Doubleline capital lp and doubleline alternatives lp are investment advisers registered with the sec under the investment advisers act of 1940. He is a luxembourg qualified lawer and specialises in investments funds. Luxembourg offers a full range of investment vehicles and its financial supervisory authority, the commission. Investment management investment funds new capital. Luxembourg has a strong commitment to the funds industry and has recently upgraded its funds toolbox with the creation of a new fund vehicle, the reserved. Asset management luxembourg financial centre luxembourg. A guide on opening an investment fund in luxembourg blog. This document contains the working groups answers to questions about the practical application of the eltif regulation. The mutual funds referred to in this website are offered and sold only to persons residing in the united states and are offered by prospectus only. Luxembourg city, municipal business tax is levied at 6. In september 2014 the assets under management for luxembourgdomiciled investment funds increased to over 3,000 billion.
This report focuses essentially on mutual funds domiciled in europe. Luxembourg investment funds withholding tax study 2015. In august 2019, net assets under management aum of the investment fund industry in luxembourg reached a value of approximately 4,502 billion euros. Access is quick and easy and there are no additional requirements related to ucits approval. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. It is not a legal advice describing exhaustively the legal and tax regime of such vehicles. The research includes a survey of 97 countries as well as an indepth analysis of the stage of interest taxes, dividend taxes, capital. Luxembourgdomiciled investment funds are distributed in over 70 countries, with a particular focus on europe, asia, latin america and the middle east. Luxembourg regime for reserved alternative investment. The reserved alternative investment fund raif will go into effect in mid2016, pending parliaments approval. The purpose of this technical guide is to provide, in a clear and concise format, an introduction to luxembourg as a center for investment funds, the types of funds available and a summary of the regulations applicable to the formation and operation of luxembourg investment funds. Alfi european long term investment funds eltif faqs. Based in london, the companys research covers around 37,000 investment funds within these jurisdictions. Regulated investment funds by regime and by initiators country of origine as of october 31st, 2019 source.
All aifs established in luxembourg must be managed by an alternative investment fund manager aifm who shall be responsible for ensuring compliance with the aifm law. On july 2016 the luxembourg parliament adopted bill of law 5730 modernising the law on commercial. Introduction to luxembourg alternative investment vehicles. Such marketing purposes will consist in luxembourg for finance sending me. Luxembourg was the first country to implement the ucits. Download the 2019 edition of investment funds in luxembourg a technical guide 9. Anouk agnes, deputy director general, association of the luxembourg fund. For investment funds subject to the supervision of the luxembourg regulator, the submission of the draft documentation to the regulator, the discussion and reflection on their possible comments as well as the securing of their final approval is the next step which we undertake on behalf of our clients. New capital is a specialist investment house, with highconviction strategies designed to produce longterm outperformance for clients. I hereby authorise luxembourg for finance to use my image in videos and photographs captured at the abovenamed event for marketing purposes of lff and to publish them on lffs website and social media platforms. Investment funds 1 august 2016 the reserved alternative investment fund on 14 july 2016, the luxembourg parliament has passed a new law creating the reserved alternative investment fund the raif. It is asserted that a material amount of qiaif assets or aif assets are irish assets being shielded from irish taxation. A guide on opening an investment fund can be provided to investors by our experts in company formation.
Reserved alternative investment funds elvinger hoss. I must appoint a fully licensed aifm, which could be expensive. Luxembourg, 18 april 2016 the board of directors of the company. Ireland is the 4th largest domicile for alternative investment funds aif in the eu with 9. Luxembourg is the largest fund domicile in europe and a worldwide leader in crossborder distribution of funds.
Introduction auditors report primary statements notes appendices. Trends in the european investment fund industry in the. The first investment fund in the grand duchy was established in 1959 and ever since this sector has known a great development. As a result of discussions at the eu and oecd levels, luxembourgs ip regime was repealed as. Luxembourg investment funds usnoneu managers ogier. Doubleline capital lp and doubleline alternatives lp are investment advisers registered with the.
A small country with a great investment fund industry, that is how luxembourg could be described. T 3 executive summary 4 introduction 6 i cssf data on reifs in luxembourg 6 ii survey scope 7 ii a reifs as direct funds 7 ii b reif regimes 7. Fund managers will now have another strong product the new raif structure adds to an existing range of luxembourg investment fund. Over the past fi ve years, luxembourg has had the largest growth in its worldwide share of hedge funds, from 6% of the global market in 2011 to 15. It is based on the information available at the time it was completed on april 20, 2016. The grand duchy of luxembourg has passed a new law dated 23 july 2016 introducing the obligation to proceed via electronic filing of the subscription tax declarations relating to undertakings for collective investment funds the law. Luxembourg has been very successful in attracting international investment funds and becoming a major financial center due to a series of factors.
Before 2016, the companies resident in luxembourg were subject to a minimum corporate income tax. Investment funds aifs, raifs, etfs and ucits all under one roof warrants. However, this list does not appear to have any binding force. As at 2016, 435 billion in alternative assets were held in irish qiaifs. Law of 23 july 2016 on reserved alternative investment funds. Luxembourg luxembourg is only the size of manhattan, but it is the biggest domicile for investment funds in europe including all related industries and the second most preferred location for investment funds globally after manhattan.
Trends in the european investment fund industry in the fourth. Laws prohibiting investments in controversial weapons. These funds comprise both alternatives and ucits and the overwhelming majority have crossborder distribution. It is popular among investors in luxembourg because it can be used for various purposes, including real estate funds or private equity funds as well in hedge funds. On 28 july, 2016 the new law of 23 july, 2016 on reserved alternative investment funds raif law was published in luxembourgs official journal memorial a following its. As a result of discussions at the eu and oecd levels, luxembourgs ip. Luxembourg is the favourite domicile in the inrev european real estate funds database. Role of investment funds in the asset management industry.
In this eighth edition of the luxembourg investment vehicles publication we are pleased to provide you with a general overview of the main different fund vehicles that can be established in luxembourg across all asset classes and investment strategies. Notice is hereby given to the shareholders of cs investment funds 2 credit suisse lux global emerging market property equity fund the subfund that the board of directors of the company has put the subfund into liquidation as of 20 july 2016, in accordance with the notice to shareholders published on 20 july 2016. They also underline luxembourgs strength as a crossborder distribution hub. Moreover, luxembourg is among the countries participating in the creation of the alternative investment fund aif and the alternative investment fund manager. Aug 01, 2016 investment funds 1 august 2016 the reserved alternative investment fund on 14 july 2016, the luxembourg parliament has passed a new law creating the reserved alternative investment fund the raif. Send your pdf fill in the fields below with your contacts details and an optional message to email your pdf. Lgx aims to bring investors and issuers of sustainable financial instruments together on a single platform. The majority of hedge funds set up in luxembourg are structured as specialised investment funds sifs. Jan 30, 2020 in august 2019, net assets under management aum of the investment fund industry in luxembourg reached a value of approximately 4,502 billion euros. Notice is hereby given to the shareholders of cs investment funds 2 credit suisse lux global emerging market property equity fund the subfund that the board of directors of the company has put the subfund into liquidation as of 20 july 2016, in accordance. Investment funds include the common investment fund fcp, the investment company with. Luxembourgs investment funds have a dominant share in both the retail and the.
With a legislation targeting to attract professional investors, luxembourg is currently one of the most important financial centers in the world, and the first in europe. Luxembourg has not only designed fund products tailored to the specific needs of all types of investors, but also provides a legal and business infrastructure which is able to support any investment strategy. Openended part i funds make a public offer on the basis of their prospectus prepared in accordance with the requirements of the fund law. Investment and funds fund information support with funds and portfo fund news closures fil luxembourg s. The way an investment portfolio is divided among the broader asset classes of stocks, bonds, and shortterm reserves. It also updates the list of double taxation treaties dtts accessible to ucis. A this site is for financial advisers only, click here for the consumer site. Distribution systems of retail investment products across. Sep 12, 2016 the grand duchy of luxembourg has passed a new law dated 23 july 2016 introducing the obligation to proceed via electronic filing of the subscription tax declarations relating to undertakings for collective investment funds the law. Luxembourg domiciled investment funds are distributed in more than 70 countries around the world. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and. Luxembourg taxation and investment 2016 contents 1. Qualifying investor alternative investment fund qiaif. Vanguards broadest index funds these four funds, when combined with an asset allocation thats right for your situation, could help you meet almost any investment goal.
Cssf 7 your investment fund in luxembourg december 2019 sif 39% part ii 7. Reserved alternative investment funds luxembourg regime for investment funds not supervised by the luxembourg regulator and dedicated to sophisticated investors. Luxembourg investment vehicles prospectus directive as transposed into the luxembourg law closedended part i funds may not be closedended. Accessing eu institutional investor capital luxembourg. Investment funds 12 september 2016 subscription tax new modalities the grand duchy of luxembourg has passed a new law dated 23 july 2016 introducing the obligation to proceed via electronic filing of the subscription tax declarations relating to undertakings for collective investment funds the law. The aifm will be subject to either the simplified registration regime. Luxembourg releases new guidelines on certificates of. Although lower than in the record breaking years of 2014 and 2015, the net sales. Companies established in luxembourg city are thus taxed at a combined income tax rate of 29.
We have audited the financial statements of name of the investment fund the fund, which. The circular is also of importance for eu law wht reclaims, since many foreign. In november 2019, net assets under management of investment funds in the grand duchy of luxembourg 11. New luxembourg fund structure speeds time to market. Your investment fund in luxembourg pwc legal luxembourg. The law governing the raif is dated 23 july 2016 the raif law and has been published in the luxembourg official gazette, the. In europe, luxembourg can be considered the capital of investment funds as besides its own laws, the country also encompasses all eu directives related to any type of investment fund. Luxembourg regime for reserved alternative investment funds. July 2016 on reserved alternative investment funds. Doubleline capital lp is the investment adviser to each of the other doubleline mutual funds and subadviser to the doubleline colony real estate and income fund.
Luxembourg is the favourite domicile for undertakings for collective investment in transferable securities ucits, the worlds only truly global fund product, offering the highest possible levels of investor protection luxembourgs ucits funds have become a strong global brand, but this strength stems from a smart decision in 1988. In the global financial centers index, luxembourg was. Any unused credit may be carried forward for 10 years. The answers are not necessarily definitive and they might not be suitable for every. Luxembourg real estate investment funds 2019 alfi survey. On behalf of kpmgs funds line of business, we are delighted to present to you the luxembourg investment funds withholding tax study 2015 update, which is the eighth edition of this study. The worlds leading asset managers have chosen luxembourg as the centre for their international fund ranges. Please also refer to the codes at the end of this document. There is also a significant proportion of funds 42% that are distributed in one single country. The specialized investment fund sif is a type of fund that benefits from a different regulatory and approval regime.
Luxembourg regime for reserved alternative investment funds raifs 3 the law of 23 july 2016 on reserved alternative investment funds raifs was published in the luxembourg official gazette memorial on 28 july 2016 and will enter into force on 1. The prospectus must be updated on an ongoing basis. Luxembourg domiciled investment funds are distributed in more than. The luxembourg stock exchange offers a unique service for asset managers looking to list an investment fund. On 28 july, 2016 the new law of 23 july, 2016 on reserved alternative investment funds raif law was published in luxembourgs official. Monterey insight is a leading independent fund industry research company that provides the only comprehensive report of service providers for all investment funds serviced in uk, luxembourg, ireland, jersey and guernsey. To help facilitate the development of this market, in 2016 we launched the luxembourg green exchange lgx, a dedicated platform for sustainable securities. Luxembourg announced plans for a new alternative investment fund aif on dec. These numbers clearly show the attractiveness of luxembourg reifs to a global investor base. We provide a onestopshop solution that combines listing, trading and reporting services. The new circular now also covers reserved alternative investment funds raifs setup in accordance with the provisions of the law of 23 july 2016.
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