VP Fund Solutions

VP Fund Solutions 

Global solutions for your local needs


At a time when market focus is shifting to tighter regulatory standards and operational 

requirements, most investors are looking for higher quality and increasingly individualised 

fund solutions. And this is precisely how VP Fund Solutions, the fund competence hub 

of VP Bank Group, aims to generate added value for your investment fund projects on a 

worldwide level. 

VP Fund Solutions is composed of IFOS Internationale Fonds Service Aktiengesellschaft in 

Liechtenstein, VPB Finance S.A. in Luxembourg and ATU Fund Administrators (BVI) Limited 

in the British Virgin Islands (which also covers the Cayman Islands and Anguilla). All these 

entities belong to VP Bank Group and specialise in providing fund set-up and administration 

services in conformity with their respective local regulations. 

Our clients appreciate the fact that, due to the global approach of VP Bank Group and its presence 

in major leading financial centres, the investment fund solutions that we formulate in 

close collaboration with expert local market operators are tailored exactly to your needs and 

those of your investors. 

Do you aim to provide your clients with bespoke investment fund solutions that take account 

of their specific needs in a constantly developing market environment? Are you looking for a 

service provider that can offer you competent, personalised flexible support in implementing 

your investment fund solutions? 

At VP Fund Solutions we are dedicated to meeting your desire for tailor-made investment 

fund solutions. We can enable you to find the solution that really matches your requirements, 

in any of the jurisdictions currently serviced by VP Fund Solutions. Based on an assessment 

of your particular needs, client type and distribution structure, our investment fund specialists 

will adopt a cross-border approach to finding a solution in line with your structuring requirements 

and constraints. 

You can benefit from our comprehensive appraisal of the pros and cons of any potential jurisdiction. 

This appraisal is geared to your objectives and covers all operational and practical 

considerations. In consultation with external specialists, we also consider the fiscal and legal 

aspects. This enables you to make a fully informed decision on where to domicile your fund.

4 | VP Fund Solutions | Global solutions for your local needs 

Overview of financial centres serviced 

by VP Fund Solutions 

Over the last 10 years Liechtenstein has developed as an investment 

fund domicile, creating a modern and innovative 

legislative and regulatory framework for investment fund 

solutions. Around 700 funds or sub-funds are registered in 

Liechtenstein. Its membership of the European Economic 

Area and its close economic ties to financial institutions in 

Switzerland have enabled the country to become a major 

hub, not only for Swiss asset managers and family offices but 

also for European asset managers and promoters wishing 

to establish investment fund structures. An attractive fiscal 

environment, a strong emphasis on the individual structuring 

needs of investors as well as an overall climate of political 

and economic stability contribute to Liechtenstein’s reputation 

as a financial centre. Liechtenstein’s legal framework allows 

diverse fund structuring requirements to be addressed. 

The country’s central geographical position, close to other 

financial centres such as Zurich, Lugano and Vienna, make 

it possible to maintain close links with clients and other 

providers. The local regulator continuously strives to offer 

fund operators fast and pragmatic access to the market. 

Luxembourg is the leading European location for investment 

funds, second only to the United States of America by net 

asset volume. Luxembourg is home to over 3,800 fund structures 

(UCIs) and around 270 risk capital investment companies 

(SICARs). Over the last 25 years Luxembourg has succeeded 

in establishing itself as a key player in the investment 

fund industry, with Luxembourg UCITS funds becoming in 

certain regards the industry standard for cross-border distribution 

within the European Economic Area and in major 

Asian and Latin American markets. Part of Luxembourg’s 

appeal as an investment fund centre lies in the availability of a 

highly professional and multilingual workforce, the country’s 

political and fiscal stability, a flexible and pragmatic approach 

to finding solutions and a proactive regulatory environment 

that is closely geared to the needs and trends of the industry. 

The ability of the Luxembourg fund industry to provide rapid 

and pragmatic fund solutions has won it much respect as a 

centre for successful fund innovation. 

The British Virgin Islands (BVI) are one of the leading 

jurisdictions for alternative investment funds, offering an 

increasingly regulated environment in which to realise flexible 

collective investment solutions aimed primarily at sophisticated 

or professional investors. There are more than 2,900 

funds recognised in the BVI. Regulation in the BVI focuses 

on the entity in charge of managing the fund’s assets. Under 

the new regulatory framework introduced in 2010, a fund 

is now required to appoint an independent auditor, manager, 

custodian and administrator. These independent service 

providers may operate from any recognised jurisdiction and 

are not restricted to providing services from within the BVI. 

Under the new regime, funds are now required to appoint a 

BVI-resident authorised representative. 

The Cayman Islands have developed over the last 35 years 

into the world’s leading financial centre for offshore hedge 

funds, providing a flexible and efficient regulatory environment. 

In recent years the Cayman Islands have constantly 

improved their legal and regulatory framework to achieve 

greater compliance with constantly evolving international 

standards. As in the BVI, the fund may appoint a custodian 

and an administrator in another jurisdiction. The Cayman 

Islands allow for the operation of exempted investment 

managers. 

In recent years Anguilla has developed as an alternative 

financial centre. It now offers a wide range of alternative 

investment fund solutions. Anguilla is characterised by a 

flexible, business-oriented regulatory environment which 

allows providers to set up investment fund solutions adapted 

to the needs of managers and investors. 

The above offshore financial centres have undergone considerable 

change in recent years, largely aimed at strengthening 

regulation to give greater investor protection and to help combat 

money laundering and the financing of terrorism. They 

have also taken part in the global effort to create a framework 

for the exchange of information on tax-related matters.

Finding solutions 

Distribution 

Custody services 

provided by 

VP Bank Group 

Target investors 

Client 

project 

Analysis of 

specific needs in 

co-operation 

with VP Fund 

Solutions 

IFOS (LI) 

VPB Finance S.A. (LU) 

ATU Fund Administrators 

(BVI) Ltd. 

Investment 

policy & 

restrictions 

Choice of 

appropriate fund 

domicile: Liechtenstein, 

Luxembourg, BVI, 

Cayman Islands, 

Anguilla 


co-ordinates 

implementation 

Local legal 

advisor & auditor 

Regulatory 

framework 

Taxation of 

fund & investors 

Local regulator 

5 | VP Fund Solutions | Global solutions for your local needs


Who we are 

IFOS Internationale Fonds Service Aktiengesellschaft in Liechtenstein 

Year founded 1999 

Shareholder base Wholly owned subsidiary of Verwaltungs- und Privat-Bank Aktiengesellschaft 

Regulatory supervision • Supervised by the Liechtenstein regulator, the Financial Market Authority (FMA) 

• Licensed as a management company under Article 55 of the Liechtenstein Law on Investment Undertakings 

of 19 May 2005 as well as Art. 13 of the Liechtenstein Law on UCITS of 28 June 2011 

Services offered • Corporate agent 

• Custody of assets (in collaboration with Verwaltungs- und Privat-Bank Aktiengesellschaft) 

• Investment management 

• NAV calculation 

• Registrar and transfer agent (in collaboration with Verwaltungs- und Privat-Bank Aktiengesellschaft) 

• Trading desk (in collaboration with Verwaltungs- und Privat-Bank Aktiengesellschaft) 

• On request, cross-border management company services under UCITS 4 

• Compilation, preparation and dissemination of key investor information documents 

VPB Finance S.A., Management Company in Luxembourg 


Shareholder base Wholly owned subsidiary of VP Bank (Luxembourg) S.A. 

Regulatory supervision • Supervised by the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF) 

• Licensed as a management company under Chapter 15 of the Luxembourg Law of 17 December 2010 

on Undertakings for Collective Investments 


• Co-promoter 

• Custody of assets (in collaboration with VP Bank (Luxembourg) S.A.) 



• Registrar and transfer agent 

• Trading desk (in collaboration with VP Bank (Luxembourg) S.A.) 

• On request, cross-border management company services under UCITS 4 

• Compilation, preparation and dissemination of key investor information documents 

ATU Fund Administrators (BVI) Limited on the British Virgin Islands 


Shareholder base Wholly owned subsidiary of VP Bank and Trust Company (BVI) Ltd. 

Regulatory supervision • Supervised by the BVI regulator, the Financial Services Commission (FSC) 

• Licensed to provide management and administration services to Mutual Funds under section 5 

of the Securities and Investment Business Act, 2010 


• Custody of assets (in collaboration with VP Bank (BVI) Limited or VP Bank in Liechtenstein or Luxembourg) 

• Director services 



• Registrar and transfer agent 

• Trading desk (in collaboration with VP Bank (BVI) Limited or VP Bank in Liechtenstein or Luxembourg)

Broad array of structuring options 

The choice of an investment fund’s domicile and jurisdiction has 

far-reaching consequences in terms of the structures that are 

available. These include the tax implications for the fund and its 

investors, the regulatory environment, the applicable investment 

restrictions, the means of distributing the fund’s units in 

other jurisdictions, restrictions on unit ownership, and the legal 

duties to be performed by the fund’s service providers. 

At VP Fund Solutions, therefore, we believe that the first step 

towards building a successful partnership is to familiarise 

ourselves thoroughly with the project details that you submit 

to us. We are then able to propose a suitable investment 

fund solution, carefully selected from the wide range of 

options available through our local affiliates. 

Unincorporated Incorporated Risk capital Fund with higher investment risk 

investment fund 

Liechtenstein 

investment fund investment company or specific investment policy 

Investment fund 

with management 

company acting as 

trustee ("Treuhänder") 

Luxembourg 

Common investment 

fund (Fonds commun 

de placement, FCP) with 

management company 

British Virgin Islands 

Unit trust or limited 

partnership 

Cayman Islands 

Unit trust or exempted 

limited partnership 

Anguilla 

Unit trust or limited 

partnership 

Investment company with variable 

capital (Anlagegesellschaft mit 

veränderlichem Kapital) or investment 

company with fixed capital (Anlagegesellschaft 

mit fixem Kapital) – 

investment company with or without 


Investment company with variable Société d’Investissement à Capital 

capital (Société d’Investissement à Risque, SICAR – with variable or 

Capital Variable, SICAV) or investment fixed capital, restricted to institu- 

company with fixed capital (Société tional, professional and well - 

d’Investissement à Capital Fixe, SICAF) – informed investors (inter alia, mini- 

investment company with or without mum subscription EUR 125,000) – 


no risk diversification required 

Business company 

Exempted company 

International business company 

Investment undertaking for other 

assets (with increased risk) – no 

restrictions as to eligible investors, 

or investment undertaking for 

qualified investors – minimum subscription 

CHF 250,000 (may be 

waived under certain conditions) 

All legal forms permitted 

subject to appropriate disclosure 

in the offering documents 







Investment undertaking for qualified 

investors – minimum subscription 

CHF 250,000 (may be waived under certain 

conditions) – available as investment fund 

or investment company 

Specialised investment fund, SIF – restricted 

to institutional, professional and wellinformed 

investors (inter alia, minimum 

subscription EUR 125,000) – available 

as FCP, SICAV or SICAF – only minimal risk 

diversification requirement 

All legal forms permitted subject to 

appropriate disclosure in the offering 

documents 



documents 



documents 



A diversified field of expertise 

In the competence universe of VP Fund Solutions, the possible permutations of investment styles and types are virtually 

unlimited, thanks to our global focus. VP Fund Solutions can therefore be your partner for multiple investment fund solutions. 

Onshore 

Liechtenstein 

Investment undertaking for qualified investors No specific restrictions as to eligible assets; minimum risk diversification requirements; higher 

minimum subscription amount (CHF 250,000 – may be waived under certain conditions) 

Investment undertaking with increased risk No specific restrictions as to eligible assets; minimum risk diversification requirements 

Liechtenstein, Luxembourg 

UCITS 4 (regulated, European passport) • Listed transferable securities and money market instruments 

• Recently issued transferable securities and money market instruments 

• Units of other UCITS or UCIs 

• Deposits with credit institutions 

• Money market instruments not listed on a regulated market 

• Derivative financial instruments 

• Master-feeder fund structures 

• Financial indices 

UCI in Luxembourg – investment undertaking • Transferable securities (listed or unlisted) 

for other assets in Liechtenstein (regulated, • Alternative investments (hedge funds, funds of hedge funds) 

non-passportable fund) • Venture capital, private equity 

• Derivatives 

• Real estate (in Liechtenstein: specific legal form – investment undertaking for real estate) 

• Closed-ended fund 

Luxembourg 

SIF No specific restrictions as to eligible assets; minimum risk diversification requirements; restricted to 

institutional, professional and well-informed investors (inter alia, minimum subscription EUR 125,000) 

SICAR Investments restricted to risk capital; no risk diversification required; restricted to institutional, 

professional and well-informed investors (inter alia, minimum subscription EUR 125,000)

Offshore 

British Virgin Islands 

Private fund No restriction as to eligible assets or risk diversification; annual return and audited financial statements 

filed with FSC; appointment of independent service providers (manager, custodian, administrator) and 

a BVI-resident authorised representative; maximum number of investors (50); service providers do not 

have to be located in fund jurisdiction 

Professional fund No restriction as to eligible assets or risk diversification; annual return and audited financial statements 


a BVI-resident authorised representative; minimum investment requirement USD 100,000 and professional 

status (net worth in excess of USD 1 million or whose business involves acquisition of fund); 

service providers do not have to be located in fund jurisdiction 

Public fund No restriction as to eligible assets or risk diversification; annual return and audited financial statements 


a BVI-resident authorised representative; licensing required by FSC; service providers do not have to 

be located in fund jurisdiction 

Anguilla 

Private fund No requirement for auditor; annual return filed with FSC; no restriction as to eligible assets; 

maximum number of investors (99); service providers do not have to be located in fund jurisdiction 

Professional fund No requirement for auditor; annual return filed with FSC; no restriction as to eligible assets; 

minimum investment requirement USD 100,000 and professional status (net worth in excess of 

USD 1 million or whose business involves acquisition of fund); service providers do not have to be 

located in fund jurisdiction 

Public fund Licensing required by FSC; administrator and custodian functionally independent; service providers 

do not have to be located in fund jurisdiction; requirement to appoint auditor; service providers do not 

have to be located in fund jurisdiction 

Cayman Islands 

Registered mutual fund Cayman auditor; annual return and audited financial statements filed with Cayman Islands Monetary 

Authority (CIMA); minimum investment USD 100,000 or listed on a recognised stock exchange; no 

restrictions as to eligible assets 

Licensed mutual fund Offered to the public outside the Cayman Islands; administration and custody performed outside the 

Cayman Islands; licensing required by CIMA; Cayman auditor; no restrictions as to eligible assets 

British Virgin Islands, Anguilla, Cayman Islands 

Closed-ended fund No supervision by the FSC/CIMA; no automatic right of redemption, redemptions are at the 

directors’ discretion 



Operational set-up of an investment fund solution 

VP Fund Solutions can provide a wide variety of services to 

facilitate your investment fund solution. Our services can be 

adapted to your specific needs and to the legal and regulatory 

requirements of the relevant jurisdiction. 

Set-up: once the jurisdiction and the legal form of the investment 

fund solution have been chosen, VP Fund Solutions will 

co-ordinate the drafting and preparation of necessary legal 

documents and contracts and take care of the operational 

set-up, the opening of accounts, the establishment of interfaces 

and any other tasks necessary to set up your product. 

These tasks are performed either directly by the VP Fund 

Solutions affiliated entity or via specialised local external 

service providers. 

Central administration services 1,2 : the services provided by 

the VP Fund Solutions affiliated entities include NAV calculation, 

reconciliation, booking of transactions, tax reporting 

for selected jurisdictions, reporting to regulators and tax 

authorities, preparation of half-yearly and annual reports, 

preparation and dissemination of Key Investor Information 

Documents (KIIDs), the keeping of shareholder registers, 

execution of subscription and redemption orders, etc. 

Where so permitted under the law of the local investment 

structure, central administration services may also be provided 

byanother entity affiliated with VP Fund Solutions. 

Domiciliation 1 : registered office, holding of meetings 

of board of directors, shareholder meetings, dispatch of 

correspondence to shareholders. 

1 It may be that not all services are provided by all entities affiliated with VP Fund Solutions. 

2 Some services are provided in cooperation with external providers. 

3 Services provided only in Liechtenstein and Luxembourg. 

Custody: VP Bank Group banking entities act as custodians 

of the fund’s assets in most jurisdictions in which VP Fund 

Solutions operates. The custodian will supervise execution 

of subscription and redemption orders and compliance with 

investment restrictions, as well as other processes. Thanks to 

the extensive worldwide network of sub-custodians used by 

VP Bank, the investment fund can access major investment 

markets without undue delay. Where so permitted under the 

law of the local investment structure, custody services may 

also be provided by another entity affiliated with VP Fund 

Solutions. 

Asset management and risk management 1,2 : in accordance 

with local regulations, entities affiliated with VP Fund Solutions 

can manage the assets of your investment fund solution 

according to predefined guidelines if you yourself do not 

wish to perform investment management services. On 

request, VP Fund Solutions can also take care of risk management 

monitoring and reporting, or you can perform these 

functions yourself. 

Management company services 3 : full range of collective 

portfolio management services, as defined in the UCITS 4 

directive, in accordance with local requirements. Collective 

portfolio management services comprise management of 

fund assets, central administration services and marketing 

(distribution) of funds on a national or cross-border basis. 

Collective portfolio management services are either provided 

directly by the relevant entity affiliated with VP Fund Solutions 

or delegated to an eligible third-party provider, subject 

to approval by the local regulator and adequate reporting 

to the entity affiliated with VP Fund Solutions.

Contact 

Details for VP Fund Solutions and affiliated entities 

Liechtenstein: 

IFOS Internationale Fonds Service Aktiengesellschaft 

Alex Boss 

Chief Executive Officer 

Tel +423 235 60 36 

Fax +423 235 77 88 

alex.boss@vpbank.com 

Kol Sothearith 

Member of the Executive Board 

Tel +423 235 67 49 

Fax +423 235 76 69 

sothearith.kol@vpbank.com 

Luxembourg: 

VPB Finance S.A. 

Enrico Mela 

Managing Director 

Tel +352 404 770 370 

Fax +352 404 770 283 

enrico.mela@vpbank.com 

Joachim Kuske 

Executive Director 

Tel +352 404 770 362 

Fax +352 404 770 387 

joachim.kuske@vpbank.com 

British Virgin Islands (also Anguilla and Cayman Islands): 

ATU Fund Administrators (BVI) Limited 

Dr. Christoph Gutmann 

Tel +1 284 494 11 00 

Fax +1 284 494 11 99 

christoph.gutmann@atubvi.com 

Sanchia Thompson 

Tel +1 284 494 11 00 

Fax +1 284 494 11 99 

sanchia.thompson@atubvi.com 

For additional information, please visit 

our website www.vpfundsolutions.com. 


02.2012

VP Fund Solutions

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