the alternative funds sector in Luxembourg, and on whether it is sustainable this year, following the introduction of Ucits IV on July 1. He says: "We are trying to concentrate on exporting Ucits funds outside of the European Union, such as to Hong Kong, Singapore, the Middle East and Latin America. We are heavily promoting this and are trying to open doors in the BRIC countries and Australia."
Muller says that Luxembourg has benefited from the appetite for regulated funds, such as SIFs - with the number increasingly tremendously in the last few years, and also alternative Ucits. From the end of 2009 to today, Luxembourg has increased the number of alternative funds from around 300 to 1000 today.
He also speaks about the priorities for the jurisdiction and how it is preparing itself to become a global market leader for the forthcoming alternative investment fund managers directive (AIFMD) which will come in effect in July 2013. He says: "This is at the top of everybody's minds. It is driving the industry at the moment."
Muller who was speaking at Incisive Media's studio in London, says that the number of funds are falling but with assets under management rising, as funds consolidate. He says growth will come from real estate, private equity and hedge funds. Muller believes that the introduction of the AIFMD will also help attract these asset managers to Luxembourg. He adds the passport initiative will help the country, and Alfi wants to ensure Luxembourg is at the forefront of introducing the directive.
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