Luxembourg greets Europe’s Eltif ‘recovery’ funds

European CommissionLuxembourg funds professionals have been quick to welcome the introduction of European Long-Term Investment Funds (Eltifs) today. Denise Voss, chairman of the Association of the Luxembourg Fund Industry (Alfi), says: “Take-up of the new funds may be a gradual process, but we believe that Luxembourg has the in-depth experience and expertise required to support fund promoters wishing to launch Eltifs, and we are ready to assist them.” Eltifs are a creation of the European Commission and are intended to boost Europe’s economic recovery in Europe. Voss says Eltifs form part of a pan-European regime for alternative investment funds, which channel the capital they raise into European long-term investments in the real economy in order to achieve growth and create jobs. She says that Eltifs also represent a milestone in the development of the cross-border European long-term funds business. “Their long-term focus distinguishes them from most existing investment vehicles and they are therefore particularly suitable for institutions such as pension schemes and insurance companies with long investment horizons, as well as complementing and diversifying individuals’ savings portfolios.” Eltifs also have a pan-European marketing ‘passport’ that allows them – under certain conditions – to be sold to individual investors who may not necessarily be classified as professional or sophisticated. Previously, other funds groups have welcomed the Eltif plan. ©2015 funds europe

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