Luxembourg 2015

ChainA number of depositary banks in Luxembourg say it is safe to trade in the Hong Kong-Shanghai Stock Connect programme, despite investor-protection concerns for Ucits funds. Nick Fitzpatrick finds out why.

Bing Li, who heads the asset management division of Chinese bank ICBC, joined our Luxembourg roundtable to discuss how Luxembourg and China’s asset management industries are connecting with each other. Chaired by Nick Fitzpatrick. 

TaxThe funds industry in Luxembourg pays €1 billion a year in tax – a tenth of the country’s fiscal take. But critics claim the Grand Duchy been colonised by a financial elite. David Stevenson reports on the unfolding tax controversy.

AntennaMore than 400 limited partnerships have been created since Luxembourg introduced a new, Anglo-Saxon-style structure in a bid to attract alternative funds. David Stevenson looks at the Grand Duchy’s place as a service centre for this category of investor.

Luxembourg on mapLuxembourg may be more expensive as a fund domicile, but this has to be looked at from the perspective of cost versus market reach, says Fundsquare’s Olivier Portenseigne.

Singling out delegation of responsibilities as an outstanding issue, Luxembourg asset servicers outline the work completed – and still necessary – for them and their clients to make the Alternative Investment Fund Managers Directive fully operational.

Tipping pointIn asset management, operational change is not only a necessary response to regulation but an opportunity for firms to become more successful, says  Thomas Pfister of Confluence.