LUXEMBOURG 2013 - Darwin Platform

LUXEMBOURG 2013
INTRODUCTION
At the end of 2012, assets under management by
Luxembourg-domiciled funds reached a historic
level at €2,383bn, representing an increase of
13.7% since the end of 2011 and over 30% of
total assets under management in European
funds. Over the year, assets under management
have actually grown not only in Luxembourg,
but in Europe as a whole, partly due to increasing
market values and partly due to new inflows of
some €328bn.
It is important to keep this momentum. In 2013, a major growth
opportunity for the European asset management industry stems from the
implementation of the Alternative Investment Fund Managers Directive
(AIFMD). Through the AIFMD, the EU is forming the first regulated
environment for alternative investments worldwide. Potentially, AIFMD will
even allow the EU to create a ‘brand’ in the alternative investment market,
similar to the global brand it has created with Ucits over the past 25 years.
One priority for ALFI in 2013 is to foster a beneficial environment for
alternative investment funds in the framework of this directive.
A key measure of the AIFMD involves the introduction of a European
passport for alternative investment fund managers who wish to access the
entire European market. Given Luxembourg’s position as the European
leader in the cross-border space, the implementation of the AIFMD is
very likely to further enhance Luxembourg as a leading domicile for fund
and management companies in the alternative sector. The draft law on the
implementation of the AIFMD into Luxembourg law was submitted to the
Luxembourg Parliament on 24 August 2012.
Two major features of the draft law are expected to present a particular
interest to the alternative investment fund community. Firstly, the creation
of a limited partnership structure, which will add a flexible and secure
partnership structure to Luxembourg’s fund product offering. Secondly, the
draft Bill provides for additional clarifications regarding the taxation regime
of carried interest.
With the publication of the Level II measures in December 2012, the
finalisation of the national legislative procedure in Luxembourg should be
imminent. ALFI is looking forward to the numerous prospects offered.
Anouk Agnes
HEAD OF COMMUNICATIONS AND BUSINESS DEVELOPMENT, ALFI
Anouk Agnes
is head of communications
and business development
at ALFI. She previously
worked as an advisor to
the Luxembourg Minister
of Finance, with her main
responsibilities related to
the implementation of the
government’s policy in
favour of the development
of the financial sector.
HFM
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