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Understanding Investing 简体中文网页 Members section

- Press releases

Speaking today at the London conference of the Association of the Luxembourg Fund Industry, Denise Voss, Chairman of ALFI, said: “The asset management industry plays a key role in economic growth, enabling people to save for their long-term financial security, stimulating innovation and ensuring sufficient investments in infrastructure.”

ALFI’s London conference today was attended by a record 1200 people from the fund and asset management industry.  It is part of ALFI’s annual programme of conferences and seminars held globally in all the major financial centres. Over the past year ALFI has held 28 conferences in 12 cities, and representatives of ALFI have participated at an additional 40 conferences.

Denise Voss, Chairman of ALFI, explained: “London has always been a key market for ALFI and our annual conference here is now the largest we run, a reflection of the size and importance of the relationship between the financial centres of London and Luxembourg.”

She continued: “Now that much of the post-crisis regulation has already or is in the process of being implemented, we are able to focus on how the fund industry can adapt to a completely different environment of new technologies, changing demographics, new distribution methods, as well as focusing on the social and economic benefit that funds drive by creating economic growth.”

The conference featured lively and interesting debates on sustainability, consumer trends, demographics and technology in the context of the asset management industry’s role in financing the economy. The Reserved Alternative Investment Fund (RAIF), an upcoming new regime for Luxembourg alternative investment funds, attracted particular attention, as it will allow for reduced time-to-market for authorised alternative fund managers. Indeed, taking into account that this fund vehicle must be managed by authorised alternative investment fund managers and is only accessible for well-informed investors, the RAIF does not need to be specifically approved by the Luxembourg regulator. Supervision will be done via the manager who will have to report on the fund on a regular basis.

Similarly, the increasingly important role played by debt funds was highlighted on the one hand in addressing the imbalance in liquidity supply and on the other hand in helping businesses raise capital to stimulate economic growth. Denise Voss confirmed: “Regulators and policy makers in Europe are becoming aware of the benefits of non-bank intermediation and especially debt funds as they provide an alternative to the banking industry in proposing to the real economy a different source of financing with little maturity transformation and limited leverage. For more than two decades now, Luxembourg has offered an unparalleled breadth of solutions for debt funds including debt origination and direct lending funds. As a result, over 70% of the top 30 debt fund managers worldwide are active in Luxembourg.”

Download the photos of the conference here (©ALFI 2016).

Download the press release in English.

Updated on 04/05/16
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- Press releases

Jacques Elvinger, Partner at Elvinger Hoss Prussen, explains what is the purpose of the "RAIF".

"RAIF" stands for ‘Reserved Alternative Investment Fund’, a new type of Luxembourg investment fund that is currently on its way through the official channels and expected to be in place in coming mounths. A RAIF is a Luxembourg domiciled alternative investment fund managed by an authorised alternative investment fund manager (AIFM) based either in Luxembourg or in another EU member state, which allows the RAIF to be marketed to professional investors in the European Union. The RAIF itself will not be subject to authorisation and supervision by the Luxembourg supervisory authority CSSF, which shortens time to market. The RAIF will be the vehicle of choice for managers and investors looking for an investment vehicle that combines contractual flexibility with an efficient set-up from a time to market perspective in the context of the regulated AIFMD framework while benefiting from the European Passport for marketing to professional investors.

More information can be found here.

 

Updated on 17/06/16
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- ALFI statements

ALFI has responded to the European Commission public consultation on long-term and sustainable investment.

See the full response here.

Updated on 01/04/16
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Simon Ramos, Partner, Advisory & Consulting Investment Management, Deloitte Luxembourg speaks about the key findings of the latest FinTech study.

The key findings are first of all that the investments globally in FinTech have evolved since 2009. We are now at 12.2 billion investments in FinTech. We have also found that there are four macro trends that will impact the fund distribution value chain: big data, the new investors’ behaviours, regulation and a technological innovations. We have also learned during the study that there are real opportunities for Luxembourg asset servicers and management companies to enter into the FinTech opportunities by offering white labelling services for the asset managers for offering robo-advisory technologies or online platforms, but also to create industry initiatives like for example order management improvements and other automations that we create for further efficiencies in the value chain.

Find the full survey here.

- Press releases

Simon Ramos,  Partner, Advisory & Consulting Investment Management, Deloitte Luxembourg speaks about the key findings of the latest FinTech study.

The key findings are first of all that the investments globally in FinTech have evolved since 2009. We are now at 12.2 billion investments in FinTech. We have also found that there are four macro trends that will impact the fund distribution value chain: big data, the new investors’ behaviours, regulation and a technological innovations.
We have also learned during the study that there are real opportunities for Luxembourg asset servicers and management companies to enter into the FinTech opportunities by offering white labelling services for the asset managers for offering robo-advisory technologies or online platforms, but also to create industry initiatives like for example order management improvements and other automations that we create for further efficiencies in the value chain.         

Find the full survey here.

Updated on 30/03/16
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- ALFI statements

On 18 March 2016, ALFI responded to the European Commission's Green Paper on Retail Financial Services, which was recently published.

Updated on 18/03/16
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- Press releases

ALFI today released figures outlining the footprint of Luxembourg domiciled UCITS, showing the volume of assets under management in various markets globally as at December 2015, giving a breakdown in those markets of the percentage of Luxembourg UCITS, other foreign and domestic open-ended funds.

According to the figures:

  • 50% of the AuM in open ended funds distributed in Germany, 51% of those in Italy and 51% of those in the Netherlands are in Luxembourg UCITS;
  • Luxembourg UCITS make up 47% of the AuM in foreign open-ended funds distributed in Taiwan, Korean, Japan, Hong Kong, and Singapore;
  • Eight out of the ten largest global open-ended asset managers have a presence in Luxembourg;
  • In 2015 Luxembourg UCITS attracted 72% of the flows within the major markets.

Denise Voss, Chairman of ALFI, said: “ALFI works hard to promote the Luxembourg UCITS brand globally and these figures show that this work has paid off. There is clear confidence in the UCITS brand globally based on Luxembourg’s governance, approval, risk management and oversight processes, and clear regulatory and taxation framework.”

Laurent Denayer, EY partner, Global Fund Distribution leader, said: "In the last three years Luxembourg increased its UCITS’ footprint in most European markets, reaching a total of 62% of the total AuM distributed. Moreover, Luxembourg funds collected more new money than all the other individual markets in Europe.”

Download the document here.

Updated on 10/03/16
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- Press releases

“The asset management industry has a once-in-a-generation opportunity to re-imagine and modernise its distribution model to address market and operational challenges – for future and current investors,” says Denise Voss, Chairman of ALFI.

“The asset management industry has a once-in-a-generation opportunity to re-imagine and modernise its distribution model to address market and operational challenges – for future and current investors,” says Denise Voss, Chairman of ALFI.

According to a new paper published today by the Association of the Luxembourg Fund Industry (ALFI) and Deloitte, “How can FinTech facilitate Fund Distribution”, the surge in FinTech is starting to reshape the financial sector on a global scale with a flourish of new players attracting significant attention from markets, customers and investors. ALFI believes that Luxembourg asset servicing firms have a major opportunity to help asset managers and distribution intermediaries to succeed in the change. 

Denise Voss, Chairman of ALFI, says: “FinTech is more than a buzzword. It will have a fundamental impact on the operating model of asset managers, distribution intermediaries and service providers, who are also facing new investor behaviours. The investment management ecosystem has not only to increase efficiency, but also to provide a better customer experience if it is to succeed in the future. In order to help asset managers and service providers to adapt their respective business models, ALFI has established its Digital/FinTech Forum whose aim is to highlight the challenges and opportunities inherent in new digital technologies.” 

Simon Ramos, Partner of Deloitte Luxembourg, says: “FinTech will be a game-changer in investment management operating models. Luxembourg’s strongly connected industry players are well-positioned to ensure that Luxembourg is in the driving seat for innovation.”

The paper outlines the growth and driving forces of FinTech:

  • Worldwide investment in FinTech is growing exponentially, with investment into companies in the sector tripling to USD12 billion from 2013 to 2014;
  • Luxembourg has seen a flourish of start-ups, with over 150 FinTech companies based in Luxembourg providing IT infrastructure or IT services as well as software or technology-based business services;
  • New technologies have emerged: Blockchain, artificial intelligence, machine learning, digital investment platforms, peer-to-peer “P2P” lending;
  • The new generation of investors wants more proximity with asset managers, a better ability to compare their investments with peer groups, to invest in a social responsible way and it will seek to use online investment platforms;
  • Big Data and analytics make sense of data and can produce descriptive & predictive analytics on investor behaviours, performance measurement, market intelligence or risk metrics;
  • Regulation in the historical ecosystem is still evolving and regulation of the fast evolving FinTech is uncertain;
  • RegTech emerges as a technology based solution creating efficiency and automation in non-subjective compliance tasks.

According to the paper, successful asset management companies will adapt product management and marketing strategies to the mind set and habits of the new generation of investors, using FinTech to make use of a wide set of available data sources, including external sources such as social media. Client profiling will be supported by data analytics. Key features of online platforms will be education, risk & performance metrics, account management functionalities, wealth reports vs investment goals and market insight. These enhanced digital platforms will stimulate direct-to-consumer (“D2C”) distribution channels in both retail and the institutional investor segments.

Luxembourg has very strong investment fund and private banking sectors efficiently working together for the prosperity of investors and the market place. Transfer agents, order management platforms, central administrators and custodians have a major role to play in the Fintech change. Luxembourg players must actively drive the Fintech innovation locally and engage with disrupters, modernizers and enablers in order to be ahead of developments, adapt their operating models with agility and avoid innovation imposed from abroad.

Denise Voss concludes: “The asset management industry has a once-in-a-generation opportunity to reimagine and modernize its distribution model to address market and operational challenges – for future and current investors.  Luxembourg asset servicing providers should make engagement in the FinTech revolution a top priority to remain relevant and competitive to continue to provide best-in-class services to their asset management clients and investors.”

Download the press release in English, French or German.

Download the report How can FinTech facilitate Fund Distribution.

Updated on 30/03/16
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- Press releases

ALFI has issued the ALFI Spring Mag 2016, which brings forward and deepens key topics addressed at this year’s Spring Conference, looks into factors that drive market trends and how those dynamics ultimately affect the investment fund business. 

 

Download the PDF version.

fintech - diversity - regulatory & tax

In compiling this magazine, ALFI has leveraged the wealth of diversity of thought engendered by the broad range of professional backgrounds and experience of its members, who represent the entire value chain of the investment fund business.

ALFI would like to thank all the contributors of the magazine, whose aim was to provide each conference participants with a memento of key industry references discussed during the ALFI Spring Conference and depicted in this unique publication, as we move forward with the fund industry.

Updated on 08/03/16
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