Webinar: Luxembourg as a fund domicile and distribution centre


How Luxembourg is responding to the challenges of international fund distribution

The transcript of the discussion is available here

 

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Summary:

With more than 2.4 trillion EUR in net assets under management of UCITS funds and 500 billion EUR in alternative investment funds, Luxembourg is the largest investment fund centre in Europe - and the second largest in the world after the U.S. It is also the largest distribution centre for investment funds, with its UCITS funds offered in more than 70 countries around the world.

Traditionally, Luxembourg has had a strong private banking presence. However, the funds industry began to grow strongly in the second half of the 1980s, when the Grand Duchy became the first European country to implement the first version of the UCITS Directive. Today, UCITS funds are a global brand distributed throughout the world, especially in Asia, Latin America and the Middle East, and Luxembourg services two out of three of the funds serviced abroad. 

The UCITS fund industry is now on the cusp of a series of potentially far-reaching changes. The UCITS directive is being revised for a fifth time (UCITS V) , introducing many of the measures - such as strictly liable  depositary banks and compensation caps - that made the Alternative Investment Fund Managers Directive  (AIFMD) such a challenging measure for hedge and private equity managers. Traditional distribution networks are also being tested by changing appetites among investors, the rise of fund platforms, the likely increase in settlement of fund transactions in central securities depositories (CSDs), and changes in the remuneration of fund distributors, pioneered by the RDR regime in the United Kingdom and advanced by the second iteration of the Markets in Financial Instruments Directive (MiFID II).   

 

Topics that webinar participants will discuss include:
 

Fund distribution challenges today

1.       Which Luxembourg funds are investors buying now? Primarily domestic – or is there a rising proportion of genuine cross-border business?

2.       How can Luxembourg best support fund managers seeking to expand their cross-border distribution?

3.       In what ways are fund platforms changing mutual fund distribution patterns (e.g. more direct, less advised business)?
 

Order-routing networks

4.       Why have standards and standardised services failed to emerge in fund order-routing?

5.       What would encourage further standardisation of data exchanges in the fund management industry?

6.       What are the prospects of consolidation of order routing networks?
 

Fund settlement

7.       What are the causes and what is the optimal solution to the longstanding registration challenge?

8.       What are the advantages and disadvantages of settling funds in (central bank money?) in central securities depositories (CSDs)?
 

Regulation

9.       What will be the impact of UCITS V and VI?

10.   What will be the impact of MiFID II on distribution in Europe (especially via its impact on commissions paid to distributors)?

11.   Does the mutual fund industry need a KYC, AML and a sanctions screening utility?

 

Sponsored by
 

 

SPEAKERS

The webinar will be moderated by COOConnect founding partner Dominic Hobson, and will include the following panellists:

 

Opening and closing remarks by Dominic Hobson, Founder of COOConnect.

 

 

Olivier Portenseigne is Chief Commercial Officer at Fundsquare and responsible for the business development and product management of the organisation. Olivier has plenty of experience in the fund industry and has previously held various management positions in major asset servicing companies where he was responsible for the setup and development of a fund distribution platform, head of transfer agency and global head of product management for these two services. Olivier is also member of the ALFI TA steering Committee and Fund Platform Group.


 

Pierre Mottion is Global Head of TA and Fund Dealing Services Products at BNP Paribas Securities Services. Pierre is responsible for the development of BNP Paribas Securities Services' Transfer Agency and Funds Dealing services to meet the global needs of fund promoters and distributors of financial products to the institutional and retail markets. Pierre joined BNP Paribas Group in January 2000 as a project manager. He was involved in the development of their Italian Transfer Agent activity, in the integration of third-party funds administration in Paris and in the production and distribution follow-up for BNP Paribas Investment Partners. In March 2005, Pierre joined their London office for our UK Retail TA business. He moved to Luxembourg in August 2007 to develop their Global TA and Funds Distribution infrastructure in locations such as India or Singapore. In May 2010, Pierre joined the Luxembourg Product Development team with a focus on UCITS IV and especially the KID. In August 2010, he took up his current role. Pierre is having an engineering background, and is graduated from Supelec, a top-tier French engineering school.

 

Michael Weber is Head of Mutual Fund Distribution Operations at Allianz Global Investors GmbH and based in Frankfurt. Michael has more than 17 years’ experience in the financial industry, including 8 years in the fund industry. Prior to joining Allianz Michael worked at Dresdner Bank in Germany as a stock advisor.


 

 


LOGISTICS AND PUBLICITY:

 

Venues

Each panel discussion will be broadcast live online. Attendees will be able submit questions online that can be put to the panellists during the webinar.

 

Webinar Review

Access to the recording of the webinars will be made available online in both audio and video format.

 

 

 

Date: Thursday, 26 February, 2015
Starting at: 11:00am GMT, 12:00 noon CET, 6:00am EST
Location: Luxembourg
Contact: Dan Stevens
Luxembourg Webinar COOConnect - Fundsquare - 26 February 2015.pdf