9 February 2010 | Press Releases
Luxembourg, Europe's premier hub for cross-border SRI funds, creates a new label for renewable energy.Based on the success of last year’s event, ALFI, the Association of the Luxembourg fund industry, hosted its second annual SRI (sustainable and responsible investments) conference on 9 February 2010. Gathering more than 150 European experts from a variety of fields, this years’ event comforted ALFI to intensify its efforts in this key area.
For ALFI president Claude Kremer, it is a natural step, consistent with Luxembourg’s responsibility as a financial center: “Luxembourg is Europe’s largest investment fund center and a world-wide leader in cross-border fund distribution. As such, it has a duty towards investors and must pursue its role as laboratory for innovation in the area of responsible investment. Its location at the heart of Europe combined with strong relations with the world’s leading asset managers enable it to identify and spread best practices throughout the financial sector.”
Luxembourg: Europe’s premier hub for cross-border SRI funds As one of Europe’s leading financial centers, Luxembourg has been part of the drive toward responsible investment and is working to promote its expansion around the world. The SRI Conference is part of an overall approach initiated by ALFI in 2004, with the creation of a task force dedicated to promoting and developing socially responsible funds. According to a study presented at the conference by Mark McFee, data and research analyst at Thomson Reuters, 86% of assets under management of crossborder SRI funds are now invested in funds domiciled in Luxembourg.
The ALFI task force has first focused its work around microfinance and was instrumental in creating and implementing the “LuxFLAG” microfinance label, launched in July 2006. In addition, since 2007 ALFI has been an active member of the European Forum on Responsible Investing (Eurosif1), and is a frequent participant in discussions and debates on development projects. The commitment of the Luxembourg government has also contributed to the increase in expertise in this area.
1 Eurosif : European Sustainable Investment Forum. European organization for the promotion of SRI, socially responsible investing and sustainable development.