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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 VP Fund Solutions 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
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VP Fund Solutions

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