Delays to approve alternative investment funds are frustrating some fund promoters that use Luxembourg as a domicile.
Reza Vishkai at Schroders Investment Management, said: 'The queue to get anything approved has been very long.'
He believes the Commission de Surveillance du Secteur Financier (CSSF) does not currently have the resources to meet the demand of those promoters setting up new hedge funds. He also noted that it compares unfavourably to other centres such as Dublin.
'It takes between