The Association of the Luxembourg Fund Industry today released its annual report at its AGM, which summarised activity that it has undertaken to ensure that Luxembourg retains its position as the leading European investment fund centre.
Commenting on the annual report, Denise Voss, Chairman of ALFI, said: “With roughly 3,500 billion euros of assets under management at the end of 2015, Luxembourg remains by far the number one investment fund centre in Europe. However, the sector’s general environment continues to be difficult, and asset managers remain under pressure to implement a large number of new regulations without impeding their growth and profitability.
She continued: “Indeed, although the new European Commission began its work which aims to regulate 'better rather than more', there have been a number of regulatory initiatives by European institutions.”
The Report highlights how ALFI intends to achieve its aim:
- The joint ALFI / ABBL representative office in Brussels, which will celebrate its 10th anniversary this year, which aims to be aware of the relevant regulatory initiatives at an early stage, by gathering as much useful information as possible and contributing to the European regulatory process by providing in-depth knowledge from ALFI’s technical committees and working groups. Between June 2015 and June 2016 more than 1,600 participants in a total of 158 technical working groups and committees prepared 18 position papers in response to European and international consultations and published 19 brochures and technical guides.
- The association has set up the "ALFI FinTech Forum" to identify and analyze the effect of digital and financial technologies on the investment funds industryTbecause of the plethora of start-ups specializing in financial services and rapidly changing consumer preferences for modern communication tools which will challenge many traditional business models in the asset management industry.
- In parallel, ALFI has maintained its promotional and communication activities at a high level to keep its members and fund industry professionals in Luxembourg and abroad informed about the evolution of their business environment.
- Events organised in Luxembourg (like the ALFI Spring Conference, the Global Distribution Conference and the European Alternative Investment Funds Conference, to name but the largest) and its Leading Edge conferences and breakfast meetings reserved to its members have gathered together more than 4,700 fund professionals from Luxembourg and around the world.
- ALFI’s 9 road shows organized in 16 cities in 11 countries in Europe, the US, Asia and Latin America ensured the Luxembourg investment fund industry greater visibility with some 5,400 professionals of the fund sector around the world.
- On the Asian market, which continues to grow in importan ce for the Luxembourg fund industry with the gradual opening of Mainland China’s capital market and the internationalization of the RMB, efforts are supported by ALFI’s Asia Representative Office established in Hong Kong in 2010.
- ALFI is increasingly active on social networks in order to inform audiences worldwide about the Luxembourg fund industry and to promote it internationally Though this, the Luxembourg Fund Industry Group by ALFI on LinkedIn has established itself as a popular platform bringing together over 8,000 industry professionals. Over the past months, ALFI has launched three additional groups that focus on more specific topics: Transfer Agents and Distribution, Real Estate Investment Funds and Asia. The Twitter account @ALFIfunds is now followed by more than 2,500 stakeholders.
- Finally, as the strength and reputation of the sector are a direct function of the professionalism of its actors, ALFI currently offers, in collaboration with the House of Training and under the responsibility of its Professional Training Committee, more than 65 fund industry related professional training modules that lead to certification for a wide range of careers in the sector.
- Reference should also be made to ALFI’s website www.understandinginvesting.org launched in spring 2015 with the aim of providing financial novices the basic knowledge they need before investing their money.
Annual report online
A year ago, ALFI presented its annual report as a flip book and a downloadable PDF version to ensure audiences around the world could access it. For its 2015-2016 report, the association created the dedicated website http://www.alfi.lu/annualreport2015-16 which should further facilitate access to key information.
Download the press release in English, French and German.
Notes to editors:
ALFI’s position papers in response to European and international consultations:
- ALFI response to FSB / IOSCO consultation on NBNI G-SIFIs
- ALFI response to EBA consultation on Draft CRD IV Remuneration Guidelines (EBA/CP/2015/03
- ALFI response to EBA consultation paper on draft EBA guidelines on limits on exposures to shadow banking entities
- ALFI issues a second Q&A on reporting and withholding in the context of FATCA
- ALFI responds to the OECD Public Revised Discussion Draft “BEPS Action 6: Preventing Treaty Abuse” dated 22 May 2015
- ALFI response to the EC consultation on regulation EU No 648/2012 on OTC derivatives, central counterparties and trade repositories
- ALFI response to ESA technical discussion paper on PRIIPs
- ALFI response to IOSCO consultation report on Elements of International Regulatory Standards on Fees and Expenses of Investment Funds
- ALFI response to ESMA’s consultation on the draft regulatory technical standards under the ELTIF Regulation
- ALFI response to the ESMA consultation paper on guidelines on sound remuneration policies under the UCITS Directive and AIFMD
- ALFI / LPEA response to Commission consultation on the review of the EuVECA and EuSEF Regulations
- ALFI response to ESA consultation on RTS for PRIIPs
- ALFI response to COM call for evidence on EU regulatory framework for financial services
- ALFI response to OECD BEPS consultation on Treaty Residence of Pension Funds
- ALFI response to the OECD BEPS consultation document on the treaty entitlement of non - CIV Funds
- ALFI response to EU consultation on retail financial services
- ALFI response to the European Commission consultation on long-term and sustainable investment
- ALFI response to the ESMA Discussion Paper on UCITS share classes
The position papers can be accessed here.