LUXEMBOURG 2013 - Darwin Platform

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CHEVALIER LUXEMBOURG SCIALES LAW FIRM WE CANNOT DIRECT THE WIND BUT WE CAN ADJUST YOUR SAILS 51, route de Thionville L-2611 Luxembourg Luxembourg Tel : +352 26 25 90 30 Fax : +352 26 25 83 88 www.cs-avocats.lu [ INVESTMENT MANAGEMENT ] Chevalier & Sciales is recommended and listed in the area of investment funds in the annual Guide to the World’s Leading Investment Fund Lawyers and in the Practical Law Company directory.
LUXEMBOURG 2013 FUND SERVICES A QUESTION OF AIFMD WITH THE AIFMD SET TO REVOLUTIONISE STRUCTURES ACROSS THE ALTERNATIVE INVESTMENT INDUSTRY, SERGE WEYLAND OF CACEIS, WEIGHS UP THE OPTIONS OPEN TO ALTERNATIVE INVESTMENT MANAGERS Serge Weyland, head of Regional Coverage, joined CACEIS Investor Services in 2008. He has more than 15 years’ experience in the asset and wealth management industry, including being head of operations and custody services for a leading European private bank. HEDGE FUND MANAGERS MUST LOOK INTO THE IMPACTS OF THE AIFMD IN GREATER DETAIL The alternative investment fund industry, particularly in the US, has remained very vibrant, especially in terms of single hedge funds which are seeing frequent fund launches and rising capital inflows. To ensure that fund assets continue to rise, many alternative investment managers (AIMs) are seeking ways to attract foreign investment to their funds. However, in the European marketplace, direct sales of offshore funds will be subject to far tighter restrictions under the Alternative Investment Fund Managers Directive (AIFMD). The new Directive seeks to better regulate the sale of hedge funds and private equity funds to European investors, and its provisions will have to be written into national statute books by July 2013. Hedge fund managers are realising that if they want to attract investor capital from Europe they will have to look into the impacts of the AIFMD in greater detail. It should be noted that not all alternative managers are taking the new directive into account. Many believe that they can still distribute their funds under the private placement regimes and others still have taken the decision to discount Europe altogether due to the sovereign debt crisis and concerns surrounding the euro, and look to new markets like Asia and the Middle East. However, most of the larger non-European players (and an increasing number of small and medium sized players) are looking at how to benefit from the ‘European passport’, which will allow them to offer their management services and distribute their funds in all EU member states. This increasing interest has been accelerated by the prospect of private placement regimes in certain European countries (for instance, France and Germany) becoming more restrictive or subject to more scrutiny going forward. In addition, as Europe’s economic situation shows signs of stabilising, interest from AIMs is rekindling. RETHINKING THE AIM’S ORGANISATIONAL MODEL For those European and non-European AIMs intending to raise capital in Europe, partnering with an asset servicing bank like CACEIS can be an essential step in developing an AIFMD-compliant sales strategy. Experience in servicing alternative fund vehicles domiciled in US offshore jurisdictions and European domiciles (such as Dublin and Luxembourg) is essential to designing the most suitable operational set-up and fund structure and the CACEIS group has been active in this respect for more than two decades. AIMs today are showing a rising demand for European fund structures such as Luxembourg specialised in- HFMWEEK.COM 23
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