9 November 2010 | Press Releases
Meeting the Rising Demand for UCITS Funds Domiciled in Luxembourg
(Hong Kong, 11 November 2010) The Association of the Luxembourg Fund Industry (“ALFI” or “the Association’) today announces the launch of its first Asia Representative Office in Hong Kong, coping with the fact that Asia has become the main non-European market for UCITS funds, attracting approximately 15% of total UCITS net sales in 2009.
Mr. Claude Kremer, Chairman of ALFI, stated, “Hong Kong is one of the main distribution hubs of investment funds in Asia and is centrally located in the region. The setting up of an Asia representative office in Hong Kong demonstrates our commitment to promote Luxembourg as domicile of choice for funds.”
As an integral part of itsAsia strategy, ALFI hasagreed to form a cooperative alliance withthe Hong Kong Investment Funds Association (“HKIFA”) for the benefit of their respective members in order to instil a mutual dialogue with various stakeholders in the cross-border fund distribution markets between Luxembourg and Asia.
“We have long standing cooperation with HKIFA and goodwill has existed between the two associations over the past several years. I am confident that the alliance will help further promote the UCITS structure to Asian fund managers,” added Mr. Kremer.
The Asia Representative Office in Hong Kong is headed by Ms. Ching Yng Choi who will continue to develop strong relationships with asset managers, regulators, fund associations and investors.
Luxembourg was the first EU member state to adapt its legislation to the European Directive governing UCITS, or Undertakings for Collective Investment in Transferable Securities,in 1988. Today, Luxembourg is Europe’s number 1 investment fund centre and the world’s leading hub for global fund distribution in whichmore than 75% of UCITS funds distributed internationally are based in Luxembourg