Book Funds Luxembourg 2013 - Updated Edition

DecisionmakersInvestment Funds

Luxembourg 2013

5th edition

Hickory Editions

Updated edition

28.02.2012 11:04 PDF_QUADRI_300dpi_txvecto

2_MyOfficialStory MyOfficialStory_3

DecisionmakersInvestment Funds

Luxembourg 2013

SGG, a leadinG corporate and fund adminiStration ServiceS provider› independent and fully regulated› 500 professionals worldwide› 110 years’ experience

delivering reliable accounting, reporting, tax and legal secretarial support to the private equity and real estate industries for their investment vehicles and related management structures.

SGG S.A.412F, route d’Esch L-2086 Luxembourg

Tel. : +352 46 61 11 1 l Fax : +352 47 11 [email protected]

www.groupsgg.com

LuxembourG I The NeTherLANdS I beLGIum I SwITzerLANd I mALTA I CypruS I uSA I ChINA (hoNG KoNG & ShANGhAI) I bVI I CurAçAo I ArubA I New zeALANd


Published by Hickory EditionsLuxembourg

ISBN 978-99959-745-0-3

Copyright © MyOfficialStoryAll rights reservedCoordination: Alexandre Coppa – Jules KumsDistribution: 360CrossmediaDesign: Franck Widling

www.myofficialstory.comwww.360crossmedia.com

Summary

Introduction by Serge Krancenblum 11Introduction by Frédéric Perard 13Note from the editor 15Luxembourg at glance 164 people you should know… 17

Decision makersPierre-Antoine Boulat 20The king of re-useFreddy Brausch 24Open-mindedStéphane Brunet 28A tireless travellerJean-philippe Cerutti 32Interview with Jean-Philippe Cerutti, a Partner at MEBSPierre Cimino 36Professionalism in High SpiritsLuc Courtois 40Beyond excellenceNick Curwen 44Balancing fund services with the call of the mountainsSébastien Danloy 48Full circleSteve David 53Meeting that shaped a career Simone Delcourt 58A self-made womanJosee Lynda Denis 62Never stop exploringMichael Ferguson 66The expertRafik Fischer 70The diplomat

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Elie Flatter 74An unquenchable thirst for discoveryJean-Paul Gennari 78The sweeperJoëlle Hauser 82A passion to createVincent Heymans 86Cooking up a treatKabanga Michel Kayembe 90Pragmatism and optimismDaniela Klasén-Martin 94A Self-Made BusinesswomanBob Kneip 98An entrepreneurial artSerge Krancenblum 102The BrainstormerClaude Kremer 107Marathon manJean-Noël Lequeue 112A taste for changeRoman Lewszyk 116A life built on teamworkEdith Magyarics 120The interpreterSabine Moldenhauer 124Building networksFrédéric Perard 128EpicureanBrenda Petsche 132The straight ShooterFrancois Pfister 136An uncommon sense... of self and successKim-Andrée Potvin 140The risk-takerOlivier Renault 144Development and transformation

Marc Saluzzi 149Multiple avenues of growthCarlo Schlesser 154Straight ForwardAlex Schmitt 158The communicatorPhilippe Seyll 162Perfect balanceAntonio Thomas 166Driven by dynamismDominique Valschaerts 170Seeking challengePaolo Vinciarelli 174Straight to the pointMartin Vogel 178A fast thinkerDenise Voss 183Well-roundedMore decision makers … 188

Key playersGilles Dusemon 191Strong rootsJill Griffin 194People make perfectThierry Grosjean 196The right pathRana Hein-Hartmann 198The United Nations of investmentMore key players… 200

CompaniesAdepa 202Small packages – big thingsAtlantic Fund Services 204Driving service quality through technological excellence

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Baker & McKenzie 206A Global Law Firm on the RiseBNP Paribas Securities Services 208The closer, the betterCIP Group 21025 Years of Successful Print, IT & Mailing SolutionsClifford Chance 212Committed to legal excellence across the worldConfluence 214Taking the Risk Out of Fund AdministrationCrédit Suisse Luxembourg 216The challenge of excellenceErnst & Young Luxembourg 218Ahead in asset managementFuchs et Associés 220Under the sign of the foxIkano 222A profitable nicheME Business Solutions 224Expertise and CommitmentMorningstar 226To be continued!Northern Trust 228Getting ready for the new challengesNovacap Asset Management 230Opening doors to Latin American investorsParva Consulting 232A niche consultancy helps drive Luxembourg’s fund services growthRBC Investor Services 234A premier provider of investor servicesRiva Financial Systems 236New Needs, Fresh ThinkingRobert Walters 238Staying ahead of the pack

SGG 240A question of trustSqope 242Legal and financial informationStandard Chartered 244Catering to ever-changing needsSS&C GlobeOp 256Putting technology to the service of alternative fund managersUBS Luxembourg 248UBS Luxembourg and the “one-stop shop” approachVictor Buck Services 250The future rests on three pillarsMore companies… 253

AnalysisAIFMD 254Key issues for Non-EU managersCenturia Capital Luxembourg 256Family Office: East to WestErnst & Young 258UCITS V, without much debateFinancial Sector Supervisory 260Commission (CSSF)Interview with Simone DelcourtRegulation and Microfinance 262Opportunity or Burden?OTC 264Derivatives central clearing UCITS’ next challenge aheadMore analysis 267

CEOS’ favourite addresses 268

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Introductionby Serge Krancenblum

SGG, CORPORATE AND FUND ADMINISTRATION SERVICES is proud to sponsor the 5th Decision Makers Investment Fund Luxembourg Book. SGG decided to support this edition to confirm its long standing commitment to promote Luxembourg’s funds industry.SGG is a leading player in alternative asset fund administration. As a regulated player, we serve fund clients stemming from Europe, America and Asia for their central administration, middle office and directorship needs. We offer them a fully integrated support by also servicing their SPVs and management incentive vehicles.We assist our institutional clients with the personalized approach which traces back to our roots. Having supported families for decades, we have the client attitude to service them in an integrated fashion. To further improve our offer to PE and RE players, we just opened a New York office. Our industry will face more challenges, the latest being the AIFM directive. SGG is equipped to face them. SGG wishes our fellow colleagues to face such challenges with growing success for the good of us all. We hope the present book will help clients and professionals to better apprehend the Luxembourg Fund Industry.

Serge KrancenblumSGG Corporate and Fund Administration ServicesCEOwww.sergekrancenblum.com

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Introductionby Frédéric Perard

Over the last twenty years, the Investment Funds Industry has experienced remarkable growth in Luxembourg. Behind these breathtaking figures are men and women: entrepreneurs, investors, bankers, lawyers, experts from all fields, each who has added his or her stone to the structure.

Their commitment and continuous adaptation has taken most of these individuals on an amazing personal and professional journey.

The values advocated by BNP Paribas Securities Services – excellence, customer focus, team spirit and continuous innovation – combined with the expertise of our multicultural teams, are particularly valuable assets in the current climate.Our motto, “The closer, the better”, is reflected by our presence in more than 32 countries where we offer our clients unique and innovative solutions, from the classic to the sophisticated.

On the basis of its originality and ability to strengthen links between all industry actors, we immediately saw the benefits of the MyOfficialStory project. The advantages of this system – secure data and access for all users to a tool allowing them to control and promote their image in the circles of their choice – represent true value added in “a changing world”.

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The list of personalities who have agreed to appear seems to confirm our initial impression. The commitment and transparency of these men and women, operating in the business of trust, shows us a vision that goes beyond the professional sphere. It demonstrates the open-mindedness and quality of exchanges to be found within the Grand Duchy.

We are glad that this original concept has become a tradition in the Luxembourg financial market.Enjoy.

Frédéric Perard BNP Paribas Securities Services Regional Manager Luxembourg and Offshore Centerswww.myofficialstory.com/fredericperard

Note from the editorControl your message!

Our company is privileged to mix with decision makers from the Investment Funds Industry since 2000 at gatherings such as ALFI, ICBI and IIR.

MyOfficialStory has been designed in response to the specific needs of individuals operating in this industry.

This innovative tool enables you to promote your brand in all media, with the reassurance of knowing that your message will be faithfully reproduced.

Our network of professional writers, photographers, translators and designers will assist you at every stage of your communication.

Opening an account on www.myofficialstory.com allows you to create high quality content in a click, store it in complete security and then disseminate it in the press, internet, magazines and books like this one.

Feel free to contact me for more details.

Welcome!

Jérôme BlochChief Executive [email protected]

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Population: 502 100 (1/1/2010)Luxembourgers: 285 700Foreigners: 216 400Minimum Wage: 1 724€ (7/2010)Inflation: 2.6% (10/2010)(Source: Statec-BCL)

TOP 5 Largest employersArcelor Mittal (Industry) 6170Cactus (Department Store) 3900Dexia Bil (Finance) 3830P&T (Telecom) 3560CFL (Rail Transport) 3490(Source: Statec 1/1/2010)

TOP 5 Banks per country of originGermany 44Belgium/Luxembourg 15France 13Switzerland 11Italy 10(Source: CSSF 30/11/2010)

OthersInvestment Funds 3889UCITS 2484SIFs 1161Foreign UCIs 244Net Assets under Management 2083.7€ Billion(Source: CSSF 31/10/2010)

MiscellaneousArea: 2,586 km2

Official languages: Luxemburgish, French, GermanMotto: “we want to remain what we are”Politics: constitutional monarchyHead of State: S.A.R. Le Grand-Duc HenriInternet: .lu Phone: +352

Luxembourg at glance

Grand-Duc Henriwww.myofficialstory.com/grandduchenri www.monarchie.lu

Luc FriedenMinister of Financewww.myofficialstory.com/lucfriedenwww.gouvernement.lu www.myofficialstory.com/lucfrieden

Ernst Wilhelm ContzenPresident of the Luxembourg Bankers’ Association (ABBL)www.myofficialstory.com/ernstwilhelmcontzen www.abbl.lu

Camille ThommesDirector general Association of the Luxembourg Fund Industry (ALFI) www.myofficialstory.com/camillethommes www.alfi.luAlso check Marc Saluzzi in this book, President of ALFI.

4 people you should know…

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We hope the following chapters will meet the goal we set ourselves: to present to you a series of good, well-told stories.

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ROUTE DE LONGWY 8B, L-8080 BERTRANGE Phone: 00352 45 00 47 38 - 00352 45 00 47 21www.intini.lu

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The king of re-use

CEO of UBS Fund Services (Luxembourg) SA and Head of UBS in Luxembourg Asset Servicing Delivery, Pierre-Antoine Boulat came to the Grand Duchy in September 2011. Now his main objective is to continue building on a quality and controlled cen-tral administrator production environment, iwthin the integrated bank offering, moving it decisively towards a service organisation for distinctive and sophisticated clients.

Lateral thinkingFrench-born Pierre-Antoine Boulat has had a long and diverse career in sell – and buy – side capital markets, working for banks (CCF in Paris), brokers (Salomon Brothers in Paris and London), institutional asset managers (JP Morgan in London and New York, Citigroup in Stamford , Connecticut and UBS in Chicago) and even a software house (TradingScreen). Boulat studied Business Law and Political Sciences in Paris – and would likely be teaching law in an alternate career –, yet has mostly held risk/project/program management, internal con-sulting and business management functions.

Alternative Vs TraditionalIn Luxembourg, UBS’s integrated bank and asset servicing concepts are very concrete and continue to yield strong value for clients and shareholders. Part of Boulat’s remit is to moti-vate employees and develop their performance and career, to

run and improve processes as well as ensuring clients’ total satisfaction with the UBS full experience. Boulat concedes that he has sometimes felt Luxembourg a location at times wary of change. His challenge has been in gaining and maintaining external trust so as to facilitate new ways of working that can be more readily and easily embraced. It is a slow yet steady process, and Boulat is confident that it can be done.

Best PracticeIn terms of rapid success, Boulat is of the opinion that he has integrated easily into the varying environments of US andEuropean based business models. As well as being a dynamic leader in a frequently uncertain market, Boulat co-authored the first French legal tome on the subject of fund swaps back in 1991. Recognising that he is not “paid to wait” Boulat rolls his sleeves up and gets things done. It may be that his love for long-distance running feeds into his work objective, or per-haps it is the other way around. A father of three sons and one daughter, and thus well versed in life’s challenges and rewards, Boulat is primed for streamlining and expanding the platform and operating model, with competitiveness, cost efficiency and client satisfaction in mind.

Pierre-Antoine Boulat

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Pierre-Antoine Boulat

Birthday: OctoberPlace of birth: ParisNationality: FrenchChildren: 3 boys, 1 girlLanguages: French, English, German

My favouriteBooks: Alexandre Soljenitsyne - Jonathan FranzenArtist: Francis Bacon

PositionCEO of UBS Fund Services (Luxembourg) SA

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Open-minded

A passionate professional, enthusiastic sportsman and occasional jazz musician, Freddy Brausch demonstrates an unflag-ging interest in diversity.

The human adventureWhile he is aware of having been in the right place at the right time, Freddy Brausch had the insight to seize this unique opportunity to establish himself as a major actor in the devel-opment of the Luxembourg financial market and investment fund sector. Looking back on this collective and industrial adventure, he recalls many meetings that have enabled him to blossom, from a professional, cultural and personal point of view. The majority of his clients are American or Japanese, German, British, Scandinavian and, nowadays, also Chinese. They come to Freddy Brausch from multiple horizons, which is what he values most.

Two mergers and moreIn 1980, a meeting with his first mentor, Jean-Pierre De Bandt, proved decisive. Freddy joined him in Brussels with then De Bandt, van Hecke, Lagae & Van Bael. In 1985, he returned to Luxembourg to join Loesch & Wolter where, in Jean-Claude Wolter, he met a second mentor and, in Jacques Loesch, a man of rare finesse and great wisdom. At the time, Freddy was actively involved in the merger which resulted in the creation of De Bandt, van Hecke, Lagae & Loesch in 1999, followed by the merger in 2002 that gave rise to Linklaters Loesch

(now Linklaters LLP). In both cases, Freddy is proud of having managed to keep the same teams in place after the mergers. Together with his partners he allowed the younger generation to access a truly international and global dimension. Since merging, other changes took place and the succession of several generations of lawyers in the firm has been managed. Freddy is equally proud to have been able to manage those changes and successions without undue human and repu-tational damage.

EnrichmentHe was one of those children who would attempt to carry a wheelbarrow rather than to push it forward using the wheel, to the consternation of his parents. Unjustified fears in view of his sporting achievements at school and crowning as French basketball champion with the University of Aix-Marseille. He admires Miles Davis for his musical genius, Charlie Parker for his saxophone technique, as well as Simone Weil for her tenacity and determination and Robert Badinter for his ethics and perseverance. Add to this a passion for the Marx broth-ers and you get a good picture of the multi-cultural Freddy Brausch. He also admits that without the support of his strong mother and equally caring wife, Chantal, he would probably not have gone all that way. In the long term, Freddy can see himself at sea, looking back on an eventful career.

Freddy Brausch

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Freddy Brausch

Birthday: 20th February 1955Place of birth: LuxembourgNationality: LuxembourgerLanguages: English, French, German, LuxembourgishHobbies: Saxophone, jazz, golf, sailing, swimming, diving

My favouriteCities: Paris, TokyoRestaurant: Il Riccio Places: Greek Islands, Mediterranean, JapanBooks: Le petit prince (Saint-Exupéry), Les cavaliers (Kessel), Au nom de tous les miens (Martin Gray)Music: Charlie Parker, Miles DavisArtist: Pierre Alecinsky, Cobra

PositionManaging Partner, Linklaters LLP (Luxembourg)

www.myofficialstory.com/freddybrausch

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A tireless traveller

The head of BNP Paribas Investment Partners in Luxembourg since 2007, Stéphane Brunet has spent almost his entire career with this French bank. A career that has taken him all over the world.

A well orchestrated merger2010 saw the disappearance of the name Fortis Investments from the European asset management scene further to the bank’s merger with BNP Paribas Investment Partners. In Luxembourg, one of the bank’s key markets, one man played a prominent role in the process: Stéphane Brunet, a forty-eight year old French national and the head of BNP Paribas IP since 2007. True to his business philosophy of respecting and listen-ing to others, he managed the merger with pragmatism, adapt-ability and determination. A very Luxembourg-style approach!

Starting pointIt is hardly surprising that Stéphane Brunet feels so comfort-able in the Grand Duchy, his home for the last four years. The Luxembourg model of dialogue and consensus is close to his own personal business philosophy, which has evolved over the course of a very international career with BNP Paribas. A former student, of both economics and epistemology, at the Sorbonne in Paris, his university days gave him a love of learn-ing and understanding. After graduating, he travelled to Central Africa on an eighteen-month voluntary placement with the Agence Française de Developpement (French development

agency) as funding manager for the informal sector (similar to today’s micro-credit area). This experience heralded the start of a professional life devoted to the banking sector.

A long journeyIn 1994, BNP offered Stéphane Brunet a position as a country risk economist for Asia. This new role took him on frequent visits to Hong Kong, where he witnessed the transfer of sov-ereignty from Britain to China, and to Korea, where he helped to restructure banking debt. In 1999, Stéphane Brunet joined BNP’s general inspectorate, a vantage point from where he observed the merger with Paribas. Then in 2002, the year his son was born, he joined BNP Paribas IP as audit manager. This new job marked the start of a new life that would take him, five years later, to Luxembourg. However, this is by no means the end of the journey for this great admirer of Martin Luther King. By his own admission, other challenges await him elsewhere.

Stéphane Brunet

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Stéphane Brunet

Birthday: 7th August 1965Place of Birth: AntonyNationality: FrenchChildren: 1Languages: English, FrenchHobbies: Music, photography

My favouriteCities: Siena, ÉvoraRestaurant: Ma langue souritPlaces: Zanzibar, AlentejoBooks: Au cœur des ténèbres (Joseph Conrad)Music: Miles Davis, J.S. Bach, Baroque Music, Led ZeppelinArtist: Jérôme Bosch

PositionHead of BNP Paribas Investment Partners, Luxembourg

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Interview with Jean-Philippe Cerutti, a Partner at MEBS

Can you provide a brief outline of your career to date?After having completed my studies – Engineer and MBA – I began my career at Société Générale, working in the Equity & Derivatives department in Paris. I was then recruited by Crédit Suisse First Boston in London to help setting up a hedge fund. After this, I moved to Geneva, where I was an inde-pendent manager for RBC and Lloyds. Finally in 2008, I was approachedby a major family from the Middle East who invited me to be the CIO of their family office in Geneva. This experi-ence allowed me to see the other side of the picture. My professional path enabled me to build up an eclectic skillset in finance. Over the course of my career, interest rates have fallen to zero, turning asset management into risk management and asset allocation into risk allocation. For an UHNWI, in previous years, main concerns were focused on lack of performance. Today, the issue is to avoid having a government taking ownership of some of their assets, as we saw in Cyprus. What is your analysis of international finance and the future challenges today?The main challenge is to deal with “the new normal”, i.e. a world with zero interest rates, anaemic growth and very high levels of debt. We need to rethink finance to address the key aim of creating value. We have a unique opportunity to establish a world of finance that serves investors, families and

economies. Everyone has realised that ‘finance for finance’ does not benefit anyone. Why did you decide to move to Luxembourg?In the first place, within Europe, Luxembourg is a prime location for Family Offices. Dubai? Monaco? London? Switzerland? Luxembourg is regarded as a small and pragmatic country that demonstrated a great ability to adapt to a changing regula-tory environment. The political drive to turn the country into a financial “Silicon Valley” is tangible for our clients and for wealth managers. Our clients nowrequire transparent and regulated vehicles.The second factor in my decision was MEBS itself. The com-pany has a strong entrepreneurial culture where ethics play a major role in its operations. I joined this organisation to liaise with Families and advise them on their wealth.

Jean-Philippe Cerutti

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Jean-Philippe Cerutti

Birthday: 24th september 1965Place of birth: Saint MaurNationality: FrenchChildren: 2Languages: French, English, Italian, PortugueseHobbies: Car racing (Track and Ice), Skiing, Windsurfing

My favouriteCities: Venice (It), London, Paris, Kharnak (Thèbes)Places: Leman lake, Alps, Le Morne (Mauritius), Le LouvreRestaurants: Jamin (Robuchon), Alain Chapel, Domaine de Chateauvieux, Le Rectiligne (Divonne), L’ami LouisBook: The Book of the Five Rings (Miyamoto Musashi)Music: U2, Noir Desir, classical (Lakmé, Chopin, Mozart)Artist: Monet, Van Gogh

PositionPartner, Mebs

OthersCIO Family Office, Hedge Fund manager

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Professionalism in High Spirits

After almost 20 years with the Caceis Group, Pierre Cimino is still driven by a thirst for learning, pursuing his own very individual approach based on a combination of curi-osity and perseverance.

Anima Sana in Corpore SanoPierre Cimino combined learning with sports, a daily mixture of basketball, Latin and mathematics. After leaving school, he enrolled on a sales engineering course at the I.C.H.E.C in Brussels. A work placement at the end of his studies intro-duced him to the international fashion industry, with trips to Saudi Arabia, New York and Norway. His first employer, Solvay, sent him to Thailand to set up a cost accounting system for a hydrogen peroxide plant. A lesson in developing a reliable system from a paper-based process.

A varied path with CaceisPlayground encounters at the school where his mother was a teacher taught Mr Cimino a valuable lesson: unity is strength! Persevering and optimistic by nature, he joined Caceis in 1992, starting out in the trading room. A rather unusual career path led him to the position of head of Human Resources in 1996, then Back Office Manager before finally becoming Managing Director of Fastnet Luxembourg. A role he has held since 2010 alongside the same post at Caceis Bank Luxembourg. At each step in this journey, he has pushed beyond his own limits and drawn on the strength of the team. An approach that reminds

him of his military service and long marches carrying a 30 kg backpack. He loves the feeling of finally clinching a deal after months of negotiations.

Leonardo da VinciPierre Cimino’s favourite cities are San Francisco, Paris and Florence, where he enjoys soaking up the atmosphere of the Italian Renaissance. He finds Leonardo da Vinci a fascinating historical character. As well his engineering talents, he admires da Vinci’s all-round genius in designing both machines and paintings. He enjoys renovating houses from top to bottom and satisfies his curiosity by travelling whenever he can, or by losing himself in a book or cartoons such as Thorgall. He is not afraid of failure and views these experiences as an opportunity to learn and develop a deeper understanding of human nature.

Pierre Cimino

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Pierre Cimino

Birthday: 12th July 1965Place of birth: IxellesNationality: BelgianChildren: 3 Languages: French, English, Dutch, Italian

My favouriteCities: Paris, Florence, San FranciscoRestaurants: La garoupe à Antibes, La Mirabelle, Chiggeri, Kong (Paris), La Cantine du Faubourg (Paris)Books: Les piliers de la terre (Ken Follett), Biographie de Napoléon (Max Gallo)Music: Ave Maria (Gounod)Artist: De Vinci, Michel-Ange

PositionCEO of Caceis Bank Luxembourg & Fastnet Luxembourg

OthersMember of the Caceis Group Executive Committee

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Beyond excellence

A partner and head of the investment fund department at Bonn Steichen & Partners is equally at home in the boardroom and the vineyard.

Straddling town and countryLuc Courtois easily moves from the earthy world of his rural roots to the thrilling world of high finance and investing. This native of the Belgian countryside is simultaneously a cosmo-politan, equally at ease in boardrooms of the largest global financial institutions and in vineyards searching for the best grapes. By experience and education he is comfortable in the worlds of both the concrete and the abstract. That is what makes Luc Courtois successful, a partner and Head of the Fund Department at Luxembourg’s Bonn Steichen & Partners. At university Luc spent as much time developing businesses as studying attending courses. That did not keep him from earning degrees in both law and international affairs and, most important, graduation with the golden “1%” that garnered him a scholarship at the Georgetown University Law Center. With his LLM in hand Luc Courtois returned to Luxembourg and investing.

Loyal and availableLuc Courtois is more than the sum of his impressive resume: what makes Luc Courtois more than just excellent in his life and his work is his dedication to his family, his friends, and his clients. Family, friends, and clients are his foundations.

Notwithstanding his many accomplishments, his greatest achievements are his family and friends, and the deep confi-dence of his clients. His dedication to his clients, their needs, their business, is the basis of his success. He places himself in his clients’ shoes, a rare talent. This allows him to produce tailor-made results for them. His legal background serves him well, as do his fertile imagination and his creative instincts: he applies and interprets the law in ways that allow him, and his clients, to find innovative and creative solutions to problems that for others would be intractable.

Living life with gusto Luc Courtois understands how fleeting life is. Thus he lives every day to the fullest measure. Every moment with family and friends, every moment with clients, is too valuable to squander. He is a passionate traveler, seeking out the wildest country-sides as often as the best vineyards. Winemaking still beckons him but dedication to his clients and his work hold him fast to the world of investment. This openminded and cosmopolitan man cannot be pigeonholed. His tastes are eclectic and multi-cultural, a trait that allows him to fit comfortably wherever he is, with whomever he encounters and enthusiastically prepared to meet the challenges of the future.

Luc Courtois

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Luc Courtois

Birthday: 21st August 1970Birth place: Bastogne, BelgiumNationality: BelgianChildren: 2Languages: French, English, Italian under constructionHobbies: Outdoors activities, oenology, traveling, diving

My favouriteCities: Siena, BrugesPlaces: Wild landsBook: HistoricalRestaurants: Anne-Sophie PIC, La Truffe Noire and Taj MahalMusic: EclecticArtist: Der Mönch am Meer by Casper David Friedrich

PositionPartner, Bonn Steichen & Partners

Other PositionsLecturer at the Institut de Formation Bancaire LuxembourgSitting on various board of directors of investment funds and management companies

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Balancing fund services with the call of the mountains

Luxembourg-born Briton Nick Curwen stud-ied astrophysics at university and has made his career in investment fund administration, but the real passion of his life is mountains and snowboarding.

A Luxembourg upbringingAs a Briton, Nick Curwen knows the grand duchy better than most – having been born here in 1976 and educated at the European School. His fluency in German, French and Luxembourgish serve him well in his new role as head of SS&C GlobeOp’s new fund administration office in Luxembourg.But there’s a lot more to Curwen than back-office fund services. He studied astrophysics at Birmingham University in England, but acknowledges he split his time there between academic work and helping to run the ski and snowboard club, and later took a career break to devote himself to winter sports. Not for nothing does he list Chamonix as one of his favourite places.Curwen began his career with Cedel (now the Luxembourg arm of Clearstream), and later worked for various fund administrators in the grand duchy. A turning point of his professional life came in 2005 when he moved to London to joined his then employer’s largest client, a European credit manager, eventually becoming head of client services.

Leading growth in IrelandA corporate lift-out took Curwen to GlobeOp, where in 2011 he

took on responsibility for the Dublin office. He saw the Irish busi-ness through a period of significant change and growth from less than $1bn in assets under administration to more than $10bn.Last year Curwen was handed the task of launching the office in Luxembourg, to which he retuned in September. SS&C GlobeOp formally opened for business in the grand duchy last month.Throughout his professional rise Curwen has continued to answer the call of the mountains; he spends over 30 days snowboard-ing a year and also enjoys rock climbing and bouldering. “My favourite activity is being dropped on top of a mountain with my snowboard,” he says.

Expecting the unexpectedCurwen also has a long-standing appreciation of engineering, art and elegant design, “like a Le Corbusier chaise longue”. He cites Jean-Claude Biver among the people he most admires, for his “passion for watch-making, a true commitment to his brand, and a personal touch that few executives offer”.His immediate goal is to establish SS&C GlobeOp as a rec-ognised alternative fund service provider in the grand duchy, and make it a top-tier player within five years. But having spent much of the past five years helping fund firms disentangle themselves from the effects of the global financial crisis, his philosophy is to “expect the unexpected”.

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Nick Curwen

Birthday: 22nd September 1976Place of birth: LuxembourgNationality: BritishLanguages: English, French, German and LuxembourgishHobbies: Snowboarding, Climbing

My favouriteCities: London, Paris, Dublin, Geneva, ChamonixRestaurants: Benares (London), Yauatcha (London), Peploe’s (Dublin), Le Bouquet Garni (Luxembourg), Le Munchie (Chamonix)Book: Too many to listArtist: Rothko, Monet, Cezanne

PositionLuxembourg Country Head

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Full circle

Twenty years after he came to the Grand Duchy, Sébastien Danloy’s career has taken a new turn at the top of the RBC tower.

From Luxembourg…Sébastien Danloy may have graduated practically on his door-step from Solvay Business School in Brussels, but he chose to hang his qualifications in Luxembourg’s capital, where his first post was with the European Court of Auditors. The job didn’t meet his expectations, and he didn’t stay there for long. “I left for the banking environment of State Street Bank,” Sébastien explains. “First in operations, then on the commercial side.” This time the sphere was a better match for his aspirations. An accomplished tennis player, he enjoys challenges, accuracy and healthy competition. He also likes moving forward. Equally comfortable on hard courts as in the muffled corridors.

… to LuxembourgTogether with his two children and his wife, who he fell in love with one morning on the bus, he left Luxembourg after working in the world of finance for almost ten years. The opportunities open to Sébastien enabled him to continue his career first in Ireland, then in the United Kingdom, before a longer spell in La Défense, the business district of Paris, where the family grew up. RBC then offered him the post of managing director for Luxembourg and CEO of RBC Investor Services Bank S.A., so he headed for Esch-sur-Alzette to take up his new post. From his office on the 17th floor of the RBC tower, next to the

old blast furnaces, Sébastien is mindful of the immense chal-lenges facing him. RBC Luxembourg is one of the pillars of the group. This is a match equal to his ambitions and talent, which he has every intention of winning in three straight sets.

Honesty and transparencyLoyal in friendship (35 years on, he is still friends with the first person he sat next to in school), Sébastien also sticks to his principles. Being honest and transparent in his business dealings, staying in touch and seeking consensus wherever possible may require more effort, but it enables him to remain true to himself at all times. These personal and professional qualities will probably take Sébastien off to new horizons, but not for the time being. Luxembourg is a country he loves and which has much to offer, and it’s where he feels at home.

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Sébastien Danloy

Birthday: 25th May 1970Place of birth: NamurNationality: BelgianChildren: 3Languages: French, English, DutchHobbies: Tennis

My favouriteCities: Paris, Londres, DubaïBook: Victor Hugo Music: Dire StraitsArtists: Monet, Turner

PositionHead of Investor Services, Europe & OffshoreManaging director Luxembourg

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MyOfficialStory_53

Steve David

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Steve David’s professional development has been shaped by a handful of people, who influenced him at key stages of a career that has taken him from an audit trainee at Price Waterhouse to Country Head for Northern Trust in Luxembourg.

Fateful encounterIt was during a FundForum conference in Monaco in 2001 that Steve David had an encounter that would shape his sub-sequent professional life: with Toby Glaysher (today Head of Global Fund Services for EMEA) and Steve Potter of Northern Trust (today President of Northern Trust Global Investments).David was so impressed that he said to himself that one day he would like to work for Northern Trust – and it wasn’t long before, in late 2003, Northern Trust decided to open an office in Luxembourg. Following a two-hour interview with Ian Baillie, who was setting up the operations, he became Northern Trust’s second hire in the Grand Duchy, as Head of Risk and Control as well as Conducting Officer in the group’s Luxembourg Management Company.Now Country Head for Northern Trust in Luxembourg, David says he can see himself still working for the group a decade for now.

Learning experienceBorn in Bettembourg, he studied economics and finance at the Institut Catholique des Hautes Etudes Commerciales in Brussels, and in 1994 became an audit trainee at Price Waterhouse in Luxembourg. There David worked with another

important influence on his career, John Parkhouse, and gained experience of the fund industry.After a couple of years with Chase Manhattan Bank Luxembourg, first in the Quality Control team and then in the Fund Compliance and Fiduciary area, he joined IKANO Advisory Management as Fund Compliance Officer.“It was important for my career because I was responsible for creating a function from scratch,” David says now, “helping me build a strong knowledge of the fund compliance world.”

Social dimensionHe stepped up to become Managing Director and Chief Operating Officer of the Northern Trust Luxembourg Management Company S.A. in 2009, then Country Head in May 2012, leading the continued expansion of the group’s spe-cialist fund servicing and custody operations.David is a self-confessed perfectionist (and impatient with it), traits well suited to the demands of the financial services indus-try, yet in another life he might made a career in the social field. He says: “The people I respect are those who work with peo-ple – social workers, nurses, doctors and teachers – because people are at the heart of everything.”


Steve David

Birthday: 11th May 1971 Place of birth: LuxembourgNationality: LuxembourgishLanguages: Luxembourgish, German, French, English, glimpse of SpanishHobbies: Sports, Art

My favouriteCities: Luxembourg, Paris, Tokyo (though I have never been there)Restaurants: Kamakura, Bru, Mesa Verde (for my girlfriend)Places: rue de Montorgueil (for the movement and diversity), “Vieille-Ville” of LuxembourgBooks: TintinMusic: Jazz-House, Jacques Brel, Leonard CohenArtwork: Helmut Newton, Araki, Giraud, Joerg Doering

PositionCountry Head – Northern Trust Luxembourg

OtherManaging Director – Northern Trust Luxembourg Management Company S.A., various directorships

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A self-made women

Director of the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) for the last eight years, Simone Delcourt owes her exemplary success to unfailing commit-ment and hard work.

The trigger“You aren’t mature enough to sit the high school entrance examination.” Looking back, these words spoken by her pri-mary school teacher marked a decisive turning point in Simone Delcourt’s career, years before she started working life. Brought up in a rather typical way for a young girl of her time, her route appeared to be mapped out in advance – studying to the strict minimum, working for a few years before getting married and then looking after the household. Conscientious and determined, Simone Delcourt paid no heed. Her teacher’s words persuaded her to devote herself to her studies in order to choose her own career path. Thanks to her unfailing com-mitment and hard work, in 1975 she obtained her secondary school leaving certificate, followed by a bachelor’s degree in Economic Sciences from the Université Libre de Bruxelles five years later.

Patience and enduranceSome thirty years later, the path she has carved out proves her completely right. After finishing her studies, Simone Delcourt joined the Commission de Surveillance du Secteur Financier (CSSF), the body responsible for monitoring and regulating the

Luxembourg financial market, then called the Commissariat au Contrôle des Banques. After working as an auditor for ten years in the “bank monitoring” department, she took on various management roles in different departments within the Commission, before being appointed Director of the CSSF in early 2005. “My guiding principle is the conviction that with patience, perseverance and energy, there is a very strong chance that you will achieve your objectives”, she states.

Nothing to changeSimone Delcourt is quite rightly proud of her exemplary career path and is pleased at having been able to play an influential role in the development of the Investment Funds industry in Luxembourg. While never becoming complacent, just like the people she admires, such as Gandhi or Mother Teresa, who devote all their time and energy to helping others. “If I could go back, I don’t think I’d change much…”

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Simone Delcourt

Birthday: 7th October 1955Place of birth: LuxembourgNationality: LuxembourgerChildren: 2Languages: French, English, German, LuxembourgishHobbies: Reading, cooking, hiking

My favouriteCities: Berlin, Paris, RomePlaces: Dolomites, Siena, old town (Luxembourg)Book: from Amélie NothombMusic: Classical (Mahler), rock and rollArtist: Salvador Dali

PositionCSSF Director

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Never stop exploring

Having travelled the world, Josee Lynda Denis is based in Luxembourg, where she heads Standard Chartered Bank Luxembourg and continues to passionately promote the country as a leading fund domi-cile and fund services centre of excellence.

Growing up a tomboyGrowing up in her native Canada, Ms Denis was a true tom-boy. Despite attending an all girls boarding school, scrapes and bruises were the norm. Some of her fondest childhood memories include being a guide in Nature Parks of Quebec, taking groups of children to explore the wilderness on canoe, learning about nature and how to live with its elements. This affection for wildlife is still there today, along with a passion for travelling, other cultures and good food from all over the world. She always knew that she would move on to live in many dif-ferent countries in her life.

Committed to LuxembourgHer desire to explore was such that Ms Denis decided to take a break from her MBA studies with a two-year sabbatical to travel in Europe and research for her thesis. What was meant to be a stint in Luxembourg, turned into a long-term commit-ment to the local financial industry! In more than 24 years, she has built an international career in both banking and invest-ment funds. Her biggest achievement, however, is setting up a branch of a leading, global, Asian bank in Luxembourg. The

bank’s motto, “Here for good”, has also become her own. Though a lesson for life came much earlier, from her grandfa-ther, when she was just 14 years old and working in the family business. To be a good leader, he told her, you have to have an equal part of three key traits: a cool head, a warm heart, working hands.

Reaching new heightsSettling in Luxembourg and building a career did not stop Ms Denis exploring. In recent years, she climbed Mount Kilimanjaro (5,895 meters) – her first high altitude mountain trek. Despite a busy schedule and wide-ranging interests, Ms Denis mainly values spending quality time with family and friends. She also champions causes that improve the lives of women, children and endangered animals.

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Josee Lynda Denis

Birthday: 5th December 1961Place of birth: Montreal, QuebecNationality: CanadianLanguages: French, English, Spanish, Italian

My favouriteCities: Montreal, Luxembourg, Paris, London, Hong KongRestaurants: La Queue de Cheval (Montreal), Aqua (Hong Kong), La Mirabelle (Luxembourg), Toit pour Toi (Schouweiler)Music: Jazz, R&B, Soul, Robert Charlebois (always brings me back to my roots)

Art: Pop art, Andy Warhol, Cesar Manrique, Jorg Doehring

PositionCEO Luxembourg - Head of Depositary Bank Standard Chartered Bank Luxembourg Branch

OtherFounder and Chairman of the Association of Luxembourg Fund IndustryALFI) TA & and Distribution Forum since 1999Member of the Luxembourg Female Board Pool

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The expert

A native of Ireland, Luxembourg has been Michael’s adopted homeland for over twenty years, where he enjoys a successful career as Head of the Asset Management Practice at Ernst & Young.

A family storyBorn close to the border with Northern Ireland, Michael’s initial choices focused on finance, despite a strong interest in sci-ence. After studying accountancy – like two of his brothers – he spent five years in Dublin where he qualified as a chartered accountant and auditor before the desire to travel lured him away from Erin’s green shores. His career took a new direc-tion upon his arrival in Luxembourg in 1989. Initially relocating under a two-year contract, he had no idea that he’d still be here twenty years plus.

A taste for travelAn admirer of his fellow countryman Michael O’Leary, the man who revolutionized the air travel business model with Ryanair, the world’s first low-cost airline, Michael undertook a series of missions abroad, including in the United Kingdom and the United States. All of these experiences established him as a prominent figure in the Investment Fund World. In 1994, Michael joined Ernst & Young Luxembourg, was appointed partner and later became responsible for their Asset Management Practice. Subsequently be was appointed Head of Ernst and Young’s EMEIA regulated funds practice. His expertise covers both

traditional and alternative investment fund products as well as asset managers. Pragmatic by nature, but by no means lack-ing principles in his work, Michael emphasizes that fairness, honesty and transparency are essential qualities in business.

Author and speakerRegarded as one of leading asset management specialists within his group and in Luxembourg, Michael now occupies various responsible roles in Ernst & Young’s internal commit-tees and in expert associations such as the AIMA (Alternative Investment Management Association) and ALFI (Association of the Luxembourg Fund Industry). Author of various specialist works “Investment Funds in Luxembourg – A Technical Guide” and “Hedge Funds in Luxembourg – A Technical Guide”, he regularly receives invitations to speak at investment fund con-ferences all over the world. A perfect example of how to com-bine business with pleasure - the opportunity to satisfy his desire for travel and discovery through his work.

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Michael Ferguson

Birthday: 2nd July 1964Place of birth: DublinNationality: IrishChildren: 5Languages: English, FrenchHobbies: Football, travel, reading, spending time with family

My favouriteCities: London, Dublin, New YorkPlaces: Italy, SicilyBook: Don’t have “a” favouriteMusic: Sting, the late 70s/early 80s pop rockArtist: Monet

PositionPartner, Asset Management Leader, Ernst & Young Luxembourg

Others• Chairs and serves on various ALFI committees • Member of Ernst & Young’s Global Asset Management

Advisory Board and their Global Hedge Fund Committee.• Member of AIMA

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The diplomat

His education had prepared him for a career in foreign affairs or public service. However, in the end it was in the private sector that he applied his deeply held principles.

The art of consensusRafik Fischer is a firm believer in management by example as opposed to pressure, and by encouragement rather than conflict. His relationships with his clients and staff are based on respect. He has spent the majority of his career at KBL European Private Bankers, which he joined in 1989. Currently Head of the “Global Investor Services” business line, his role models include his father and Winston Churchill. The first was a generous and humble company manager. While the second was an expert in the art of using his persistence and persever-ance to exert a remarkable power of persuasion.

President of ALFIRafik Fischer was president of ALFI from 1998 to 2001: the association’s golden years. During this period, the number of funds increased from 4,300 to 7,000, with deposits tripling to reach the 1,000 billion euro mark. Under Rafik Fischer’s presidency, the association’s permanent staff increased from 1 to 8, with the articles of association reviewed to support this dazzling development, boosted by a favourable economic and political climate. By his own admission and with his cus-tomary humour, Rafik Fischer says that ALFI entered the new millennium by transforming itself from a friendly “dining club”

to a powerful association: a metamorphosis of which he is proud.

Balance and first name termsRafik Fischer has managed to balance his responsibilities at KBL European Private Bankers, includind his chair of the board of EFA (European Fund Administration) as well as at ABBL, CSSF, ALFI, Luxexpo and other consultancies, with time at home with his blended family and five children. He admits that it has taken time to achieve this balance. His professional life has brought many unforgettable moments, in particular some very important negotiations in New York, however his best memories are more subtle. He still remembers exactly how he felt when certain distinguished individuals such as Me André Elvinger and Jean-Nicolas Schaus asked him to call them by their first names. A young executive at the time, he regards this honour as one of the greatest recognitions.

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rafik Fischer

Birthday: 27th April 1960Place of birth: LuxembourgNationality: LuxembourgerChildren: 2 (5)Languages: French, English, German, Luxembourgish, SpanishHobbies: Reading, trips, scuba diving, skiing, family

My favouriteCities: Paris, Boston, LuxembourgRestaurants: Maison Arendt (Luxembourg), Marius (Copacabana)Places: A house in the south of France, Ulusaba reserve (South Africa), Rocky MountainsBooks: The Art of War (Sun Tzu), The Pillars of Earth (Ken Follet)Music: From Opera to Jazz or Heavy metalArtists: Antoine-Louis Barye, Hans Erni

PositionHead of Global Investor Services KBL European Private Bankers

Others• Director and Former chairman of ALFI• Diretor of KREDIETRUST• Chairman of the board of directors of EFA

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An unquenchable thirst for discovery

At the age of just 38, Elie Flatter is in charge, at the Banque Centrale de Luxembourg, of the prudential supervision of the liquidity of market operators. A successful career which he happily combines with an endless quest for discovery.

Increasing complexityElie Flatter’s story starts in 1974, in a small village in the Vosges region of France where he spent his childhood. His educa-tion began in the local school, which had just one class. As the result of family moves, he subsequently enrolled in schools in Epinal and then Nancy. With each move his hori-zons expanded, as he discovered new and more complex worlds, each increasing his curiosity and developing his abil-ity to adapt. This hard-working and brilliant scholar followed an unusual path: although specialising in sciences at high school, Elie’s true passion was for Greek, Latin and Hebrew. Over time, a great thirst for knowledge of all kinds shaped the young man’s character, helping him to feel quickly at ease in any situation. After passing his baccalaureat examination, he decided to study economic sciences at Nancy University.

InternationalisationAt the end of his studies, Elie Flatter began working life with the Banque Populaire du Luxembourg. Over the next four years, he gained experience in the trading room, learning about trad-ing techniques, arbitrage, setting up structured products and

fund management. He then built on these solid foundations, moving on to a new challenge at Crédit Agricole Indosuez Luxembourg, where he gained skills in team and project man-agement. Wishing to develop his skills and widen his horizons, Elie decided to take a career break to return to the academic world. He signed up for an MBA course organised jointly by Warwick Business School, ESSEC and the University of Mannheim. His stay in the United Kingdom also brought him into contact with a new culture, since this was where he met his wife, a Chinese national.

SpecialisationOn his return to the working world, Elie Flatter joined Ernst & Young Luxembourg where he spent four years in business advisory, specialising, among other areas, in Islamic finance and making many visits to the Middle East. His thirst for dis-covery took on a new dimension in September 2009, when he joined the Banque Centrale du Luxembourg, taking respon-sibilities in the prudential supervision of the liquidity of market operators. Alongside this mission, Elie was mandated to rep-resent the BCL in working groups of Islamic Financial Services Board (IFSB) on management of the liquidity of Islamic financial institutions.

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elie Flatter

Birthday: 7th December 1974Place of birth: EpinalNationality: Luxembourgish, FrenchChildren: 2Languages: French, German, English, HebrewHobbies: Theatre, badminton, hiking

My favouriteCities: Luxembourg, Shanghai (People’s Republic of China), Muscat (Sultanate of Oman)Restaurant: Um Plateau (Luxembourg), Chalet Am Brill (Mondorf-les-Bains)Places: Nature, forests Music: Classical music

PositionLiquidity Surveillance & Prudential Supervision,Central Bank of Luxembourg

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The sweeper

Jean-Paul Gennari, CEO of Crédit Suisse Fund Services, used to dream of being a professional footballer. His favourite posi-tion was sweeper: a defender. Rather like a CEO, wouldn’t you say?

Football foreverPlaying in defence, the sweeper has an overview of the match. Incidentally, this strategic coordinating and passing position is a bit like the role of a company CEO. Jean-Paul Gennari draws on his skills acquired on the pitch, such as teamwork, and applies them to the world of business. A torn cruciate ligament at the age of nineteen forced him to kiss goodbye to his dreams of youth and drop football. However, the sport gave him his self-confidence. “My natural optimism means I believe that every cloud has a silver lining,” he smiles. The young man resumed his studies at the Luxembourg School of Business and Management and launched his career in the trading department of BGL in 1982.

Like on the pitchOne year on, at UBS, Jean-Paul held a number of posi-tions and saw his responsibilities grow. When UBS and SBS merged in 1998, he joined the newly created Central Bank of Luxembourg (BCL). “It was a rewarding experience,” he remembers. “We started from nothing and I had six months in which to put something in place.” His best quality is undoubt-edly his flexibility. “You have to be able to adapt to the situation,

a bit like the sweeper has to do on the pitch.” Hired by the Luxembourg Monetary Institute to set up the Central Bank of Luxembourg’s future processes, he was involved in set-ting up the Central Bank of Luxembourg, and in the separa-tion of the BCL and the CSSF (Financial Sector Supervisory Commission). He left the BCL one year later. At VP Banque, he was responsible for setting up the family office, a natural role for someone who has always managed his affairs paternally, the old-fashioned way.

Cycling into retirementBack at UBS in 2001, he originally had some responsibility for managing funds. He subsequently became CEO of UBS Funds Services. The sweeper in him was back! At the end of 2010, he was given the same position at Crédit Suisse Fund Services. Receptive and willing to listen, his door is always open. If he had to do it all again, this proud father of two grown-up children would spend less time at work and more time with his family. So what will he be doing in ten years’ time? When he retires, the fifty year old of today sees himself cycling around his beloved Lubéron, and no doubt kicking a ball about too, just for fun!

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Jean-Paul gennari

Birthday: January 1958 Place of birth: Esch sur AlzetteNationality: LuxembourgerChildren: 2Languages: French, Luxembourgish, German, English (a little italian)Hobbies: Sport, Football, cycling

My favouriteCities: Rome, Berlin (my daughter is studying there)Restaurants: Sapori (Luxembourg), les 12 apôtres (Berlin)Places: Lubéron, Toscane, Lac de Come.Books: Books by H. Mankell Music: Crosby, Stills & Nash

PositionCEO of Credit Suisse Fund Services (Luxembourg) SA

OtherBoard member de Crédit Suisse Management Company

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A passion to create

The passionate drive to create and deliver the most adequate investment fund struc-tures will allow Joëlle to further develop her vision to position Clifford Chance as the leading international investment fund prac-tice in Luxembourg.

PerspectiveJoëlle Hauser was born in the charming town of St. Vith, in the German speaking part of Belgium. After graduating magna cum laude from her Licence en Droit at Université Catholique de Louvain, Joëlle’s path led her to the Grand Duchy of Luxembourg. After starting her career with one of the major Luxembourg law firms, Joëlle moved on to experience the Luxembourg fund and custody/settlement industry first hand, working at UBS and Clearstream. Joëlle returned to legal prac-tice by joining Clifford Chance in 2000 in the role of partner, with the ambition to build up the firm’s Luxembourg investment fund practice and to position it as the provider of choice for international, cross-border institutional fund promoters.

Performance and TeamworkFrom the start, Joëlle’s relationship with Clifford Chance has been one of successful symbiosis between her energetic and demanding nature and the firm’s culture of “Local Excellence, Global Standards”. Joëlle greatly enjoys fostering a multi-national team within an extensive global network.Drawing on her industry experience, she developed a successful practice

counseling a wide variety of local and international clients in the set-up and structuring of UCITS, hedge funds and pri-vate equity and real estate investment structures, helping her clients steer firmly through the ups and downs of an event-ful decade. From there, under Joëlle’s leadership, the firm’s practice further developed along the path of diversification, extending its knowledge to the challenging realms of public-private partnerships and public policy funds for a multitude of public institutions and supranational bodies.Guided by a passion to deliver, Joëlle ensures that each client receives a high quality, tailor-made solution to even the most complex and multi-facetted issues.

Personal lifeCareful towards a healthy work-life balance, Joëlle finds calm and serenity in spending her leisure time with her family. She is an enthusiastic runner and yoga adept and can enjoy a good book, preferably biographies and novels.

Joëlle Hauser

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Joëlle Hauser

Birthday: 14th June 1967Place of birth: Saint Vith (Belgium)Nationality: BelgianChildren: 1Languages: German, French, English, LuxembourgishHobbies: Yoga, reading, jogging

My favouriteCities: Venise, ParisRestaurant: The Thaïland (Luxembourg)Places: Red Sea – Sharm-el-SheikhBooks: BiographiesMusic: My husband’s compositions

PositionPartner – Head of the Investment FundsDepartment, Clifford Chance Luxembourg

www.myofficialstory.com/joellehauser

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Cooking up a treat

In his view, the long-term approach is the best, whether at work or at home. Vincent Heymans is equally at ease demonstrating his theories in the office as to the kitchen.

Starting upAfter graduating with a bachelor’s degree in economic sci-ences, Vincent Heymans agreed to join a friend in a leasing and insurance brokerage start-up. This initial experience cre-ated the foundations on which Vincent went on to build his career. From sales, to computerisation and accounting, he turned his hand to everything, developing skills that proved essential in his future career. Two years later, the economic sit-uation at the time lead the two entrepreneurs to change path. Deciding to take up a more conventional role, Vincent joined Cedel. Starting out in Operations, he progressed through the ranks over the next three years, before finally joining KPMG Advisory to focus on what he likes doing best: project man-agement. He has now been advising fund trustees and spon-sors in a whole range of fields for fourteen years.

Jacques BrelAs a schoolboy, the young Vincent displayed an insatiable curiosity and was an avid reader, while suffering from extremes of boredom during school lessons. A characteristic he shares with Jacques Brel, the personality he most admires. In addi-tion to his outstanding lyrics, it is Brel’s insight into others that has always impressed the businessman. Like Brel, he seeks

to avoid compromise and concentrate on what matters most to him. He divides his time between work, family, friends and his passion for cooking.

Jump in!When he was a child, Vincent learned to swim by jumping into the water without his armbands. He had simply forgotten to put them on. Perhaps it was then, at this early age, that he formed the conviction that the best way to learn is by doing. A firm believer in deep thinking, in particular when it comes to human behaviour, Vincent Heymans has “jumped in” on more than one occasion, in pursuit of an overview and general understanding of the funds industry. In future years, he will of course continue to dispense advice and build relationships, but his retirement dream is to run a guesthouse – an oppor-tunity to meet people from all walks of life and give free rein to his culinary passion.

Vincent Heymans

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Vincent Heymans

Birthday: 18th July 1966Place of birth: UccleNationality: BelgianChildren: 3Languages: French, EnglishHobby: Cooking, golf

My favouriteCities: Perugia, BarcelonaRestaurants: A trattoria in ItalyPlaces: Tuscany, ProvenceBook: Monsieur Ibrahim et les fleurs du Coran (Eric-Emmanuel Schmitt)Music: Pink FloydArtist: Jacques Brel

PositionPartner, Head of Financial Services, Head of Marketing, KPMG Luxembourg

www.myofficialstory.com/vincentheymans

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Pragmatism and optimism

From Lubumbashi to Luxembourg, Kabanga Michel Kayembe, a partner with Kurt Salmon, talks about the people and events that have shaped his career.

A careerThere aren’t many finance executives out there who dream of being a waffle seller! This man is clearly an idealist. He would like to see more philanthropists out there, along the lines of Bill Gates. He is a big admirer of the founder of the Microsoft empire, who has decided to put his fortune to good use by helping the underprivileged. “Being someone is knowing how to be at the service of others”, he adds. Born in Lubumbashi forty years ago, Michel arrived in Belgium at the age of eleven to go to school and graduated in econom-ics from the FUCaM in Mons before completing a Master’s in finance at the University of Liege. In 1996 he started his career as a consultant before leaving four years later to join Atraxis, a subsidiary of Sabena. Following its financial difficulties, this adventure came to an abrupt end.

A chance encounterWhen on holiday in the Congo at the age of seventeen, he had a chance encounter with the woman who was later to become his wife. They lost sight of each other for a few years before coming across each other again on a station platform in Brussels. They have been inseparable since. Devoted to his four children and an adventurous entrepreneur, Michel is quick

to emphasise the two sides of his profile, which he compares to the fictional character Batman. But while he may look up to the hero, he has never actually considered the possibility of actually becoming a caped crusader in real life!

A business visionIn 2001, Arthur Andersen asked him to join the Business Risk Consulting Advisory in Luxembourg. Two years later, the com-pany merged with Ernst & Young and Michel joined an asset management company as an internal auditor. “I considered the experience as a stepping stone towards the world of portfolio management, private banking and, above all, fund administra-tion”, he remembers. In 2004 he came back to consulting with a stint at DCE Consultants. But when the former partners of Deloitte Consulting France came up with the idea of creating Ineum Consulting Luxembourg, he didn’t think twice. “Won over by the business vision, I agreed to follow Eric Crabié into the venture.” In January 2011, after 5 years of activity in the Grand Duchy, Ineum Consulting merged with Kurt Salmon Associates to give birth to Kurt Salmon, a new player on the consultancy market. “In the course of my career, I’ve had to contend with two bankruptcies and one merger. But I keep a positive outlook. The worst is behind me!” smiles this eternal optimist. Pragmatic and discreet by nature, he does not thirst after popularity or hunger for the glamour of a big name, as he firmly believes that “it simply sidetracks you”.

www.myofficialstory.com/kabangamichelkayembe

Kabanga Michel Kayembe

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Kabanga Michel Kayembe

Birthday: 29th April 1971Place of birth: Lubumbashi, République Démocratique du Congo (RDC)Nationality: BelgianChild: 4 Languages: French, English, Spanish (intermediaire level) Hobbies: Reading, cinema

My favouriteCities: Paris, Luxembourg, GenèveRestaurants: Patin d’or (Luxembourg), El Mektoub (Genève), La Novita (Genève)Places: Dudelange (j’y habite), Luxembourg), Place St Pierre (Rome)Books: Paulo Coelho, l’Alchimiste ; La BibleArtist: Gustav Klimt, The tree of life

PositionPartner

www.myofficialstory.com/kabangamichelkayembe

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A Self-Made Businesswoman

An unconventional career path criss-cross-ing the European continent, and picking up numerous languages along the way, Daniela Klasén-Martin brings her wealth of life and business experience to any challenge mak-ing her one of the most dynamic business-women in Luxembourg today.

Hard-Work, Determination & PerseveranceDaniela Klasén -Martin has never chosen the easy way. After finishing high school in Italy, Daniela moved to Sweden to pur-sue her academic career and explore her family roots. Having never had formal Swedish lessons, Daniela convinced the university to let her sit the Swedish language exams after only a couple of months of intensive studies. Not only did she pass, she graduated with the one of the highest marks of her year. After earning a Masters in Business Administration & International Economics from Linköping University and ESC Nantes Business School, Daniela started her career as a management accountant at Fiat Auto Sverige in Stockholm in 1992. Meeting her future husband shortly after, they moved to France in March 1993, where she was hired as a Business Manager at Fiat Auto France.

A Career Steeped in the Finance, Investment & Professional Services IndustryConstantly looking for new professional challenges and differ-ent work environments, Daniela joined Schroders Investment

Management Luxembourg as a management accountant in 1997. After setting up the firm’s finance department and being promoted to the company’s Head of Finance, Daniela moved to the Director’s office in July 2006, where she was first CEO, then General Manager of MDO after the firm merged with Mercuria in 2008. Since September 2010, she is MD at DCG SA (DCG), a corporate services and management company services firm based in Luxembourg. With close to 20 years of international experience across different sectors, a broad knowledge of the fund industry and the Luxembourgian busi-ness environment in particular as well as an unparalleled ability to instil her visions and passion onto her work environment, Daniela is determined to make DCG one of the leading players in the industry.

Determined, Focused and Ready for a Challenge “I am constantly on the lookout for new challenges, new learn-ing opportunities, innovative projects and new industries to explore. No matter the sector, success correlates with hard-work, commitment, quality services and clear strategic man-agement vision, said Daniela. I am not waiting for things to happen. Whether in business or in your private life, it is up to yourself to achieve your goals and objectives.”

Daniela Klasén-Martin

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Daniela Klasén-Martin

Birthday: 13th June 1967Place of birth: Bari (Italy)Nationality: Italian and SwedishChildren: 2Languages: Italian, Swedish, English, FrenchHobbies: spending time with my daughters and my husband, Aïkido, jogging, reading

My favouriteCities: Stockholm, ParisPlaces: Lakes in Sweden, the sea of Salento in Italy Books: Thrillers (Henning Mankell, Stieg Larsson), historical novels (Valerio Massimo Manfredi, Mika Waltari), Comic Books (I collect them).Restaurants: I prefer my husband’s “cuisine”Music: Eclectic: rock, funk, electro funk, trip hop, electro jazz, jazz, pop, classicArtist: Dalí

PositionManaging Director, DCG SA (DCG)

www.myofficialstory.com/danielaklasenmartin

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An entrepreneurial art

Wherever he goes, Bob Kneip influences his environment. Just like his favourite artists, he leaves his mark.

Early worksThe employees of a company where Bob spent a sum-mer placement still remember him. The “pink shirt day” he introduced demonstrated the positive impact of this type of initiative. The entrepreneur started his career in Belgium, in Sodexho’s “Chèque-Repas” division. Recognising the poten-tial of the luncheon voucher concept, he completed a post-graduate course in Management and set up Chèque-Repas Luxembourg S.A, which he managed from 1987 to 1990. He then developed this business in Germany and Austria, gained experience as a Managing Director with a major distribution company, before entering the communications’ world with IP Group. Drawing on the best aspects of his experience to date, he developed an ambitious business model combining finance, communication and industrialisation of distribution. His employer was hesitant, so he set out on his own.

The MasterpieceKneip Communication S.A started trading in 1993. Building on various development phases and innovations, the com-pany carved out a place for itself in the distribution of financial information. Its services supply thousands of destinations: newspapers, websites and other regulators. To address this challenge, Bob calls upon all available expertise, including his

father Victor and his established network of friends. Renamed “KNEIP”, his company went on to expand through the invest-ment of 3i Growth Capital, who provided support in making 3 acquisitions in 2009, and culminating in a repurchase of all shares in 2010. Today Bob continues to lead his company into the future as sole proprietor.

Passion for Pop Art“Being good in business is the most fascinating kind of art”. Bob appears to follow Andy Warhol’s philosophy to the letter, with works of art to be found in every corner of his offices. His passion for pop art can be traced back to the age of 12, when he used his pocket money to purchase his first print. By no means does he regard himself as a collector. He acquires works for pleasure rather than as investments. He enjoys the effect his paintings create on visitors and staff. His employees are involved in his “Private Art Kirchberg” initiative – an oppor-tunity for the public to view his collection. Futuristic or critical, but always fun, these paintings present a fairly accurate image of a creative and professional businessman, whose passion for art is surpassed only by his passion for life.

Bob Kneip

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Bob Kneip

Birthday: 23rd April 1962Place of birth: Boulogne Billancourt (France)Nationality: LuxembourgerChildren: 3Languages: Luxembourgish, English, French, GermanHobbies: Golf, skiing, running

My favouriteCities: Paris, New YorkRestaurant: Brasserie MansfeldPlace: Museum of Modern Art (New York)Books: Cartoons by Van HammeMusic: Simple Minds, U2Artist: Andy Warhol

PositionCEO of KNEIP

Others• Founding member of IMS Luxembourg• Member of markcom Luxembourg• Board member of “Pour un sourire d’enfant”

and “Foundatioun Kriibskrank Kanner”

www.bobkneip.com

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The Brainstormer

Far from being two tone and limited to just black and white, Serge Krancenblum sees the world in infinite shades of grey, because everything in the world is complex, exciting and constantly on the move, and everything, absolutely everything, is in an unstable equi-librium.

Fear does not avoid dangerDaring to move forward without fear of falling and without fear of making mistakes is what sums up Serge Krancenblum. This native of Metz doesn’t see standing still as a viable solution. Being active and proactive is the only possible thing to do. After studying in France and in the United States, specialising in finance, Serge headed for Luxembourg, where he embarked on a long and glittering career. Clear-thinking, which is his main quality and his main fault, he is well aware that he owes his success to the Grand Duchy. Of course, he would have had a dazzling career anywhere else, but it has taken on another dimension here. Aware of this fact, Serge demonstrates his gratitude by attempting to be its most persuasive ambassador.

Grey is beautifulWhile some people may have a black and white view of things and of the world, Serge Krancenblum knows that things are not that simple. The complexity at every level of our planet makes things more attractive and more stimulating. Geopolitics is a puzzle where the pieces are constantly changing shape,

making it particularly difficult to put them together. So many parameters to take into account with infinite variables might be torture for some people, but it’s something of a passion for Serge. Just like martial arts, which require constant self-con-trol, discipline and humility to recognise that what you thought was an end is, in fact, just one step on a longer journey.

Marx Just because he is a knowledgeable financier doesn’t mean that Serge Krancenblum doesn’t quote Marx. Groucho that is, not Karl. For although he loves his work, he also likes having a life outside of the office. Quoting the eldest of the comic quartet, he says “I don’t care to belong to any club that will have me as a member.” For although he willingly accepts his professional obligations, he prefers not to mix business with pleasure and sets aside time and energy for his passions and his family. In fact, every facet of a person has equal importance and helps to maintain equilibrium. An equilibrium, that is, which makes it possible to keep moving. An unstable equilibrium.

Serge Krancenblum

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Serge Krancenblum

Birthday: 8th October 1961Place of birth: MetzNationality: FrenchChildren: 2Languages: French, EnglishHobbies: Geopolitics, Martial arts

My favouriteCities: Paris, New YorkRestaurants: Favaro, Um Plateau, Boos Café

PositionCEO, SGG S.A.

Others• President of the Luxembourg Association for Family Offices

“LAFO”• Director of the Luxembourg Private Equity Association “LPEA”• Director of selected investment funds and listed and private

companies

www.sergekrancenblum.com

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Claude Kremer

Marathon man

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Claude Kremer moves from challenge to challenge with the speed of a sprinter. A pace he’s maintained for more than twenty years now

Strong supportFor a businessman constantly on the move, a stable environ-ment is the key to his performance. Claude Kremer has impec-cable foundations. A member of the Luxembourg Bar since 1982, he is a founding partner of the Arendt & Medernach practice, established in 1988. A straight career path, and a strong family unit to maintain his sense of balance. His wife is his most loyal supporter and his three children make his life complete. Between work and personal life, most of his friend-ships can be traced back to his years in the scout movement. A school of life that taught him all about teamwork, resourceful-ness and the great outdoors.

EnduranceTo an observer, his life appears fast-paced and frenetic. Alongside his legal practice, he teaches at the university cen-tre, has written a book on investment funds, is a member of numerous organisations and sits on countless committees. Last but not least, he was Chairman of ALFI from 2007 to 2011 and has been elected President of the European Fund and Management Association (EFAMA) in June 2011, roles that require unfailing commitment on an international level. It is therefore rather surprising to hear him describe his pro-fessional life as “a long quiet river”. His experience running marathons has no doubt helped him to pace his efforts and handle his countless responsibilities with apparent ease. Never

looking back, he is constantly scanning the road ahead in search of new opportunities.

ArrivalFar from being satisfied by the personal achievements he has notched up over the years, Claude Kremer constantly ques-tions himself to avoid falling prey to complacency, motivating his teams and devoting all his energy to delivering the right messages to the right people. One day, when this frenzied working life is behind him, he can see himself opening an art store. A way of maintaining the discussions and culture that have always been an important part of his life. Perhaps also a way of putting off the moment when the finishing line comes into view - because for this man of action the journey is far more important than the destination.

Claude Kremer

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Claude Kremer

Birthday: 27th July 1956Place of birth: LuxembourgNationality: LuxembourgerChildren: 3Languages: French, English, German, LuxembourgishHobbies: Running, cooking, mountains, family

My favouriteCities: New YorkRestaurant: MosconiPlaces: Provence, AlpsBook: TintinMusic: Bob DylanArtist: Emile Nolde

PositionFounding Partner, Head of Investment Management, Arendt & Medernach

Others• President of ALFI (2007-2011)• President of EFAMA (June 2011)• Lecturer at the University of Luxembourg• Co-author of a book on collective investment schemes

with Isabelle Lebbe

www.myofficialstory.com/claudekremer

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A taste for change

After thirty years of faithful service to the Dexia group, Jean-Noël Lequeue has set up his own internal audit and compliance company. At an age when many people’s thoughts are turning to retirement, now in his sixties, this dashing individual is still seeking new horizons.

A new challengeWhat makes a man who has reached the pinnacle of profes-sional success with an international group decide to start all over again and launch his own small business? Why not finish your senior management career with a world leader in the banking industry? “A taste for change”, is Jean-Noël Lequeue’s answer. In 2007, this 63-year old Belgian set up ICE, his own internal audit and compliance company, after thirty years working his way up the management ranks at Dexia. Viewing retirement as “a not particularly attractive prospect”, the process of setting up and developing his company has brought Jean-Noël Lequeue his greatest professional satisfaction: “I found starting again on my own an exciting challenge after having enjoyed the com-fort of the infrastructure of an international group.” Passionate about his business, at the start of 2009, this resident of the Grand Duchy since 1993 was appointed Chairman of the ALCO (Luxembourg Association of Compliance Officers).

Thirty years with the same companyAfter qualifying as an engineer on completion of long and

brilliant studies, Jean-Noël Lequeue started his career in the then emerging field of IT. A path that was to lead him to the world of banking, first to Banque de Bruxelles, where he was responsible for IT projects, then in 1977 to Crédit Communal de Belgique, one of the two banks that founded Dexia in 1996. In the course of three decades with the bank, Jean-Noël Lequeue has worked in many areas, from IT to the Chief Compliance Officer role created for him, not forgetting research, purchasing, marketing, general inspection and the management committee. Three decades motivating teams to build for the future, while constantly adapting to the require-ments of the present.

Family timeToday, Jean-Noël Lequeue’s “hands-on” involvement in his new business has brought him new motivation. By no means ready to stop, he is still learning, discovering and pursuing his professional aims in complete independence. The father of two children, and with several grandchildren, he now also plans to spend more time with his family.

Jean-Noël Lequeue

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Jean-Noël Lequeue

Birthday: 18th December 1946Place of birth: Lincent (Belgique)Nationality: BelgianChildren: 2Languages: French, English

My favouriteCities: Florence, BrusselsRestaurant: ClairefontainePlaces: Grand Canyon, Little SwitzerlandBook: CSSF collection of circularsMusic: Beethoven

PositionAdministrateur délégué de Internal Control Expertise (ICE) SA

OthersPresident of ALCO (Association of Luxemburg Compliance Officer)

www.myofficialstory.com/jeannoellequeue

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A life built on teamwork

Roman Lewszyk, CEO of Atlantic Fund Services Europe, learned the true impor-tance of teamwork studying orchestral con-ducting at university. It’s been a lesson that served him well during a career in financial services in the US and Europe.

Perfect pitchStudying music at university, Roman Lewszyk discovered the power of teamwork during a course on conducting: “You have to bring in the violinists, obtain the right beat from the percussionist and get perfect pitch from the trumpeters to achieve a unified, harmonious and lasting sound experience.” Years later, while working with KPMG to build trading systems in Washington, he was struck by the similarity between the techniques required to conduct an orchestra and to lead a business project. “It’s all about a harmonious yet driven approach to teamwork,” Lewszyk says. Today those skills are serving Atlantic Fund Services Europe, an independent fund services provider with 190 staff and offices in Warsaw (Lewszyk was born a few hundred kilo-metres to the southwest, in Zabrze, in 1958) and Luxembourg.

Rare opportunityLewszyk emigrated to the US at the age of 21 (he has both Polish and US nationalities). He spent the 1980s studying in San Francisco and working in the new hi-tech hotbed of Silicon Valley before returning to Europe in the 1990s. There he helped to build capital markets institutions in his native

country as an adviser to the chairman of Poland’s Securities & Exchange Commission – “a rare opportunity,” he says. In the late 1990s Lewszyk engaged in the fund services sector as CEO of Investment Fund Services, a joint venture between Maine-based Forum Financial Group and Warsaw’s Bank Handlowy, which grew from start-up to capture 80% of the Polish market. When Forum was acquired by Citigroup, he took on a succession of roles, including heading its transfer agency business in Europe and Asia and overseeing the glo-bal implementation of a new TA platform.

Reducing carbon footprintsBut when Forum’s founder John Keffer took the business inde-pendent again in 2007 under the Atlantic banner, Lewszyk initiated with John the same process in Europe and was keen to take up the challenge. “It has been a great and invigorating experience,” he says. Part of the appeal is the company’s role in training young people and instilling values such as integrity, conscientiousness and diligence, which he says is crucial at a time when many traditional institutions are failing the younger generations. Tellingly, when asked where he expects to be in 10 years’ time, Lewszyk says: “Passing the baton to an inspired leader.”

Roman Lewszyk

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roman Lewszyk

Birthday: 5th August 1958Place of birth: Zabrze, PolandNationality: Polish, AmericanChildren: 2Languages: English, Polish, Russian, Latin, GreekHobbies: Sports (hiking, rowing), reading

My favouriteCities: San Francisco, CracowPlaces: Costa Blanca (Spain), Napa Valley (California)Restaurant: Greens (San Francisco)Places: Grand Canyon, Little SwitzerlandBook: The Seven Pillars of WisdomMusic: Mozart, Chopin, MusorgskyArtist: Tintoretto, Kandinsky

PositionCEO of Atlantic Fund Services Europe

www.myofficialstory.com/romanlewszyk

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The interpreter

A comment made by a German teacher could have crushed her dreams. Instead, it had the opposite effect! For more than 20 years, Edith has continued to push her own limits.

English-GermanBorn in Charleroi in May 1968, Edith knew from as young as 8 years old that she would be an interpreter. She wasn’t afraid to make mistakes and focused on the most important thing, namely being understood by the person in front of her. She spoke Hungarian from an early age and eagerly devoured books throughout her time at school. As planned, she began studying English-German translation, then moved on to studying marketing and international commerce at the EPHEC (Practical School of Business), despite the pessimistic predictions of one teacher. Her studies taught her to be open-minded and enabled her to touch on a lot of subjects. This was also where she met her husband.

Twenty yearsAt the end of November 1991, Edith went for her first interviewwith “The Bank of New York”. When she left 9 years later, her manager showed her the notes from that interview: “she has spirit but is not career-oriented”. Her son was born in 1992. She moved to Luxembourg with her husband andchild in August 2000 to join Fleming Asset Management. A life crisis in February 2001 allowed her to find out who her real

Edith Magyarics

friends were and lose herself in her work. She became “Head of Client Services” in 2001, moving on to the post of “Head of Transfer Agency” 3 years later, before becoming “Head of Vendor Management for Continental Europe” in 2006. When she left JP Morgan Asset Management Europe, her busi-ness card read “Head of Product Delivery and Fund Vendor Management”.

Two new challenges“I rely on my gut feeling”. Following her instincts, Edith agreedto join ING in 2010 for an ambitious project. She wasn’t leavingher colleagues nor the company; she was taking on a new challenge. In May 2012, she joined Victor Buck Services for the same reason. “Nicolas and Renaud hired me after a 10 year probation period,” she jokes, referring to the fact that the trio have worked together a lot over the past decade. This has enabled them to learn the things they have in common, i.e. good listening skills, the desire to keep moving and tremen-dous drive. To be continued.

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edith Magyarics

Birthday: 2nd May 1968Place of birth: Charleroi (Belgium)Nationality: BelgianChildren: 1Languages: French, English, German, Dutch, Spanish

My favouriteCities: New York, Budapest, Assise, Florence, BrugesRestaurant: The Scheltema in BrusselsPlaces: Le Grund, The Masai Mara, La plage de M’BourBook: Lord of the RingsMusic: DanceArtist: Michael Angelo, “The False Mirror” by Magritte

PositionChief Executive Officer of Victor Buck Services

OthersMember of the Board of Seqvoia S.A.

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Building networks

She was born in the northern part of Germany, in a well-known City named CELLE, near to Hannover, the bassinet of the best spoken standard German. Her father’s job made them move to Hamburg and settling down in the Southern part of Germany, where she grew up. Sabine had to learn in early stages, to build new friendships and to try to keep them.

MovingShe kept on moving and travelled a lot to get to know new people and cultures. She applied for becoming a Stewardess with Lufthansa to combine her interest of being in touch with people and the possibility of travelling.She failed, because she prepared herself for the interview with reading the balance sheet and learning by heart the different types of airplanes with all technical details. Out of this she took the opportunity to get involved in the banking business.

BankingIn all her professional stations she had a responsibility for big teams and big client relationships, and she had the chance to build new business areas in a, for the fund business in Germany, unknown area – Outsourcing of Fund Administration Services.Additionally she supported her husband in building his busi-ness and supported him with building networks.

Most of her contacts got very personal and she is focused on bringing different people with different ideas together to gain new ideas and a common understanding.Since she joined HSBC in November 2011 and moved to Luxembourg in March 2012, those strengthens are challenged every day.

Slogan“Every manager and boss is only as good as her/his team” motivates her every day, also after having spent about 24 years in the financial business. Through her career she was pro-moted to various positions and encouraged to step further, that is what she gives back to her team: trust, support, honesty and sustainability.The most worth-full praise she achieved from one of her big-gest clients was, that she was told, that the person, CFO, wants to learn from her saying NO, but as charming, friendly and well argued as she does.

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Sabine Moldenhauer

Birthday: 2nd October 1968Place of Birth: CelleNationality: GermanLanguages: English, GermanHobbies: reading books, cooking, friends, culture, music, sports

My favouriteCities: Berlin, Vienna, MoscowPlace: Swimming pool Restaurants: The Lodge (Frankfurt), Newton Bar (Berlin)Book: Der kleine PrinzMusic: Classical & RockArtist: Hiroyama

PositionChairwoman of the Board, HSBC Trinkhaus Investment Managers S.A.

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Epicurean

Today a fund administration specialist, Frédéric Perard’s original ambition was to manage luxury hotels. Evidence of this early passion is apparent in the form of a creative approach and an appreciation for the finer things in life.

Striking out alone, age 17Frédéric Perard first discovered basketball when he was eight years old. The sport had a deep influence on him. His busi-ness decisions are still influenced by the same factors, a fun element, team spirit and an ongoing quest for technical and tactical excellence. Frédéric could have carried on playing, but in the end the lure of the gastronomic world prevailed. Thus, after an uneventful childhood and adolescence in the bracing climate of the North Sea coast, the young man left home in 1980, at the age of 17, to pursue a burning ambition: to one day manage a major international hotel in a prestigious location. However, Frédéric quickly realised that this industry held few prospects for him. He then changed path, enter-ing the world of finance and economics with a bachelor’s degree in commercial and financial sciences from the ICHEC in Brussels.

Promoting fund administrationIn 1986, on leaving university, Frédéric Perard only needed to reply to a single job offer. He was immediately hired by JP Morgan in Paris, who had been impressed by his

dissertation on “measuring the performance of Monory-CEA unit trusts”. His working life therefore began in fund administra-tion, an area in which he has chosen to remain. Until 1995 and the sale of the business to Paribas and the Bank of New York, JP Morgan Securities experienced exponential growth, giving Frédéric Perard ample opportunity to express his talents. In 1999, he joined Paribas. Thanks to his team spirit, responsive-ness and innovative flair, he naturally found himself in a key role in the two major acquisitions made by BNP Paribas - Paribas in 1999 then BGL Fortis in 2009.

Hunting, travel and oenologyFrédéric Perard’s move to Luxembourg in 2004 has brought two major benefits: on the one hand, he finds a peaceful family haven in the city on his return from the many business trips required for his role. On the other hand, he can indulge his passions for oenology and hunting, enjoying the conviviality and fresh air aspect of these pursuits. In the medium term, Frédéric may explore new horizons far from Europe – maybe even in Asia – however, his most cherished dream is to buy a vineyard where he can make his own wine and go hunting with his dog.

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Frédéric Perard

Birthday: 12th July 1963Place of birth: Malo-les-BainsNationality: FrenchChildren: 1Languages: French, English, Spanish, GermanHobbies: Oenology, golf, hunting, basket ball

My favouriteCities: New York, San Francisco, RomeRestaurant: Gagnaire (Paris)Places: Rajastan, Saint EustacheBook: Germinal (Emile Zola)Music: Norah Jones, Amadeus MozartArtist: Leonard de Vinci

PositionRegional Manager, Luxembourg and Offshore Centres

OthersMember of the Executive Committee of BNP Paribas Securities Services

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The straight Shooter

Brenda Petsche shares her time between HSBC and her family, that she often meets around hockey rinks.

ChateauguayBorn in a little town – Chateauguay – located in the suburbs of Montreal, Brenda Petsche had a pretty fun childhood. She was often raising money for various causes and her father recalls “If she couldn’t do a math problem, I would tell her it is money and she would find the answer”. She grew up in Quebec, until it was decided that it would become a French-speaking province: the family moved to Toronto in 1979.Integration there was very difficult as Brenda was already driven and ambitious. She thought she would be a fashion buyer, then decided “not really” and ended up in mutual funds! She started in a small third party provider, and gradually worked her way up.

EntrepreneurShe quit her job and established her own company providing accounting and services to small companies. She learnt a life lesson: she thought it would be easier to be her own boss, but all her clients became her bosses! Nevertheless, she enjoyed becoming part of their lives and the friendships that she earned. She learnt to sell herself, draw parallels and expe-rience a wide range of life experiences. Consulting appealed to the fact that a big company would value what she had to share and achieve greater heights. But the attraction of

banking was strong: she consulted for a bank in Toronto for three and a half years before finally joining it full-time.

“Get on and do it”When she moved to Guernsey in 2000, she had the inten-tion to slow down. But after 2 months, she was bored and accepted a job at Bank of Bermuda, as Manager of the Fund Accounting department. She had her two sons whilst in the job, and four years later, HSBC bought Bank of Bermuda. She was promoted to various positions before becoming MD of the Guernsey office and moved to Luxembourg in 2009, as Head of Client Delivery. A year later, she was appointed manag-ing director of HSBC Securities Services. When asked about her management style, she smiles: “People ask too much for permission to do things. They expect their boss to say “Get it done” but that would imply an order. I prefer “Get on and do it””. She believes in exemplarity: she will work as long as it takes to get things done. And a very challenging client blown away by the work of her team is what she likes best.

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Brenda Petsche

Birthday: 10th February 1965Place of Birth: MontrealNationality: Canadian Children: 2 boys (Xavier, Gabriel)Languages: English, French Hobbies: hockey mom, (not a sport a lifestyle), reading books

My favouriteCities: Venice, Toronto, (Fiji would like to go)Place: hockey rinkBooks: Towards a Society of Frugal Abundance by Serge Latouche, Child psychology books (what makes my boys tick)Restaurants: Brasserie Mansfield, Chi Chi`sMusic: Pop – PINK, Phil Collins Artist: David Begbie, Edouard Matinet

PositionHead of Client Delivery HSBC Securities Services (Luxembourg) S.A.

OthersDirector on the boards

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An uncommon sense … of self and success

What makes us who we are? What is the impact of witnessing, as a young man, the murder of a relative in Africa? At the age of twelve, discovering our first “haute cuisine” meal (no ketchup allowed!)? As a teenager exploring America while already a reso-lute European? As a kid playing sports with friends, yet solidly equipped with a deep understanding of playing by adult rules?

It’s not just common senseAs François Pfister opens up about his past, one unmistak-ably understands the importance of sense. Sense of taste, discovery, friendship, fairness… and excellence. Very early on, François Pfister was able to shape his life with the unparalleled intuition that comes from listening to oneself while opening up to others. Maintaining a keen sense of equilibrium, allowing discovery to meld with steadfastness. Blending the joy of fam-ily with the passion of work. Mixing the excitement of entrepre-neurship with the demanding constraints of law. Achieving a balancing act of youthful wonder and stalwart leadership that has brought success and satisfaction to him and his family and to clients and colleagues the world over.

Senses built for trustWhile keen senses have contributed to the making of the man, trust has become his watchword. François Pfister’s education

Francois Pfister

and career can only be characterized as diverse. This diver-sity has made him one of the most respected legal minds in Luxembourg, but there is a deep, unwavering constant that guides every endeavor, mission and relationship: trust. For François Pfister, “the essence is trust”. Once established, the possibilities are endless.

Most important date in my life: tomorrowHis latest “endless possibility”? For Ogier Luxembourg’s recently appointed managing director, life is an eye-opening work-in-progress – a past full of achievement and a future open to adventure, discovery and giving back. Don’t be fooled: with his incredible gift of keen senses, he gathers, remembers and recalls. But the purpose of his gathering is clear and vital: taking the best of what he has seen, heard, tasted and smelled and making them an integral part of the future: never-ending discoveries of wine and food, a new challenge on the guitar, taking family relationships to a new, decidedly more mature level and, guiding Ogier to a unique level of excellence.

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Francois Pfister

Birthday: 25th october 1961Place of Birth: BrusselsNationality: Luxembourger Children: 2 (twins boy and girl - 17years old)Languages: French, English, German, Luxembourgish (basic) Hobbies: Wines, cooking, music

My favouriteCities: NYC, Hong Kong, Paris, VenicePlace: my sea front terrasse in the south of France, on a wood junk in the Halong Bay, the Burgundy vineyards in a sunny autumnBooks: Le Petit Prince by St-Exupéry La Haine de la Musique by Pascal QuignardRestaurants: Michel Bras in Laguiole, Les Flocons de Sel in Megève, some of my friends’ homesMusic: Jazz, Blues and Rock: Coltrane, Miles Davis, Jimmy Hendrix, John MacLaughlin, Stanley Clarke Artist: Leonardo da Vinci, Michelangelo, african tribal sculptors, Picasso

PositionManaging Partner Ogier Luxembourg

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The risk-taker

A native of Canada, Kim-Andrée has spent the last ten years building up her experi-ence in Europe. She now holds the role of Deputy Managing Director of BNP Paribas Securities Services Luxembourg. Energetic and spontaneous by nature, her love of travel and exploring distant lands has taken her on a varied career path.

Change of continentsEven as a young child, Kim-Andrée used to say to her par-ents: “I’m going to live abroad”. After obtaining her MBA, she decided to move to Europe and initially opted for France. She believed that if she stayed in her native Canada the focus of her career would inevitably be mainly the United States. Starting from scratch, she arrived in Paris and joined Accenture’s Process Reengineering division. She then moved to BNP Paribas Insurance and was involved in auditing its sub-sidiaries on all continents. After this, she progressed through a variety of roles – from General Inspection at BNP Paribas, to heading the Benelux internal audit department where she set up a multidisciplinary Hub and finally BNP Paribas Securities Services Luxembourg. At each stage, she pursued her driving passion: creating!

Appetite for lifeFrom a very early age, Kim realised that life is short and that the biggest risk was missing out on the many opportunities

it brings us. She likes to quote Abraham Lincoln “It’s not the years in your life that count, it’s the life in your years”. True to this philosophy, she puts all her energy into everything she does, as demonstrated by her sports achievements – she has taken part in horse-riding and figure skating at a competitive level. As a true Canadian, she started skating at 5 years old and progressed as a competitor and coach. She is enthusiastic, practical and enjoys working in varied teams that strive to innovate and exceed their objectives.

Wild encountersA great lover of nature and wide open spaces, Kim’s trips with her husband are decided according to which wild animals they would like to observe in their natural environment. So far, they have been to see tigers in India, jaguars in Brazil and leopards in South Africa. Her ideal book would be about travel and landscapes. Her idea of heaven on earth is the Ngorongoro crater in Tanzania. All her travels, whether in Australia, South Korea or Namibia, have the same effect on her: they make her question things and send her home with new ideas to constantly move forward.

Kim-Andrée Potvin

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Kim-Andrée Potvin

Birthday: 5th June 1975Place of birth: MontrealNationality: Canadian and FrenchLanguages: English, FrenchHobbies: Observation of nature and wild animals, figure skating

My favouriteCities: Capetown, Rio, Sidney, Vancouver, RomeRestaurants: Bouquet Garni, HomePlaces: African Savanna, the forests of Quebec during Indian Summer, Ngorongoro Crater (Tanzania)Books: Bradt travel guides, animal or landscape photographyMusic: Franck Sinatra, Michael Bublé ,Tony Bennett

PositionDeputy Managing Director, Head of Asset Fund ServicesBusiness Line

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Development and transformation

Olivier Renault had an idyllic country upbring-ing. After studying science at university, his professional choices have brought him a great deal of variety and a great many chal-lenges, two big motivators for this energetic SGSS Luxembourg Country Manager.

A thirst for discoveryHis innate curiosity has steered his professional career. Oliver started off as a consultant in banking strategy before going on to become management control director with a large services company. He joined Société Générale in 1999 in corporate functions before discovering the field of Asset Servicing in Paris, then in Milan. In Italy, he served as Deputy CEO of SGSS in Milan for 4 years, where one of his tasks was to integrate this subsidiary into the Société Générale group. He is now revelling in his role in Luxembourg, an international financial centre, where the cut and thrust of business life is balanced by its bucolic setting.

The Cartesian logic with the human touchThe current Country Manager of Société Générale Securities Services loves to make figures talk, as is only natural given his training as an economic statistician. But while figures make it possible to take reasoned decisions, he believes that the human factor remains the driving force behind any transfor-mation. His finest moment? Having succeeded in making the Italian and French teams work together to transform SGSS’

industrial model in Italy. Defining quantified objectives and achieving these objectives by transforming organisations are just some of the things that make Olivier Renault tick.

Energy and pragmatismIndeed, he thrives on modelling, identifying opportunities and setting up strategies. His enthusiasm and energy make him extremely results-focused. In the course of his career, he has been required to carry out an in-depth transformation of the departments that he has headed. He is well aware that the paths can be difficult, but the taste for success makes the arduous journey worthwhile. Now based in Luxembourg, he works with the teams to supply a quality service to the Société Générale customers. Several major projects have already been successfully completed over the last eighteen months, but for this strong-willed character, many more development opportunities lie ahead.

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Olivier renault

Birthday: 18th December 1963Place of Birth: Eaubonne Nationality: FrenchChildren: 3Languages: French, English, ItalianHobbies: roller, cycling, travelling

My favouriteCities: Nice, London, Milan, ParisRestaurants: Japanese, French and Italian cuisinePlaces: the Mosel, Promenade des anglais, Lac d’OrtaBook: L’étranger (Camus)Music: classical music, Jazz, electro, arabianArt work: L’ours blanc de François pompon (Musée d’Orsay)

PositionDeputy CEO & Country Manager de SGSS

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Marc Saluzzi

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When he left his home in Lorraine to study in Paris, he never dreamt he would one day make his career in his native region. Fate worked out well.

Professional growthIn one way or another, Marc Saluzzi has always worked for PwC. He began his career with Coopers & Lybrand in 1986, at the time the European Parliament was voting on the UCITS Directive. From the very start of his life as an auditor, he specialised in collective management, consolidating his experience with a 24-month stint in the Boston office.Appointed partner in 1996, he was involved in the merger with Price Waterhouse two years later, one of his best business memories to date. In 2000, he took over the Investment Management business at PwC Luxembourg. This role would serve as a springboard to the European role in 2003, followed by head of Investment Management and Real Estate for the entire PwC network in 2006. This sector represents 12% of the international company’s rev-enue. In addition to his responsibilities within the network, Marc is involved in the CSSF’s OPC Committee. He is also a member of the board of ALFI.

Personal growthWho knows where men develop the features that make up their character? In Marc’s case, they can perhaps be traced back to a period during his teenage years. At the age of 14, he grew a total of 17 centimetres in 12 months. To avoid wearing a spinal support, he had to work on his dorsal muscles every day for six months in order to straighten

his spine. Narrowly avoiding immobilisation, this experience gave him an appreciation for sustained effort and the value of a hard-won result.

Other growthIn the late1980s, Marc remembers asking Marie-Jeanne Chèvremont-Lorenzini the maximum number of people she thought their company could employ. She said around one hundred. Less than 20 years later, more than 1900 people work at PwC Luxembourg. He would have liked to have been a police inspector at the French police HQ – 36 Quai des Orfèvres – and he admires Steve Jobs, the Apple boss, for his ability to reinvent the future of his industry through technological innovations. In the long term, his dream is to buy some vines and develop a vintage that is just like him: strong and generous.

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Marc Saluzzi

Birthday: 16th May 1963Place of birth: Briey (France)Nationality: FrenchChildren: 2Languages: French, EnglishHobbies: family, cycling

My favouriteCity: RomeRestaurant: Oustau de BaumanièrePlace: Provence, AlpillesBook: Regain (Jean Giono)Music: JazzArtist: Cézanne (Montagne Sainte Victoire paintings)

PositionLeading partner - Investment Management & Real Estate practice for the whole PricewaterhouseCoopers network

Others• Member of the OPC committee (CSSF)• President of ALFI

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Straight Forward

What a mistake to think you are in front of a soon to retire, 60 year old native Luxembourger with a rich career behind him, when you meet Carlo Schlesser. On the contrary: despite his calm and poised man-ners, Carlo Schlesser still has the energy of a resourceful, youthful and multi-facetted entrepreneur.

An action manThe list of functions Carlo Schlesser has held and still holds is, to say the least, a head spinning list: Chairman of the Luxembourg International Management Services Association, elected Member of the Luxembourg Chamber of Commerce, Member of the Accounting Standards Committee, Director of the Federation of the Professionals of the Financial Sector (PROFIL), Chairman of the Board of Directors of Sources Rosport S.A., Deputy Chairman of the Board of M Immobilier, Member of the Board of Securitas… Who would have bet on it in the 70’ies when Carlo started his career: hard times if any! The current President of the Board of Directors of SGG could easily boast about his past achievements were he not that focused on his future goals.

Europe and AmericaLike many of his successful countrymen, Carlo Schlesser studied abroad. His first stop was Lausanne, on the shores on the Geneva Lake, where he earned in 1974 his first Master’s

degree at HEC Haute Ecole de Commerce, the prestig-ious Swiss business School. Carlo muscled his academic background heading to Brussels where he graduated from the Ecole Supérieure en Sciences Fiscales (Brussels Post Graduate Tax Institute) in 1976. He then headed to New York where he obtained his Certificate in International Banking. Such international curriculum opened him up the doors of Kredietbank Luxembourg: the first step in a long, rich and fulfilling career.

“I am interested in facts not fiction”Pragmatic: You could hardly find a single word that better defines him. Carlo Schlesser is more fund of real life than cerebral constructions. “I am interested in facts not fiction” he explains. “I prefer experiencing things myself, hands on”. “There is no single person I would say I admire. I however met lots of people I would define both valuable and respectable.” Not far from the normal age for retirement, this tennis and sports car enthusiast shyly admits that his major achievement in life is his marriage. And that the major success of his first 60 years is his two children…

Carlo Schlesser

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Carlo Schlesser

Birthday: 30th August 1951Place of birth: LuxembourgNationality: LuxembourgerHobbies: Cars, tennis, jogging

My favouriteCities: Luxembourg, Paris, Genève, PragueRestaurants: Patin d’Or, OpiumMusic: BluesArtist: Contemporary and Modern Art

PositionChairman of the Board of Directors of SGG Holdings S.A

Other• Member of the Board of Directors of Compagnie de Banque

Privée Quilvest S.A. and Quilvest Wealth Management S.A.• Director of Exor S.A., CIR International S.A. Securitas

Luxembourg S.A. Cipio Partners SICAR and others

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The communicator

Partner of Bonn & Schmitt, Alex Schmitt’s career as a lawyer, spanning almost thirty years, has been exemplary in more than one sense.

An American experienceBorn in 1953, Alex Schmitt grew up in a little village in the south of Luxembourg dominated by the steel industry, a time from which he has “marvellous memories”. Boarding school and high school in Echternach, then law at Liege and Brussels, he followed a classic path before joining a Brussels law practice in 1979. It was there that he met Jean-Pierre De Bandt, founder of the practice and his first boss: “his exceptional human and professional qualities made a deep impression on me”, recalls Alex Schmitt. However, two years later, he decided to set off for the United States, to combine a course of study – a mas-ters in Law at Harvard – with working life as a lawyer in a New York practice. In addition to experiencing a new culture, his two-year stay in America helped him to gain the discipline and excellence he needed to join, on his return to Luxembourg in 1982, the practice that now bears his name.

Discipline and excellenceAlex Schmitt currently combines several activities. A lawyer specialising in banking, finance, corporate and investment, he provides the benefit of his expertise to clients all over the world, thanks to his skills in English, French, German and Italian. However, Alex Schmitt is also a lecturer at the Université

Libre de Bruxelles, a member of several expert committees with the Commission de Surveillance du Secteur Financier in Luxembourg, and sits on the boards of around half a dozen financial establishments in the Grand Duchy.

An art fanDespite a busy career and the many responsibilities he holds alongside his work, he still has time for art, one of his passions, as demonstrated by the many contemporary works that adorn the walls of the Bonn & Schmitt Avocats practice.Hardly surprising for someone who freely admits that if he had not been a lawyer, he would have liked to have been an advertising designer.

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Alex Schmitt

Birthday: 24th March 1953Place of birth: LuxembourgNationality: LuxembourgerChildren: 2Languages: French, English, German, ItalianHobbies: History, art, outdoor activities

My favouriteCities: Paris, Milan, New York, Buenos AiresRestaurant: MosconiPlace: Oesling (Luxembourg)Book: Le grand Condé (Bernard Pujo)Music: Mozart, HaendelArtist: Lucian Freud

PositionAssocié, Etude BONN & SCHMITT, Luxembourg

Others• Maître de conference (Université libre

de Bruxelles)• Member of Cour Permanente d’Arbitrage, La Haye• Member of OPC Committee (CSSF)

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Perfect balance

From Brussels to London, via Hong Kong and Luxembourg, Philippe Seyll has achieved a perfect balance from his considerable experience.

Science and financeAs a young engineer, Philippe Seyll felt drawn to the world of finance. After studying for masters degrees in telecommunica-tion and management, he joined Swift in 1989. The company’s multicultural environment proved a superb school of profes-sional life. In 1994, he was appointed head of marketing of Banque Indosuez Luxembourg, before setting off for London three years later to join the Bank of New York. Returning to Luxembourg, in 2005 he became Head of Clearstream Investment Funds Services (IFS) and joined the executive board of Clearstream Banking. His achievements include the successful launch of the Central Facility for Funds (CFF).

Discipline and good humourPhilippe has always managed to strike a balance between his home life and professional life. He is proud of having never sacrificed one for the other. Despite long working hours, he always manages to find time for his wife and their two children. Raised in the Luxembourg Province of Belgium, Philippe likes to walk in the Ardennes forest, but also seeks out the rich variety of cultural activities in the cities in which he has worked. To develop his perseverance, at the age of 29 he ran (and completed!) the New York Marathon. In his eyes, what matters

most is achieving a balance between hard work and good humour. The two are not necessarily exclusive.

History and modernismPhilippe Seyll cites Thomas More among his role models. This great Renaissance figure contributed towards the renewal of humanism, of which he was the most distinguished British representative. His book “Utopia” advocates tolerance and discipline to promote freedom.Whenever he is in France, Philippe Seyll likes to visit the Jacquemart André museum in Paris. This mansion was once the home of a couple of art collectors. Edouard André, a banker, was a member of one of the wealthiest families of the Second Empire. His wife, Nelly Jacquemart, was a young artist who had been commissioned to paint his portrait. Together they travelled around the world amassing a magnificent collec-tion, mainly centred on the Italian Renaissance. A firm follower of modernism, Philippe is still influenced by this period in which money served to promote culture.

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Philippe Seyll

Birthday: 10th June 1963Place of birth: BastogneNationality: BelgianChildren: 2Languages: French, EnglishHobbies: Golf, reading

My favouriteCities: London, Hong Kong, ParisMuseum: Jacquemart André Museum (Paris)Book: Utopia (Thomas More) Music: Queen and J-S BachArtist: J. Laroches

PositionHead of Investment Funds Services

OthersMember of the Executive Board, Clearstream Banking, Luxembourg

www.myofficialstory.com/philippeseyll

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Driven by dynamism

Ernest Hemingway may not be the first name that you would expect to be refer-enced as a key influence on the career of someone involved in the finance industry, but then Antonio Thomas isn’t your ordinary Management Company Executive.

Under the wingsAs the Managing Director of RBS (Luxembourg) S.A. and, since November 2012, the Executive Chairman of the newly born RBS Fund Services structure, this practical and solu-tions driven Londoner sees Luxembourg as a perfect plat-form from which to oversee the continued and rapid growth of RBS’ Independent Management Company business, now joined and reinforced by the wider offer that its Trustee and Depositary Services sister provides.Two figures helped steer Antonio Thomas toward the successful path he is now on: Audley Twiston Davies and the late Fred Packard. Offering Thomas a role at their Latin American Securities Asset Management start-up business, the duoprovided an oppor-tunity in a sector still emerging as an asset class and helped to shape the ‘partnership’ approach he is known for today. The eight years spent working with these two members of the UK fund management industry is a timehe still looks back on with great fondness. The company was absorbed into the larger asset management house of F&C Group. Thomas settled into the Product Management function for F&C and worked closely with the executive management to help restructure various product ranges around the world.

Never take anything on face valueThere’s an unwritten rule when building your impressions of what it takes to become an MD and now a Chairman i.e. ‘you need to be ruthless’, Thomas spins this notion on its head. The two key dates in his life? The day he met his future wife and the birth of his son. A lover of international travel, Thomas spent some time based in Ireland’s capital as he gained further insight into the Fund Industry, with the stay also kick starting a new found appreciation for Irish Whiskey. Having had consid-erable experience in working with investment funds for over two decades in a variety of roles and jurisdictions, he was able to draw on a diverse network of contacts and experiences to help restructure and grow RBS’ independent Management Company business, established in 2004, in Luxembourg.

Make it happen, nothing is impossibleThomas views the finance industry as one that is constantly changing and with that change comes new challenges and opportunities, something that this passionate and dynamic leader thrives upon. When he first set out on his career path, 23 years ago, dipping his toe into the investment funds space, the industry was a very different animal – no mobile phones, no 24/7 internet and the world was a smaller place. He reflects on the early days of UCITS compared to therequirements of UCITS IV and more recent laws and regulations, and regards the ability to react quickly to an ever changing regulatory and transparent business environment as important factors in securing success. A possible chink in the armour? By his own admission he feels he can be too driven, but his drive has certainly helped to deliver results.

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Antonio thomas

Birthday: 6th July 1971Birth place: LondonNationality: BritishChildren: 1Languages: Fluent English and Spanish, Hobbies: History, Walking, Swimming, Wine

My favouriteCities: Florence, Italy. Valencia, Spain, London (West End)Places: Street Cafes, Valencia Port, London Embankment in the rainBooks: Hemingway – The Old Man and the Sea, Death in the Afternoon, The Sun also Rises, For whom the bell toolsRestaurants: Savoy Grill – London, Le Sud – Luxembourg Music: Debussy – Clair de Lune, Maestro Rodrigo – Concierto de Aranjuez, Miles Davis – Poetics of SoundArtist: Sorolla, Picasso, Miro

PositionChairman at RBS Fund Services

OthersRepresentative of RBSL as an associate member of EFAMARegular speaker at Industry conferences and seminars

www.myofficialstory.com/antoniothomas

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Seeking challenge

From the Brussels Stock Exchange to the Luxembourg Stock Exchange, Dominique Valschaerts is carving out his own path.

From the Brussels Stock Exchange…Dominique Valschaerts started working life in 1987 at the Brussels Stock Exchange, as a legal advisor. At the time, the Stock Exchange was still operating according to the princi-ples of the historic model, in contrast to the London Stock Exchange and its “Big Bang”.A meeting with Baron Jean Peterbroeck turned out to be a pivotal point in his career. This individual was a dynamic man-ager, who was not afraid of betting on youth. In 1991, at his initiative, Dominique Valschaerts became managing director of the Brussels Stock Exchange. Over the next few years, he supported the company’s modernisation, in terms of IT as well as with regard to regulatory and commercial aspects.

… to the Luxembourg Stock ExchangeIn 2000, Dominique Valschaerts moved to Luxembourg to take up new challenges, at the request of Michel Maquil, President and CEO of the Luxembourg Stock Exchange Management Committee. In addition to his responsibilities as a member of the Executive Committee, he took over the reins of the Stock Exchange’s subsidiary, CCLux, now Finesti, which special-ises in collecting, processing and disseminating data relating to investment funds. A service provider to the fund industry, Finesti has grown constantly and steadily over the last fifteen

years. Dominique Valschaerts is working to establish the com-pany’s reputation while expanding its range of products.

Eclectic tastesAn avid reader and music lover, Dominique Valschaerts loves architecture and enjoys visiting or simply contemplating con-temporary works. In his younger days, he loved getting out in the mountains and admired the achievements of Reinhold Messner, the first mountaineer to reach the summit of Everest without any oxygen equipment. Dominique Valschaerts is hardworking and a loyal friend. He is a firm believer in family values and speaks proudly of his four children, their charac-ters, differences and harmony.

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Dominique Valschaerts

Birthday: 4th July 1960Place of birth: CharleroiNationality: BelgianChildren: 4Languages: French, English, Dutch, a bit of German and LuxembourgishHobbies: Eclectic, mountaineering

My favouriteCities: New York, Paris, the old city of Luxembourg, San FranciscoRestaurant: Ma Langue sourit (Moutfort)Music: Eclectic, Jazz, Rock, OperaArtist: Magritte

PositionCEO of Finesti

OthersMember of Executive Committee of Luxembourg Stock Exchange

www.myofficialstory.com/dominiquevalschaerts

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Straight to the point

Born in Esch sur Alzette to Italian parents, Paolo Vinciarelli has been responsible for the Fund Management business at the Banque et Caisse d’Épargne de l’État (BCEE) since November 2006.

A careerAfter primary and secondary school in Luxembourg, Paolo Vinciarelli continued his studies in Nancy, obtaining a degree in economic sciences with the specialisation “Money and Finance”. He then went on to study for a Masters of Science at the Luxembourg School of Finance. He began his career with Dexia, in financial strategy, before joining the BCEE in 1998. Initially Portfolio Manager, he was Deputy Manager of Risk Management from 2004 to 2006 before going on to take responsibility for the Investment Fund department.

Team spiritAt the start of his career, Paolo Vinciarelli’s work was strictly supervised and he began to feel as if he lacked scope to act on his own initiative. The system did not allow him to express his creativity. However, he had to revise his view after he was promoted. As a manager, he had to learn to set limits and he realised the importance of supervising his team. He has tried to follow the example set by some of the excellent managers he has met along the way. He has been particularly impressed by certain individuals in high positions who have managed to stay down to earth and modest. Like them, he tries to be

close to others, to be understanding and to avoid taking him-self too seriously. To motivate and enhance his colleagues, he uses a management style he describes as “participative”, based on “open mindedness” and a “positive approach”. The challenge involves ensuring compliance to rules and achiev-ing performance, while still allowing individual personalities to shine through.

Family spiritAn active football player until the age of 33, Paolo Vinciarelli now follows his two sons from the terraces. He is proud at having been able to combine a career and family life. During his holidays, travelling helps him to relax, in particular skiing, a hobby he practices several times a year. The rest of the time, he follows the financial news and unwinds by reading detective novels. His best business memory is the flotation of Foyer S.A. Finance is his world. He cannot imagine working anywhere else, even if his role evolves in future to cover other, wider aspects of this industry.

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Paolo Vinciarelli

Birthday: 25th June 1971Place of birth: Esch-sur-AlzetteNationality: LuxembourgerChildren: 2Languages: French, Italian, German, English, LuxembourgishHobbies: Family, sport, reading, travelling

My favouriteCities: Paris, Roma, Melbourne, VancouverRestaurant: La Grappe d’Or (Belgium) Places: Grand Canyon, Petite SuisseBook: Da Vinci CodeMusic: Rock & Pop

PositionBCEE Investment Fund Supervisor – Co-Director

www.myofficialstory.com/paolovinciarelli

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A fast thinker

In 2009, after spending 16 years of his career in Switzerland, Martin Vogel became Shareholder and CEO of MDO Services. A very good reason for a move to Luxembourg.

Swiss precisionBorn in Switzerland to a family of engineers, Martin Vogel graduated as a lawyer. He worked for BP, Swiss Reinsurance and several law firms before joining the Zurich office of Julius Baer in 1996. He stayed there for 12 years, working his way up to Managing Director, pursuing a strong focus on asset man-agement, product management and global custody. Enjoying the kind of freedom that his position allowed, he decided to move into the entrepreneurial side of business. In 2009, Martin invested in MDO Services, becoming CEO of the new com-pany resulting from the merger of “The Directors’ Office” and Mercuria Services.

Loyalty firstAt Martin’s wedding, his father gave his new daughter-in-law some advice: “Don’t always listen to Martin if he gives too many orders”. A natural leader, he learned a lot during his national service in the Swiss Army: “It’s a complex process organis-ing and managing a group of people who are forced to do something. I find it much easier in business, where employees are motivated”.Loyalty and respect still feature high on his list of core values. Now enjoying the challenge of further establishing MDO’s

position as a leading fund service provider in Luxembourg, the Swiss businessman once flew to Florida to terminate an agreement with a supplier. “I am not the kind of businessman who attends meetings when things are going well and sends emails when times are tough. In addition, you never know what the future will hold.”

Work-life balanceHis colleagues know just how quickly their CEO can think and act. “Don’t think too much: leap into new adventures,” he says with a smile. He enjoys skiing and golf, but family life is his top priority. “At the end of the day, nobody says “thank you” for business”. His 2 children give him the energy he needs on a daily basis. He remembers Peter Spaelti, the former CEO of Winterthur, as a man who managed to combine excellence in business with a successful family life. A track record he hopes to replicate.

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Martin Vogel

Birthday: 29th September 1963 Nationality: SwissChildren: 2Languages: English, German native, Italian (a bit of French)Hobbies: Sports, politics

My favouriteCities: Zurich, RomaPlaces: Mountains, SeaBooks: The name of Rose (Eco), Old books of MichenerRestaurants: Brasserie Mansfeld, Monte Carlo: Mas de Provencale, Zurich: SeeroseMusic: Vivaldi, Hit parade 1-10Artists: Cezanne, Caravaggio

PositionShareholder, Board member and CEO of MDO services

www.myofficialstory.com/martinvogel

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www.vistrafundservices.com

For further information please contact

[email protected] +(352) 26 68 41 24

[email protected] +(44) 01534 504 700

Hong [email protected] +(852) 28 27 61 88

[email protected] +49 (0)69 5830 35700

[email protected] +(44) 01534 504 700

[email protected] +41 (0)22 319 18 90

[email protected] +(352) 26 68 41 24

Hong [email protected] +(852) 28 27 61 88

[email protected] +(356) 21 31 42 59

Vistra Fund Services S.a r.l is regulated by Commission de Surveillance du Secteur Financier.Vistra Fund Services Limited is regulated by the Jersey Financial Services Commission.

Independent Fund Administration Services

We adapt to fit your requirements, not make you change to fit ours.

crossing borders creating solutions

Denise Voss

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She could have been a psychologist or a professional dancer, but finally it is finance that allows her to satisfy her taste for what she calls being a “well-rounded person”.

The right partnersDenise Voss began her career at Coopers & Lybrand in Boston in 1985. At that time, Robert de Normandie also worked at the firm and when she mentioned she was interested in working abroad for a few years, he indicated that the Luxembourg office was looking for someone… She found herself the only American in the office of Coopers & Lybrand in Luxembourg in 1990, at a time when a number of US promoters were think-ing about setting up investment funds in the Grand Duchy. In a case of being in the right place at the right time, she was very pleased to be involved from the outset with a number of high profile projects, under the leadership of Marie-Jeanne Chèvremont – who has been a mentor for Denise from the start – and Didier Mouget. She joined Franklin Templeton Investments in 1995 as CFO, and became a general man-ager in 2000. Since January 2006, she has been Conducting Officer of Franklin Templeton Investment Funds, along with another talented individual: Bill Lockwood.

The right stepsAll of the positions that she has held have permitted her to meet people from all walks of life and to be in close contact with a number of companies working in a wide range of fields. This desire to be well-rounded is very important to Denise, in both her professional and private life. A dance enthusiast from

a young age through university, she studied, performed and taught dance throughout that time. She was able to combine that love for dance with her university studies, in graduating with diplomas in psychology and in dance therapy, before obtaining a Masters in Accountancy. Today, her interests continue to be varied and include the history of the English language, rugby, which she watches with her husband, who is French, and books by her preferred chefs. She is also a “swimming mom”, cheering on her daughter at swimming competitions.

One step backDenise was very influenced in growing up as one of 2 children of a single mother, who set an example in rising from working as a sales clerk to being the owner of an advertising agency. Another big influence was her step-father: a charismatic per-son and “bon vivant” who introduced her to literature, music, art and other cultural pursuits. These two characteristics are fundamental to Denise’s personality: perseverance and enthu-siasm for life!

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Denise Voss

Birthday: 28th October 1958Place of birth: Los AngelesNationality: AmericanChildren: 1Languages: English, FrenchHobbies: Family, house, reading

My favouriteCities: Luxembourg, London, Paris, Boston, Florence, Venice (in California and Florida)Restaurants: Mosconi, Toit pour toiPlaces: Vista Palace Hotel (Roquebrune Cap Martin), The Venice Beach House (California), Ruisodo (New Mexico)Books: Anything by Jane Austen, M.F.K.FischerMusic: Handel, George Gershwin, Al Jarreau, Bob Marley, Maxime Le ForestierArtists: Turner, Hogarth, Gainsborough

PositionConducting Officer / Dirigeant of FranklinTempleton Investment Funds

Others• Director and Vice-Chairman, International Affairs (ALFI)• Member, Institut Luxembourgeois des Administrateurs• Certified Public Accountant, Massachusetts, USA

www.denisevoss.com

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Marty DobbinsSenior Vice PresidentManaging Director

State Street Bank Luxembourg SALuxembourg

www.myofficialstory.com/martydobbins

Yves FrancisManaging Partner

Deloitte SALuxembourg

www.myofficialstory.com/yvesfrancis

Frédéric genetCEO Professionnal Services

KBL European Private Bankers Luxembourg

www.myofficialstory.com/fredericgenet

MOre DeCISION MAKerS…

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More decision makersCharles Denotte www.myofficialstory.com/charlesdenotteLuc de Vet www.myofficialstory.com/lucdevetPierre Gramegna www.myofficialstory.com/pierregramegnaJean-Michel Loehr www.myofficialstory.com/jeanmichelloehrDavid Micallef www.myofficialstory.com/davidmicallefKeith O’Donnell www.myofficialstory.com/keithodonnellAndré Roelants www.myofficialstory.com/andreroelants


Gilles Dusemon

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career when he joined Arendt & Merdernach as cohead of private equity.

Here and thereHis disciplined approach – as well as his passion for archi-tecture and design, no doubt – has resulted in him managing the swings in the market. From his extensive travels, he still remembers a dinner in Beijing in the presence of Grand Duke Henri and President Ju Hintao. Apart from these occasional assignments abroad, Gilles Dusemon is now strongly attached to his Luxembourg roots, and plans to continue to develop his practice in the Grand Duchy in years to come.

www.gillesdusemon.com

gilles Dusemon

A child of Luxembourg’s coal mining region, Gilles Dusemon has spent a great deal of his life abroad. However, his return to his homeland in 2001 has given new impetus to his career while allowing him to rediscover his roots.

StudiesLike many inhabitants of Luxembourg, Gilles Dusemon had an opportunity to study and work abroad at a very young age. After obtaining a diploma in economic law and business law in Nice in 1996, four yeas later he completed a Masters in Law at the University of New York. Gilles Dusemon speaks English, French, Italian and German both at home and at work.

IndependentAdmitted to the Luxembourg bar in 1997, he initially special-ised in tax law and company law. In 2000, in the middle of a two-year stay in the United States, where he was combining studying with a position as a legal expert with the global law firm Allen & Overy, he declined an offer from the Association of the Luxembourg Fund Industry, but nevertheless decided to return to Luxembourg to pursue his career. Two years later, he accepted a role with ALFI, while at the same time join-ing forces with Jean-Pierre Winandy at the Loyens Winandy practice (which became Loyens & Loeff in 2008). Seeking to “redress the balance between work and private life”, a year later he decided to focus on his work as a lawyer. He resigned from his post at ALFI, although he has since taken up a role as an external expert. 2010 marked another milestone in his

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Jill griffin

People make perfect

Jill Griffin, Managing Director at Northern Trust Luxembourg, is passionate about peo-ple. A source of endless fascination, inspi-ration, counsel and joy. Jill has forged her career on her ability to listen to them – and understand their value.

Striving for balanceThree priorities guide Jill’s life: her family, her client relation-ships and her service as a charity worker. Balancing them is not always easy, but it is essential. She has maintained the balance living in cities around the world, from Frankfurt to London to Tokyo. She has maintained the balance in vari-ous professional positions. And she is continuing to balance her priorities in Luxembourg, which feels like a second home. London-born Jill first came to work in Luxembourg in 1990 and returned in 2001.

Learning and livingThrough her professional life and her charity work (Jill is co-founder and president of the NGO Stop Aids Now – Access and is currently working on a new project to help women return to the workplace) Jill benefits from ample opportunities to lis-ten to, learn from and help others. But she also takes time for herself, with favorite restaurants (curry on Friday night!) and love of music. She loves to visit Switzerland’s Crans-Montana with friends and family.

Values … and ValuingJill has three values that are core to how she lives her life: serv-ice, expertise and integrity. She regards excellent listening skills as essential for building effective client relationships.”Listen to your clients. They will tell you everything you need to know about how you are doing, where you need to improve and what your future strategy should be.” These values are also reflected in what she sees as her main quality: valuing people, both in her personal life and her professional life. The perfect balancing act.

www.myofficialstory.com/jillgriffin


The right path

Thierry Grosjean glides through life with the ease of the outstanding skier that he is. Forging ahead, being inventive with a certain measure of risk and knowing how to learn from his mistakes, that is the philosophy of the managing director of Centuria Capital Luxembourg.

The perfect matchThierry Grosjean was born in Metz. At the age of four, he discov-ered rock music when he went along to a concert with his uncle. He is a still a fan to this day. His demanding standards made him opt for the legal profession rather than a career in music, which naturally prompted him to study law at the university of his home town. When he graduated in 2000, he started his professional career as customer account manager and jurist in a Luxembourg-based trust. Eight years later, he became managing director of Centuria Capital Luxembourg in charge of domiciliation, the legal and litigation department, human resources and the Compliance function. “I like finding pragmatic solutions adapted to the needs of an increasingly demanding and sophisticated clientele”, points out this admirer of the Rolling Stones. One of his favourite hobbies is listening to music or, even better, experiencing first-hand the intensity of a group playing live on stage.

Precision and rigourAs a boy, he dreamt of becoming a pilot. Precision and rigour, two of the qualities that are essential for any pilot, are equally

important to him when carrying out his current responsibilities. The great captains of industry gave him a taste for manage-ment and the drive to succeed in business. The “PSF” label is a gauge of quality and seriousness according to him. It is important for the clients, the players and/or the intermediaries of the financial sector to have a reassuring quality standard.”

A future paved with possibilitiesThis thirty-something specialises in Islamic finance applied to the field of domiciliation. “We have developed and acquired recognised experience in the structuring of Islamic finance. The huge diversity of the investment vehicles available in Luxembourg allows us to find the best adapted solutions for these products.” Travel is Thierry Grosjean’s way of taking time out to recharge his batteries! He either heads back to New York, his favourite city, or heads off to a new, unknown destination. One experi-ence that will stay with him forever was his dive among white sharks in Gansbaai, in South Africa. Where does he see himself in ten years’ time? He would like to be one of the major market players in the field of Islamic finance. Somehow, you just know that he’ll make it.

www.myofficialstory.com/thierrygrosjean

Thierry grosjean

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The United Nations of investment

A varied international background has been the key influence on Rana Hein Hartmann, as over the past five years she and her business partner have built up a specialised recruitment business spanning several continents and time zones.

Multiculturalism personifiedRana was born in Kuwait to a Lebanese-Palestinian mother and German-Russian father (she holds British and Lebanese nationality). Her favourite cities are Rome, San Francisco and London, although she likes to relax around the northern Italian lakes. She studied French and Arabic. Her heroes include Burmese democracy campaigner Aung San Suu Kyi. Rana Hein-Hartmann knows all about a life shaped by a broad mix of cultural influences. It’s hard to imagine a better background for her role as director for Europe at Funds Partnership, a recruit-ment boutique specialising in the investment industry.As well as Luxembourg, Funds Partnership has offices in London, Hong Kong, Frankfurt and Paris. It is an impressive growth story for a company that was established only 5 years ago, with the simple aim of becoming the most specialised recruiter for Asset Management globally.

Focusing on characterLiving in several countries in her childhood taught her to quickly understand others, and gave her the character judgment skills that her clients rely on her for today, often requesting that she

sit in on interviews. Her philosophy is that there should be a ‘click’ in hiring, like there should be in all personal relationships. Ultimately Rana enjoys meeting people and helping the right people move upwards in their careers, developing profound relationships that sometimes last many years.

Complementary skillsHaving studied in the northern English city of Leeds, with spells in Lyon – which no doubt boosted her acknowledged interest in cooking – and Cairo, Rana moved to the “great mixing pot” of London, where she met her business partner Ayyaz Ahmad in 2004. As an admirer of the books of Malcolm Gladwell, she might call their decision to set up Funds Partnership a tipping point in her professional life. It has combined Ayyaz’s ability to launch new offices with Rana’s complementary skills in building long-term strategy and managing risk.Rana sees their current team around the world as future Directors as the firm carves out a position as a global specialist in recruitment across every sector of the Asset Management industry. That might give more time for her favourite occupation: yoga on the beach.

www.myofficialstory.com/ranaheinhartmann

Rana Hein-Hartmann


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Pierre-Alexandre DelagardellePartner - Investment Funds & Corporate

DelagardelleLuxembourg

www.myofficialstory.com/pierrealexandredelagardelle

Fouad edmond rathleDirectorGaranti bank Luxembourg

PresidentIFBLLuxembourg

www.fouadrathle.com

Patrick ZurstrassenChairman

The European Confederation of Directors Associations

www.myofficialstory.com/patrickzurstrassen

tonika HirdmanGeneral Manager

Fondation of LuxembourgLuxembourg

www.myofficialstory.com/tonikahirdman

renaud Jamar De BolseeCEO

SeqvoiaLuxembourg

www.myofficialstory.com/renaudjamardebolsee

Julian PresberManaging Director

Luxembourg School of FinanceLuxembourg

www.myofficialstory.com/julianpresber

MOre KeY PLAYerS…

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Carlos Alberto Moraleswww.myofficialstory.com/carlosalbertomorales

Small packages – big things

Whether it’s Christmas gifts, company com-mittees or the food on our plate, in nearly all situations we have all learned that smaller is – in most cases anyway! – better. That’s never been truer than in the provision of tailor-made investment-fund services. Here in Luxembourg, there is no better example than ADEPA, one of the most exciting, bou-tique firms in the Grand-Duchy.

Consolidating for Success in LuxembourgADEPA was created in 1980 in Spain, and over 30 years has gained unparalleled expertise in the business. 2006 was a landmark year, with the opening of an office in Luxembourg. In 2010, ADEPA took a big step further by moving the headquar-ters of the company to the Duchy in response to the remark-able expansion of its fund administration and management company business. In the six years since its establishment in Luxembourg, the company has become a recognized actor by the industry decision makers. But even more importantly, it has taken its place as a worthy competitor with a portfolio of solutions – and an expert team – that is matching the quality and responsiveness of the biggest and most well-known firms.

Starting from Scratch to Develop Solutions GloballyIn an uncertain world, moving to Luxembourg allowed the company to renew itself. While it has not lost the valuable experience gained since its creation over 30 years ago, it has

now recreated itself into a truly global company in a place where future success is all but guaranteed: ADEPA is certain that Luxembourg offers the right business community and potential for achieving its ambitions. Its multidisciplinary team is eager to serve and focused on developing a new approach to providing fund services. ADEPA is a unique combination of tradition, entrepreneurialism and youth: a true boutique firm in a world of giants.

The Personal TouchWith its size and agility, clients can count on personal service and attention that are rarely found with larger firms. They ben-efit from close relationships with the experts of the company, but also from its internationalization, as ADEPA brand turns into a true global financial services provider. And while ADEPA is living rapid development and growth, its clients will always be able to trust in it as a partner with an exceptionally personal touch, shaped by integrity and unmatched customer care.

www.myofficialstory.com/adepaluxembourg

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Roman Lewszykwww.myofficialstory.com/romanlewszyk

Driving service quality through technological excellence

Atlantic Fund Services, a long-standing pro-vider that has been through a cycle of being part of a global organisation before recov-ering its independence, is bringing its focus on personnel expertise and technological excellence to the Luxembourg market.

Three decades of experienceAtlantic Fund Services traces its history back to 1986 and the founding of Forum Financial Group in Portland, Maine, by John Keffer, today Atlantic’s chairman. Forum rapidly became the largest privately-owned US fund services provider, adding a Bermuda operation and in 1995 a European joint venture in Warsaw headed by Roman Lewszyk. When Forum was acquired by Citigroup in 2003, its team took on leading roles, Keffer as chairman of Citi’s global fund service operations and Lewszyk heading transfer agency. Six years later, the company regained its independence under its historic leadership and the Atlantic name, with many of its original staff. Now it is growing fast in both Europe and the US, servicing more than 300 funds from leading asset managers with assets exceeding $20bn and some two million accounts. And Atlantic is back in Luxembourg with technology-led solutions designed for the world’s second largest fund market.

Client focusIts business approach is based on insight into client require-ments built up over many years: problem-free, efficient and

technologically sophisticated service, delivered by experi-enced professionals with a commitment to the client’s suc-cess. The company has always focused on building a team with expertise handling diverse and complex investment, as well as a focus on consistent delivery of high-quality service - the essential core of a first-rate service provider.

Making technology countAtlantic embraces technology as part of continuing efforts to develop innovative solutions for the fund industry – seen in its nomination for prestigious industry awards, advanced TA platform, and robust AML and distribution capabilities. The company’s IT development has yielded cost-effective solu-tions such as GTAS, its hi-tech TA platform, and internet-based applications to support asset managers, distribution and investors on a global basis – available to managers of all sizes at an affordable cost. Just as important is the continuing education and development of Atlantic’s staff to enable them to adapt IT systems to the ever-changing needs of clients – and give technology a human face.

www.atlanticfundservices.com

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André Peschwww.myofficialstory.com/andrepesch

A Global Law Firm on the Rise

Counting well–known personalities such as Christine Lagarde among its former part-ners, Baker McKenzie is the world’s best-known law firm. Following outstanding growth since opening two years ago, Baker McKenzie’s Luxembourg office relocated and expanded to a new building in October 2012.

Luxembourg, a Key Jurisdiction in a Powerful Global FirmWith its second anniversary just passed, legal and tax special-ists Baker McKenzie Luxembourg can look back at a robust two years that exceeded even the most optimistic forecasts.The law firm that began in 1949 after a chance taxi meeting in Chicago, Illinois between Russell Baker and John McKenzie, is today one of the most influential law firms worldwide. The largest by revenues since 2011, Baker McKenzie employs over 4,000 expert lawyers and tax advisers, working in 72 offices across five continents.

Baker McKenzie Luxembourg, an Extraordinary JourneyUnder the leadership of Jean-Francois Findling, founder of the Luxembourg office, and André Pesch, Principal Tax Specialist, Baker McKenzie’s operations in Luxembourg and the greater region have been taken to new horizons. With a team of 45 expert lawyers and tax advisers, specialising in Funds

and Cross-Border Tax Structuring, Corporate and M&A, Banking, Private Equity, Financing & Structured Finance, the Luxembourg office is a key jurisdiction in the firm’s extensive and growing global presence. To further provide multidiscipli-nary solutions to clients, the Luxembourg office recently added IP/IT, Insurance and Employment practices. “Our rule is to commit and to deliver. Baker & McKenzie has a long-standing reputation for commitment, innovative solutions and premium results. Hard work, entrepreneurial spirit and outstanding local expertise combined with unmatched global reach have led Baker McKenzie Luxembourg to become one of the main regional players in just two years,” André Pesch says.

Luxembourg and Baker McKenzie, a Win Win SituationDemonstrating more economic resilience than many European jurisdictions, Luxembourg remains an attractive target for multi-national corporations in sectors including IT and Internet, asset management, private banking and other financial sectors. Working closely with governmental bodies, and local and inter-national clients to attract new businesses to the Grand-Duchy, Baker McKenzie is at the forefront of creating new business opportunities in the country. “Baker McKenzie Luxembourg is dedicated to helping the Luxembourgian economy grow and prosper. Whether through our many offices around the world or by organising conferences and personal meetings, we raise the Luxembourgian flag high, providing new business opportu-nities for local firms and businessmen,” André Pesch explains.

www.myofficialstory.com/bakerandmckenzie

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The closer, the better

BNP Paribas Securities Services Luxembourg brings to its clients both local and interna-tional expertise across a range of banking and associated services. Their clients ben-efit from the know-how and strength of the one of the largest financial institutions in the Grand Duchy.

OriginsThe origins of the BNP Paribas Group date back to 1872, with the establishment of “Banque de Paris et des Pays-Bas”. In 2000 this heritage continued to emerge with the keystone merger of Paribas and BNP. BNP Paribas Securities Services was established in 2001 and its Luxembourg subsidiary opened soon after in 2002. As a result of acquisitions by the BNP Paribas Group (including Cogent in 2003, and Fortis Banque/BGL in 2009), BNP Paribas Securities Services has grown to an organisation that now covers more than 100 mar-kets with a local presence in 32 countries and serves a wide variety of international institutional clients.

OrganisationSecurities Services’ activities cover the entire investment cycle and is arranged into four business lines: Banking Services, Treasury and Liquidity Management, Issuer Services and Fund Services. Its organisation is structured by business and regions, allowing BNP Paribas Securities Services to provide a localised service depending on a clients location and business

mix while covering diverse demands and various business sectors: banking, brokerage, and fund management.On 30 June 2011, BNP Paribas Securities Services acquired the legal status of société en commandite par actions (SCA – partnership limited by shares). The BNP Paribas Group is the only “general partner” and therefore provides a direct and unlimited guarantee to its clients.

AimsIn July 2011, as a result of its new legal status, BNP Paribas Securities Services was given the same credit rating as its parent company, BNP Paribas. The three biggest rating agen-cies – Standard & Poor’s, Fitch and Moody’s – emphasised the strength of its commercial position and very low risk profile. Constantly in pursuit of excellence, the aim of BNP Paribas Securities Services is to continuously support its clients in order for them achieve their objectives while offering a secure and long-term business partner. The recent development of the Luxembourg subsidiary has helped to create new oppor-tunities for the Grand Duchy, in particular with the creation of the European Hub for fund execution activities and the estab-lishment of a “Fund Administration” training centre. In January 2011, BNP Paribas Securities Services Luxembourg also received the “Best Fund Administrator in Luxembourg” award from FundDomiciles.com.

www.myofficialstory.com/bp2swww.securities.bnpparibas.com

BNP Paribas Securities Services Frédéric Perardwww.myofficialstory.com/fredericperard

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25 Years of Successful Print, IT & Mailing Solutions

Celebrating its 25th anniversary this year, CIP Group can look back at a wealth of experience and expertise in providing a wide range of premium data services and print solutions to the financial sector and wider industry.

Quality, Flexibility and ConsistencyFounded in 1986, the company rebranded into CIP Group after the merger of Comptoir International du Papier and Lettershop Luxembourg in 2008. Accredited as a Professional of the Financial Sector (PFS) in the Client Communication indus-try by the Luxembourgian State (2003), CIP Group is one of Luxembourg`s leading outsourcing companies with clients ranging from the fund management, insurance and banking sector to telecommunications, education and the public sector.

With over 50 highly experienced specialist staff, CIP Group creates and distributes a wide range of tailor-made, solution-orientated services. From prospectuses to annual reports, and AGM mailings, it is the CIP team creative and approachable consultants that provides a boutique, unique local service with a global impact.

Your Success is Our CommitmentTo survive and indeed thrive in the 21st century printing solu-tions business, CIP Group understands that quality and

innovation are the key driving forces in today’s ever-changing environment. As the official printer of the European Union Daily Official Journal, issued in 20 European languages, CIP Group provides premium, tailor-made process solutions and technol-ogies that facilitate its clients’ requirements and needs, no mat-ter how complex or time constrained their projects might be. “Our clients’ success was and will be always our first and utmost commitment. With consistent investments in the most cutting-edge IT solutions for print, mailing and supplies, we make sure to place ourselves and our clients at the forefront of innovation, providing them with the quality, consistency and the reliability they require”, said Patrick Jost, Managing Director CIT Group.

An Active Corporate Citizen More than only a financial outsourcing company, the CIP Group and its staff are committed to applying the same solu-tion-focused approach and high standards of quality and effi-ciency to environmental and global poverty issues. Approaching its corporate social responsibility the same way it endeavours its work with clients, CIP Group has a track-record of successfully implementing charity programmes including Spillstad Hesper 2012, LittlePlus and Happy Chandara, a school project in Cambodia.

www.myofficialstory.com/cipgroupwww.cip.lu

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Patrick Jostwww.myofficialstory.com/patrickjost


Committed to legal excellence across the world

International law firm Clifford Chance com-bines the highest global standards with local expertise.

OriginsLeading lawyers from different backgrounds and nationali-ties come together as one firm, offering unrivalled depth of legal resources across the key markets of the Americas, Asia, Europe and the Middle East.The firm focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax, pensions and employment, funds & investment management and litigation and dispute resolution. Through a strong understanding of clients’ cultures and objectives, Clifford Chance draws on the full breadth of its legal skills to provide results-driven, commercial advice.

PhilosophyWe have never been afraid of being the first to respond to new developments in the legal market; to anticipate the cross-bor-der nature of business today; to take ideas that worked in one part of the world and to apply them, with thought and flexibility in another. Our working environment – the people who work here, the work that we do, the facilities we enjoy and the way we behave – reflects these international aspirations and makes the most of our multicultural strengths. As well as recruiting the best people, we insist on the professional development of

all our employees. Our lawyers work continuously to develop both legal and personal skills through the training programmes offered by the ‘in-house’ law education system.In addition our community affairs programme covers pro bono legal work, community education, charity initiatives, and sup-port for the arts. Our aim is to use our expertise and resources to help to change people’s lives for the better.

Working with communities all over the world, we are com-mitted to contributing positively to society, improving access to justice, being environmentally conscious and acting with corporate social responsibility.Clifford Chance has more leading global practices than any other firm (Chambers Global 2010) and further recognition includes: Most Innovative Law Firm: Financial Services (FT Innovative Lawyers Report 2010).

www.myofficialstory.com/cliffordchancewww.cliffordchance.com

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Joëlle Hauserwww.myofficialstory.com/joellehauser


Taking the Risk Out of Fund Administration

As a global partner in investment data man-agement automation, Confluence and its Unity® and Unity NXT™ platform solutions is relied on by more than 40 percent of the leading asset managers and administration firms worldwide.

Committed to European Asset ManagersSince 2006, Confluence International has been an established and trusted technology partner for the European fund admin-istration and asset management community, operating from offices in Luxembourg and London. Designed for the global fund industry, the company`s technology platforms take the risk out of fund administration. These solutions solve some of the toughest data consolidation and automation challenges faced by European asset managers and their global service providers – from fund expense processing to reporting under multiple statutory standards and delivering regulatory reports for multiple domiciles across the globe.

Roots in Financial Services TechnologyFor more than 20 years, Confluence has been recognised as an innovative technology leader which is solely commit-ted to meeting the data management and automation needs of the asset management industry. The company`s vision is to empower asset managers to instantaneously transform data into knowledge and deliver it to the world. Confluence

solutions support a wide array of collective fund investment types – including European domiciled UCITS, alternative investments, traditional U.S. based ’40 ACT mutual funds, and contemporary fund structures such as ETFs.

Taking the Risk Out of Fund AdministrationConfluence delivers innovative solutions to take the risk out of fund administration. From the Confluence traditional install, hosted and outsourced Unity® platform solutions to our enter-prise-grade SaaS enabled Unity NXT Expense Processing solution, Confluence automates critical fund administration and reporting processes – such as regulatory reporting, finan-cial statement preparation and the expense processing for the funds. As a result, Confluence empowers asset managers and global service providers to scale with agility and control.

OfficesConfluence has offices in Pittsburgh, San Francisco, London and Luxembourg.

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The challenge of excellence

Luxembourg has the technical infrastruc-ture and people to back up its position as European leader in the field of funds, pro-vided it avoids a few pitfalls.

FlashbackThe fantastic development of investment funds in Luxembourg started 25 years ago, when the UCITS legislation was put in place. Growth was steady up until the turn of the millen-nium, but the implementation of UCITS III in 2003 sparked a massive boom. ALFI supported this movement with road-shows worldwide, enabling Luxembourg to be No. 2 in the world behind the United States today. The industry suffered in 2008-2009, but has now returned to its pre-crisis levels as a result of conquering markets such as Asia and subsequently Latin America, which were won over in turn by the reliability of Luxembourg funds.

ChallengesIn 2006, Jean-Paul Gennari carried out a due diligence assign-ment in a Brazilian company. Arriving with pre-conceived ideas, he was astounded by the company’s level of auto-mation, which was far more advanced than in Luxembourg. Likewise, the Central Bank’s controls proved to be extremely professional. He discovered that most professionals had stud-ied at top universities in the USA, which explained their depth of know-how. This experience taught him that Luxembourg was running the risk of underestimating the competition. Given

these conditions, he sees the regulatory changes, no mat-ter how deep they may be, as an opportunity to consolidate Luxembourg’s global credibility and stay one step ahead of competing financial centres.

Three measures neededJean-Paul Gennari thinks that the emphasis needs to be on harmonising fund distribution regulations throughout Europe, because a lot of progress still needs to be made in this field. As far as investors are concerned, he believes that the ‘KIID’ needs to be improved now because it relies on past figures, which provide no guarantee at all when it comes to assessing a future risk. He sums up his position by saying “the lessons of the sub-prime loans and government bonds need to be learned”. When it comes to skills, he believes that the country is lacking a natural pool of talents. As far as this native of Esch is concerned, locating the university campus in Belval is a bad idea. He believes that a campus capable of enticing the world’s best students should be located close to the city to allow for an attractive student life. There is a great deal of com-petition in this field, but he remains optimistic. His experience at the Central Bank proved to him that when we want to do something, we can. Particularly when we don’t have a choice.

www.myofficialstory.com/creditsuisse

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Jean-Paul Gennariwww.myofficialstory.com/jeanpaulgennari


Michael Fergusonwww.myofficialstory.com/michaelferguson

Ahead in asset management

At a time of continuous change in the asset management industry, Ernst & Young prides itself most on supporting its clients navigate their strategic opportunities and challenges. This means focusing first on the big picture: current and emerging trends, industry issues and regulation. In the global context of global asset manage-ment industry, clients‘ overriding expec-tation of the firm is seamless, consistent, high-quality service.

Visionary leaders The asset management practice is led by Michael Ferguson, one of the investment fund industry’s leading figures in Luxembourg, and a specialist in traditional and hedge funds. Michael is a member of the Ernst and Young’s Global Asset Management Advisory Board, and plays key roles within industry associations including the Association of the Luxembourg Fund Industry (ALFI) and the Alternative Investment Management Association (AIMA). Michael is a rec-ognized as an author and speaker at investment fund confer-ences all over the world. In the alternatives space, Michael’s focus on hedge funds is complemented by industry leading figures including Alain Kinsch in Private Equity and Michael Hornsby in Real Estate.

Inspiring in both the traditional and alternative investment fund spaceIn Luxembourg, we provide services to the entire value chain of the investment fund industry. Ernst & Young’s AIF Club was cre-ated two years ago to support clients with the on-going transfor-mation of the alternative investment fund industry. The AIF Club does this by providing insight into developments in the alternative sectors, education and trainings for the industry practitioners and a platform for alternative industry practitioners to meet, exchange views and network.

Always thinking ahead…Ernst & Young is not only renowned for thinking ahead, but also for its deep technical expertise. A good example is the distinctive “Thought Leadership” publications such as:• The Luxembourg Financial Connection which provides the

industry with bi-annual insights and updates on regulatory, leading practice and market developments.

• The thought provoking series of publications on the UCITS and Alternative Investment Fund Managers (AIFM) Directives dealing with the business, operational and regulatory oppor-tunities and challenges of these Directives.

Ernst & Young also publishes THE reference publication to set-ting up and running investment funds in Luxembourg: “Investment Funds in Luxembourg − A Technical Guide”.

www.myofficialstory.com/ernstandyoung

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Jean Fuchswww.myofficialstory.com/jeanfuchs

Under the sign of the fox

The company Fuchs & Associés Finance S.A. (FAF), specialised in asset manage-ment and Family Office, stands out from the crowd, not only due to its unique his-tory but also due to the electrifying pace of its development.

Off to a good startIn 2000, Jean Fuchs managed to transform the Chinese Year of the Dragon into the Year of the Fox, and in Luxembourg of all places. Serving at the time as the president of the asset manager association, J. Fuchs outlined to the Director General of the CSSF (Commission de Surveillance du Secteur Financier/Financial Sector Supervisory Commission) his vision of the improvements to be implemented to secure the future of the profession. The Director’s answer was short and to the point: “Well, do it then!” There was no turning back and the company was set up. FAF saw the light of day on the 25th of May 2000. Which brings us to another anecdote: the company was validated by the Finance Minister on the 21 of June and the CSSF revealed to J. Fuchs that every company that had been incorporated on that date had gone on to great things. The logo is also highly symbolic: not only does Fuchs translate into English as fox, but this animal also has a very positive aura in Germanic and Luxembourg imagery. The beast was unleashed!

InstinctiveBuilt on the values of morality and independence, the company is witnessing spiralling growth, buoyed by its entrepreneurial spirit

and the importance granted to the human factor. With its unique approach, FAF sets great store by the notions of freedom, honesty and justice. And rather than spend the winter of the crisis hidden away in its lair, the “fox” reinforced his clan and his hunting ground: FAF recruited, sending out clear signals to the market, and inau-gurated new offices in Brussels and Geneva in 2008.

One season at a timeToday, FAF has 100 employees world-wide, including 70 in Luxembourg. Its tenth anniversary was duly celebrated while look-ing forward to the future with confidence. “The enthusiasm and dynamism of the FAF stakeholders are its driving force and that stands up to the passing of time”. Even if the “fox” approaches one season at a time, he knows that the FAF model will continue to prove its worth, as it is built on the human factor, an essential and lasting element at the heart of the profession. He also knows that the trend is favourable to the profession and the Luxembourg market for private banks. Another good sign!

www.myofficialstory.com/fuchsetassocies

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A profitable niche

Founded in 1988, as an independent group of companies, owned by the Kamprad fam-ily, Ikano was originally a part of the home furnishing company IKEA.

Leaving the past behindToday the Ikano Group owns and develops competitive and profitable niche companies in the areas of finance, real estate, asset management, insurance and retail. Employing over 2,500 people, Ikano’s strength lies in working together with clients in order to create long-term solutions based on a rigid set of ideals that bring added value to customers, partners and further the development of the company on a global scale. Recognising opportunities and demands that others do not see, Ikano strives to also constantly improve solutions, making them easier to understand and easier to use.

In it for the long haulOperating throughout Europe and Asia, The Ikano Group turns over business volumes in excess of 4.2 billion euro and constantly reviews the methods in which they reach out to partners, customers and employees. Seeking long-lasting relationships, Ikano are forging ahead in becoming a revo-lutionary market leader. Addressing business on fair terms is essential for building strong relationships, creating value and for sustained development – the quality and reputation of a company is determined by the promise made and the promise kept. Three basic values guide all Ikano businesses: common

sense and simplicity, working together and daring to be differ-ent. These values support their promise; “on fair terms.”

The Ikano WayTo inspire people toward building profitable companies that dare to be different and are fun to work for, Ikano believe strongly in social responsibility and, in giving support to selected social initiatives both locally and globally, are deter-mined to offer help where they feel it can make a difference. This means striking the right balance between their affiliated bodies (partners/clients/staff) concerning risks, work and prof-its, and ensuring that they remain available, reliable, effec-tively delivering what is promised and doing so on time. It also means being transparent and clear in gaining momentum with which to structure the foundations for the future.

www.myofficialstory.com/ikano

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Expertise and Commitment

ME Business Solutions provides independent directors and risk or conformity managers for the financial sector.

Complementary rolesEric Chinchon and Michael Lange have worked together for a long time, succeeding each other as directors of Mercuria Services and Mercuria Management Company, before the two organisations merged to become MDO Services. Young, enthusiastic, visionary and fully complementary, Eric’s back-ground in the audit sector, and Michael’s in banking and asset management led them to join forces in the risk management and governance sector. They founded ME Business Solutions in 2008, having recognised the undoubted future of govern-ance in the asset management and investment fund sectors, a future guaranteed by both the regulatory changes and the expectations of investors, especially institutional investors.

Market ExpertiseOver the years, the founders’ initials have come to repre-sent “Market Expertise” and also “Maximum Efficiency”. Their expertise is represented by the 14 associates and employees who have joined the initial team over the last five years. The company brings together the best experts in financial and administrative management of regulated structures, risk or conformity management, and supervision of sales and mar-keting activities. Their success is tangible: in profit from the first year, a turnover that has multiplied ten times in four years, a

hundred or so assignments for around seventy developers all over the world, twelve successful recruitments and nearly as many independent affiliates, all evidence of the technical and operational effectiveness of ME Business Solutions.

Looking to the futureME Business Solutions is constantly evolving. Jean-Philippe Cerutti and Pierre Bruyant have recently joined as associates. The first founded “Proprietary Trading” at Société Générale and Credit Suisse, before spending five years as Chief Investment Officer in a significant yet discreet Family Office. The sec-ond has worked as Risk Management Director at Duet Asset Management and Caxton Associates in London. ME Business Solutions is strongly innovative, practising what it preaches, which is why the company has an independent Management Committee. The Committee gives impartial advice on the strat-egy followed by the associates, a guarantee of serenity and wisdom.

www.myofficialstory.com/mebs

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Eric Chinchonwww.myofficialstory.com/ericchinchon


To be continued!

Morningstar arrived in Luxembourg straight from Chicago in 2010, with the clear aim of shedding light on the financial investment landscape.

GenesisThe early 1980s brought spectacular growth to the invest-ment fund sector. However, it was difficult for private inves-tors to obtain detailed information about the performance of funds. Few had the tools needed to monitor, analyse and take decisions about investing in these funds, which had, after all, been created for them. To bring this information within the reach of as many people as possible, in 1984 Joe Mansueto launched Morningstar in Chicago. In response to the need for information and decision-making support, the company’s founder began to publish a quarterly collection of data on 400 investment funds at a very accessible price: the Mutual Fund Sourcebook. The first success…

A constellationMorningstar now has 6.5 million private customers, 260,000 financial advisors and 3,300 institutional customers all over the world. Present on five continents, the company was listed on the stock exchange in 2005 and is still 70% owned by its founder. Employing 3,000 staff, in 2010 the company estab-lished a presence in Luxembourg, where it now has seven employees. Its objective is to become “the reference” for inves-tors and authorities, it wants to be the leader and secure its

position in financial legal documentation. Thanks to its long experience in creating financial documents and its approach – investors come first – Morningstar has earned a solid reputa-tion for independence and objectivity.

SolutionsMorningstar provides its private and professional clients with tools and services. Its teams of experts carry out research on products, concentrating on funds and ETFs on the one hand, and shares on the other. The resulting reports and a qualitative and quantitative rating are then distributed via the company’s client network. The company also has an intranet and websites: morningstar.be, .fr or direct round off a tailored offering that also includes consulting. Morningstar Rating and Style Box are appreciated for their conciseness, combining performance and the concept of risk. An investor in search of integrated solutions will also find what he or she needs to create a portfolio. The company has also published a whole range of documents relating to the UCITS IV Directive, still pursuing the same aim of serving the customer. Born under a lucky star?

www.morningstar.com www.myofficialstory.com/morningstar

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Getting ready for the new challenges

Fund service firms need to combine the attributes of specialist boutiques and global providers, say Jill Griffin, managing director of the Luxembourg branch of Northern Trust Global Services Ltd, and Steve David, coun-try head of Northern Trust Luxembourg.

How would you assess the current state of the fund industry?Steve David: Luxembourg is still the second largest fund market in the world, and the leading one in Europe, with a market share of 30 per cent. Its assets have grown 14 per cent over the past 12 months, a spectacular increase. But although Luxembourg remains strong, there are challenges ahead for which we have to be ready.Jill Griffin: One factor is that there is a lot of new regulation. Our clients expect us to be a partner, delivering highly personalised service, at a time when barriers to entry into the industry are get-ting higher. You need to deliver the best of both worlds: sophis-ticated solutions combined with a boutique-style approach, underpinned by a very strong infrastructure of IT, product and executive engagement. What risks and opportunities do you see ahead?SD: Operational costs will increase – what the industry is figuring out right now is by how much, and who is going to pay for it. How will service providers help their clients to mitigate opera-tional risks? Right now, it is a waiting game.

At Northern Trust we are updating procedures both in-house and with providers such as custodians and prime brokers in the light of AIFMD and the future UCITS V requirements. It is the right time to invest in infrastructure and people, which for us is simply a matter of enhancing our existing way of doing business. This involves recruiting, delegating and running deep due diligence. As a depositary, we have a long history of monitoring our network.JG: Those providers that are most agile in interpreting the true sense of the new regulations while maintaining a service culture and high-touch client relationships will find themselves with more opportunities than risks. This is an industry issue, and the whole industry is coming together to respond, but at the company level, the challenge lies in implementing changes seamlessly. Is Northern Trust well placed to respond to these developments?JG: Keep in mind that Northern Trust, which was founded in Chicago in 1889, now has more than $5 trillion in assets under custody, over 14,000 employees and offices in 17 locations worldwide, so for us rising barriers to entry are a non-issue.SD: When we established the Luxembourg office in 2004, we were pioneers in true third-party management company provi-sion. This was a response to client demand, and our growth here over the past nine years has been purely organic. The boutique service approach is in our DNA in the Grand Duchy. We look at the future with confidence, and we are open to thoughtful acquisitions to continue our growth.

www.myofficialstory.com/northerntrustwww.northerntrust.com

Northern trust

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Steve Davidwww.myofficialstory.com/stevedavid


Opening doors to Latin American investors

Demand is booming in Latin America’s investment industry, not only among insti-tutions looking to invest internationally but increasingly local fund firms looking for a platform from which to target a global mar-ket. Novacap offers a solution in the region’s preferred jurisdiction, Luxembourg.

A paragon of stabilityOriginally launched in 2007, Novacap Asset Management now focuses on offering a solution to a key priority for asset managers in Latin America: expanding their potential market beyond their domestic one to the other latin american markets, Europe and other parts of the world Luxembourg has long been viewed as the primary international gateway for the Latin American invest-ment industry, thanks to its long experience as a fund domi-cile and servicing centre as well as its political, economic and financial stability, reflected in its AAA international rating. Funds established in the Grand Duchy have long been favoured by institutions in Chile and other Latin American nations seeking a broader choice of international asset managers. Now Novacap is providing management company and related services for Chilean and other managers targeting the European market.

Entering new markets worldwideIn 2011 Novacap established a partnership with Novadvice, a provider of financial services to institutional investors in Chile

Novacap Asset Manag

and Uruguay headed by Marc Michiels, a Belgian resident of Santiago. In October it secured its first client win in the region with a leading Chilean bank.Since then the benefit of an on-the-ground presence has brought Novacap a wider range of contacts throughout the region and established relationships not only in Chile and Uruguay but in Brazil, Panama, Guatemala and the Bahamas. Now the company is building on its success in Latin America to develop further markets around the world. Following a mar-ket development trip to Russia in spring 2012, the company is also examining requirements of managers in Singapore as well as other parts of Europe.

Letting managers focus on their core skillsToday Novacap offers managers a range of services from the creation of white-label funds to advice on the establishment of Luxembourg structures and independent administration, tailored to each manager’s particular requirements.Together with specialised functions such as risk management, com-pliance and the supervision of outsourcing arrangements, Novacap’s services enable investment managers to focus on their key area of added value, their core portfolio management skills.With the first Chilean-managed funds in the process of being launched in Luxembourg, Novacap’s strategy of opening the Grand Duchy’s fund expertise to managers worldwide is already proving its worth.

www.novacap-am.comwww.myofficialstory.com/novacap

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A niche consultancy helps drive Luxembourg’s fund services growth

In Europe’s leading jurisdiction for fund domiciliation and servicing, niche asset management and banking specialist Parva Consulting is helping industry players man-age change in areas such as regulation and tax and take advantage of opportuni-ties for expansion.

A global hubOver the past quarter-century Luxembourg has become Europe’s pre-eminent jurisdiction for the domiciliation and servicing of retail investment funds and led the development of the EU single market in financial services. Already a leading centre for the international lending, private banking and wealth management, the grand duchy has become the world’s most important hub for cross-border retail funds, and is now building its expertise in servicing alternative investment structures.

Hands-on experienceAgainst this backdrop, Parva Consulting has carved out a niche in providing asset management industry players with hands-on assistance in managing the challenges of a chang-ing regulatory and tax environment and positioning clients to take advantages of growth opportunities across the single European market and beyond. Founded in early 2005 and with offices in Milan and Luxembourg, Parva’s small and

Parva Consulting

focused team serves the asset management and securities services sectors with particular expertise in operations, prod-uct development, project and change management, including post-merger integration. The firm prides itself on the direct industry experience that its team members apply to clients’ requirements – a vital attribute as the fund services sector positions itself to meet new investor needs and expanding market possibilities.

A track record of successOver the past years Parva has burnished its credentials with a number of demanding projects that have added to the team’s knowledge and capability. One involved the post-merger inte-gration of two management groups with €180bn in combined assets into a single organisation, creating in the process one of Europe’s leading asset managers. Other flagship projects have included managing a major tax reform for a securities services provider, implementing performance measurement and efficiency improvements at a newly-acquired subsidiary, and reorganising an asset manager’s local businesses into a single European hub. Many of these projects have in com-mon the need to manage differences in culture as well as in business organisation and structure – an area where Parva’s capabilities perfectly match Luxembourg’s pan-European business vocation.

www.parvaconsulting.com

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Alessandro Vivianiwww.myofficialstory.com/alessandroviviani


A premier provider of investor services

RBC Investor Services is a premier pro-vider of investor services to asset man-agers, financial institutions and other institutional investors worldwide. Their unique approach to domestic and cross-border solutions, combined with award-winning client service and the expertise of 5,500 professionals in 15 markets, helps their clients achieve their ambitions.

Top 10 global rankingRBC Investor Services ranks among the world’s top 10 global custodians with USD 2.7 trillion (CAD 2.8 trillion) in client assets under administration and is a wholly-owned subsidiary of Royal Bank of Canada, one of the largest and most financially sound banks in the world.Their complete range of investor services is supported by a worldwide network of offices in 15 countries on four conti-nents, award-winning European transfer agency capabilities, fund administration services in 13 global markets and strong credit ratings: A2 (Moody’s), AA- (S&P). RBC Investor Services has more than 100 years of experience in institutional financial services and provides products and technology that meet cli-ents’ evolving needs, supported by top ratings for client service in industry client satisfaction surveys.

rBC Investor Services

Comprehensive and innovative servicesRBC Investor Services’ innovative solutions include global custody, fund and pension administration, shareholder serv-ices, distribution support, securities lending and borrowing, reconciliation services, compliance monitoring and reporting, investment analytics, and treasury services.

A leading actor in Luxembourg’s financial marketRBC Investor Services in Luxembourg provides an extensive range of products and services from global custody, to fund administration and shareholder services. With over 1,500 employees based in Luxembourg, RBC Investor Services is the country’s fourth largest employer for the financial services sector (source ABBL). Client surveys and industry ranking for their different core activities - fund administration, custodian bank and transfer agent - have positioned the bank as a major leader in the Luxembourg financial market, the second most important world financial centre for investment funds.

www.myofficialstory.com/rbcinvestorservices

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Sébastien Danloywww.myofficialstory.com/sebastiendanloy


New Needs, Fresh Thinking

Riva Financial Systems is a software com-pany which has developed a global transfer agency system capable of supporting mul-tiple countries and investment products on a single platform.

A systematic approach…Riva Financial Systems Limited (Riva) was incorporated in October 2002 by a group of industry professionals with exten-sive operations and technology experiences at some of the largest asset managers and fund administrators in Europe. A thorough understanding of the asset management industry and the particular needs of its participants, along with a special technical expertise, brought recognition that legacy systems and their reliance on decades-old software and hardware were inadequate to deal with increasingly volatile, complex and global markets. Fresh, imaginative approaches were needed if companies were to thrive. Their vision called upon the crea-tion of a flexible, cost-effective, totally integrated global transfer agency system solution; the flagship product that emerged from this blueprint was Riva Transfer Agent (‘Riva TA’).

… and a comprehensive solutionSuitable for both transfer agent and fund administrator, Riva TA is a highly functional dealing and registration software solution capable of supporting the entire investor record-keeping proc-ess across multiple administration centres, investment prod-ucts and currencies, all on a single platform. Importantly, Riva TA comprises a range of features designed to make transfer

agency operations more efficient, flexible and responsive. As a new global solution to the market, the system is designed with the latest technology in mind; it offers among other features, a web enabled front-end for ease of servicing, integrated cash management and general ledger advanced functionality, inte-grated imaging and workflow functionality, enhanced foreign exchange processing and interface capabilities with an open database architecture.

Looking to the futureRiva’s ascendancy was publicly acknowledged in September 2007 when Franklin Templeton Investments, one of the world’s largest asset managers and global distributors of funds acquired a majority stake in the company. Riva’s status as a key market player was confirmed in January 2013 following the announce-ment that the Riva TA solution had been successfully deployed across the entire international transfer agency operations at Franklin Templeton Investments marking the culmination of a project that Mr Ghassan Hakim, CEO of Riva Financial Systems, described as being “unprecedented in terms of scale and com-plexity”. Whilst the company and its customers benefit from Franklin Templeton’s global expertise, investment and knowl-edge with respect to the Riva TA development roadmap and other Riva products, Riva remains a commercial software house and continues to flourish.To learn more about Riva TA’s potential within your organisation, please visit our website www.rivafs.com or alternatively please call us on +44 (1624) 850 140 or email [email protected]

www.rivafs.comwww.myofficialstory.com/rivafs

riva Financial Systems

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Ghassan Hakimwww.myofficialstory.com/ghassanhakim


Staying ahead of the pack

Founded in 1985, Robert Walters has become one of the world’s leading specialist in Professional Recruitment consultancies. With 47 offices spanning in 23 countries, the award-winning group that opened its first office in Luxembourg in 2001 is still continu-ing to expand today.

New media approachBeginning as a subsidiary of the Brussels office and operating in the finance and accounting, the company has expanded to all other areas of financial services as well as other industrial sectors. Enjoying a strong reputation as an industry specialist, Robert Walters is one of the largest recruitment and selection advertisers in Europe and, as such, holds significant relation-ships with advertising partners in multiple media. The strong combination of brand reputation and exposure ensures that the client’s message reach the best target audience with effective results. Robert Walters’ employees are considered experts in all their fields, a reputation that enables them to pick the perfect candidate for the vacancy.

The Luxembourg methodWith an office based in Luxembourg, Robert Walters provides specialist services in international relocation – assisting can-didates through the entire process of moving from their home country to the new location. Compared to other recruitment companies, this offer is quite unique.

Drawing on their multinational background, Robert Walters can drill down swiftly to the bedrock of the client’s needs. The eight different channels of candidate sourcing include database and direct search (social media), networking with business schools alumni, advertisements (direct and industry specific), interna-tional networks, events in the target country, print media and internet advertising.

A focus on the future, nowHighlighting a new trend in candidate sourcing, Robert Walters is expanding its current expert model to provide a client’s company with a broader reach into new business. A further development in the recruitment process consist of bringing candidates directly from abroad, which, for Robert Walters, constitutes a significant trend for the future. In anticipation of the expected increase in personnel hiring throughout spe-cific business areas, e.g. structured finance, holding compa-nies and family offices, Robert Walters will be opening new branches in Asia and Americas in the coming years. “When we look at the track record of the past 25 years, we are con-fident that our future is very bright” – says Robert Van den Oord, Country Manager for Luxembourg. With expertise in the fields of finance and broad knowledge of financial services, Robert Walters will always find the perfect candidate in the least amount of time.

www.myofficialstory.com/robertwalters

robert Walters

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Serge Krancenblumwww.myofficialstory.com/sergekrancenblum

A question of trust

SGG is a leading independent, regulated financial services provider occupying more than 500 professionals. Since 1953, SGG delivers reliable accounting, reporting, tax compliance, legal administration/secretar-ial support to the investment fund industry, international groups and wealthy families.

Growth since 1953SGG’s roots date back to 1953 when a Luxembourg bank cre-ates a corporate services division. In 1998, SGG becomes a subsidiary of one of the world’s top 5 audit companies. A 12 year period of buoyant growth follows: it culminates in a management buy-out in April 2010. CoBePa, the BeNeLux based investment company enters SGG’s capital alongside the historical partners. With the support of its new shareholder, SGG pursues its growth. In 2011, it purchases IMFC, Netherlands 8th player and FAcTS, a Luxembourg provider mostly supporting institutional clients. SGG has today two principal operational bases – Luxembourg and the Netherlands – and subsidiaries in Belgium, Switzerland, Malta, Cyprus and the US. In January 2012, SGG opened a New York office to better serve its US clients, among which leading players of the real estate and private equity industries.

The SGG Tower The tower, a feature of Luxembourg’s city landscape symbol-izes the company’s independence. The 2008 move to the tower, marks a company’s milestone after the doubling of its

personnel, a consequence of a dynamic local acquisition cam-paign (Mercuria Services and Fiduciaire François Winandy). The cylindrical and “iconic” building inspired the company’s motto: “New Heights in Trust”. “Trust” has a financial connotation in SGG’s industry: it is meant in the literal sense here, as all of SGG’s activities are based on one essential factor, its clients’ trust. The tower also became the media of its last Riders on the Storm lighthouse campaign

Trust at all levels SGG services institutional clients – mostly for their fund admin-istration and associated SPVs needs – large companies and wealthy families. SGG supports its clients in a comprehensive fashion and services more and more alternative asset investment fund managers through its integrated Sifs and Sicars admin-istration offer. With its Plug and Play turnkey offer, SGG also helps multinational companies and institutional clients establish themselves in Luxembourg and discover the country’s best kept secret: trust at all levels.

www.myofficialstory.com/sgg www.sgg.lu

Sgg

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Legal and financial information

Sqope’s motto is “the most accurate infor-mation possible”. The legal and financial information it offers provides an essential service to grow your business in accord-ance with the laws and regulations in place.

Did you say “financial intelligence”?Financial intelligence enables you to grow your activities in a secure framework, thanks to in-depth knowledge about your var-ious customers and prospective customers. Sqope helps you to get to know them better and study their strengths. Founded in 2009, this company grew out of the need to respond to the grow-ing demands of laws and regulations in various countries around the world. Sqope stood out from the outset, with the launch of a benchmark information report: the Personal Intelligence Report and the Corporate Intelligence Report. In 2011, the company went international and Thomas Ormond took over as chairman and director. New products are on offer in 2012. Scope View is a monthly or quarterly update. Sqope currently has a 3 person team in Luxembourg and 15 employees worldwide through one subsidiary.

Ever more necessaryKYC (Know Your Customer) is a legal requirement all companies need to comply with. This customer knowledge is now essential today. The stringency of the regulations differs depending on the business sector. This stringency means the need to find out, as well as analyse, legal and financial information. Before starting out

with a person, company or even a country, you need to decide to do it in full knowledge of the facts. Knowing your customers and prospective customers guarantees a good commercial relation-ship in the long term. It is an essential condition for accelerating the expansion of your business in a secure way.

UniqueSqope caters in particular for private banks, life assurance com-panies, independent asset managers, legal firms, accounting firms, etc. Currently, despite a competitive environment, the company does not have any direct competitors. Its trump cards include the accuracy and quality of the information collected, unsurpassed IT processes and unrivalled timing. Everything it does is fully transparent. Within the next five or ten years, Sqope will be essential and worldwide in equal measure.

www.myofficialstory.com/sqopewww.sqope.lu

Sqope

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Josée-Lynda Deniswww.myofficialstory.com/joseelyndadenis

Catering to ever-changing needs

A leading international banking group, Standard Chartered provides a unique and comprehensive package of Depositary banking alongside dedicated Fund Services suite to cater to the ever-changing needs of Luxembourg domiciled funds.

Commitment to relationship-buildingAgeographic focus on the world’s most dynamic markets – Asia, Africa and the Middle East – and a commitment to relationship-building have allowed Standard Chartered to prosper even dur-ing the financial crisis. With 1,700 offices in 68 countries and territories, Standard Chartered is building a sustainable business over for long term. This promise is reflected in its brand philoso-phy, “Here to stay”.

Seamless integrationAt Standard Chartered, Luxembourg funds benefit from best-in-class regional custody, fund administration and transfer agency services across Asia, Africa and the Middle East to/from its Luxembourg Branch. The bank can facilitate direct access to custody and clearing services across a comprehensive range of domestic securities markets through a single communications and service interface. Its securities services platform is integrated seamlessly with foreign exchange dealing and cash manage-ment capabilities. Portfolio returns are maximized through per-formance analytics, liquidity and cash management services as well as a full range of financial markets solutions.

Placing clients firstWith a state-of-the-art infrastructure, Standard Chartered places clients first, providing them with an innovative platform to access local investment markets and enabling efficient communication, data delivery and reporting. Asset safekeeping and supervision for Luxembourg funds is provided by its depositary bank and related fund services. These services are aligned with operations and relationship management while risk is controlled through executive oversight across an unrivalled and growing direct net-work of 39 securities markets. In addition, the offering comprises market-leading client reporting services and best-in-class part-nerships.

www.myofficialstory.com/standardchartered

Standard Chartered

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UBS Luxembourg and the “one-stop shop” approach

Faced with the new legislation, the major groups have had to develop their range of services. Interview with Christophe Cornet, Executive Director in charge of Management Company Services for third party clients.

How has UBS adapted to the changes in the Funds sector?UBS has had its own Management Company for third party clients for a long time, but some clients based in different juris-dictions have now expressed new needs. UBS has therefore developed its range, based on the existing model for UBS funds in terms of procedures, controls and organisation. We have rein-forced our existing team with additional experts, to cope with the latest changes in legislation: UCITS IV, the new SIF law, and the AIFM Directive. This includes monitoring delegated func-tions, managing risk and supporting governance. In practice, we offer the Management Company, but its services can also be accessed on a flexible basis. We draw on the group’s strengths: its platform, R&D expertise, etc. For example, the risk manager in the Management Company works very closely with his risk colleagues at UBS Global Asset Management.

What do your institutional clients expect?Our clients want us to react rapidly and flexibly, meeting all the regulatory requirements. Our company has the best experts and the best technology, two essentials for keeping up to speed

uBS Luxembourg

with current developments. UBS procedures in fact sometimes follow standards that are higher than those required by the law. That said, we make a distinction between traditional clients who want a “one-stop shop”, capable of managing all their needs, and clients who want to remain focused on their core business – portfolio management or Fund distribution – by relying on a partner capable of taking charge of their secondary activities. Some services are essential – central administration and safe-guarding assets – but UBS Management Company Services also offers a flexible approach to selecting the portfolio manager or Fund distributor.

How do you see your sector developing in the next few years?I see two main trends. The first is the disappearance of small, self-managed structures, which will be forced by the new legis-lation to make use of companies like UBS to meet the require-ments of the authorities in the countries where they distribute their products. Faced with this standardisation of the market, critical mass and branding will take on increasing importance, which leads to the second trend: Asset Managers looking for lev-erage effects by relying on large companies which have experts, technical expertise and the necessary financial backing. An Asset Manager who manages tens of billions does not have the power of a group that manages several hundred billion. We are now working on setting up a “Super Management Company”, capable of taking charge of UCITS and non-UCITS funds, in the context of the AIFM Directive.

www.myofficialstory.com/ubs

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Nick Curwenwww.myofficialstory.com/nickcurwen

Putting technology to the service of alternative fund managers

The grand duchy’s ambition to extend the scope of its fund industry following imple-mentation of the AIFMD has been boosted by the arrival of technology-led alternative fund administrator SS&C GlobeOp.

New vista for alternative fundsAlthough Luxembourg has long been home to hedge funds and funds of funds, private equity and property funds, in the past alternative investments have been overshadowed by the UCITS fund business that has made the grand duchy the world’s second largest fund domicile.But the Alternative Investment Fund Managers Directive, which imposes greater regulation on managers targeting European investors, increases the attractiveness of EU fund domiciles – like Luxembourg, which adopted the directive just in time for its entry into force on July 22.Last month the country’s credibility as a service centre for alternative funds was boosted by the establishment of a Luxembourg office by SS&C GlobeOp, a specialist adminis-trator of hedge funds and other types of investment structure.

Meeting client and regulatory demandSS&C Technologies chairman and CEO Bill Stone sees Luxembourg as a key market for existing and future clients that manage hedge funds, funds of hedge funds and private equity structures, and that are increasingly looking for local

service in fund domiciles.The Luxembourg office, headed by Nick Curwen, offers fund administration and middle- and back-office services includ-ing fund accounting and reporting, share registry and transfer agency, and investor communications. It offers independent portfolio and OTC derivative valuations, risk analytics and aggregated web-based reporting.The broad scope of these services matters because of the AIFMD’s reporting obligations to both investors and regulators. Increasingly alternative fund managers are looking to admin-istrators and other service providers to help them meet the new requirements.

Technology at the service of investmentGlobeOp was established in 2000, at the start of the boom that turned hedge funds from a cottage industry to a global business managing well over $2trn in assets. It was acquired by Windsor, Connecticut-based financial software specialist SS&C last year.Drawing on the expertise of its parent, SS&C GlobeOp exploits technology to give it, and its clients, a competitive edge, including cloud-based computing and mobile services – it has just launched voice recognition capabilities allowing clients to obtain information or carry out functions on the move.As such, the company straddles two of Luxembourg’s key economic priorities, consolidating its role as a fund services centre, and attracting the IT-led business of tomorrow.

www.myofficialstory.com/globeop

SS&C globeOp

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The future rests on three pillars

With one foot in Luxembourg, the other in Asia, and La Poste as one of its shareholders, Victor Buck Services is pursuing its develop-ment strategy.

Pillar 1: Mass transactionsSince it was founded, Victor Buck Services’ main activity has been serving the “Transfer Agent” business line in the realm of investment funds, as well as major groups unrelated to the finan-cial world. This activity is closely linked to the constant need to protect customers’ sensitive data, and to enrich it to provide distributors and end users with the necessary reports. The firm has therefore developed great flexibility while bearing in mind the requirement to comply with stringent regulatory obligations. During discussions with its partners, Victor Buck Services brings to the table a broad knowledge of the obligations and prerequi-sites that ensure that their data is protected and valid and that reports are distributed on time, worldwide.

Pillar 2: A paperless worldIn order to rise to the new challenges of cost reduction, per-formance and the environment, paperless systems and data retention solutions are now vital for SMEs. As part of the VEEN project, Victor Buck Services offers solutions to eliminate manual processing of paper documents by companies in various sec-tors such as local authorities, hospitals, industry and, of course, the financial sector. This approach also runs alongside a move-ment in which information must be made easier to access.

Pillar 3: The KIIDFundD, created internally at Victor Buck Services, is a web content management solution for the mutual fund industry. It is currently based on two separate but related information flows: the production and distribution of the Key Investor Information Document (KIID). The creation, retention and modification of these documents is closely linked to the product development process within a management company and the registration of Funds in various European and Asian countries. Our platform covers both the declaration requirements at a European level and the subtle differences imposed by national regulators in Europe and Asia.

www.myofficialstory.com/victorbuckservices

Victor Buck Services

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Edyth Magyaricswww.myofficialstory.com/edithmagyarics


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Key issues for Non-EU managers

22 July 2013 marked the “go-live” date of the Alternative Investment Fund Managers Directive. Here we consider the key issues for non-EU managers.

How will I market to EU investors after July 2013?The AIFMD introduces an EU-wide passport for marketing to professional investors. However, this will only be available before 22 July 2015 to fully on-shored structures. Most non-EU fund managers will therefore continue marketing in the EU under the national private placement regimes until 2015 or even 2018.

What must I consider when privately placing?In order to market to EU investors using national private place-ment regimes, co-operation arrangements must be in place with the authorities of the Member States where the AIFs are marketed and the “third country” in which the AIFM/AIF is estab-lished must not be listed as non-co-operative by the FATF. It also triggers certain transparency requirements: publication of annual reports; pre-investment disclosure of information to investors; reporting to regulators. Consequently, non-EU man-agers should, before marketing, check the exact requirements in the Member States in which their investors are located as Member States may have “gold-plated” the AIFMD Regulations. Also, Member States can impose stricter requirements and some may interpret Article 42 as being optional, imposing their own marketing restrictions.

How do I plan ahead?Going forward, non-EU managers need to start thinking about full compliance and identify their gateways to the EU. Full AIFMD compliance triggers a number of further requirements: identifi-cation of a Member State of reference; appointment of a legal representative; existence of an OECD model tax agreement between the authorities of the Member State of reference and any Member State in which the AIF is marketed. It will also raise other significant considerations, including on remuneration, depositaries and risk management.Although it is undoubtedly so that the AIFMD imposes more regulation on the alternative fund sector than has so far been the case, stricter regulation does not always have to be an obstacle to boosting investor appetite. Tighter rules may indeed attract investors that had previously been precluded from investing in alternative investment funds by increasing protection.

www.myofficialstory.com/cliffordchance

AIFMD

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by Paul Van den Abeele, Counsel, Clifford Chance


Family Office: East to West

Changes in the requirements of international wealthy families are bringing about a pro-found transformation in the Family Office the world over, and in Luxembourg in particular. We analyse the situation.

The view from the EastIn the Middle East, the Family Office is a common entity, in countries where relationships based on trust are seen as far more important than considerations of product or price. Forging business relations with a new partner can take years, and once mutual trust is in place, the emphasis is on the long term, quality of service and above all, interpersonal relation-ships. That said, the regulatory authorities in these countries take their role very seriously and local players naturally gravitate towards service providers who are regulated, like they are.

New developments in the WestThe crisis of confidence that has been shaking the Western markets since 2009 has triggered an unprecedented wave of regulation. An exacerbating factor lies in the reluctance of investors outside Europe to invest in countries with unstable economies. Luxembourg has grasped the situation fully, being the first to transpose the regulations and taking steps to cre-ate a Family Office PFS status. Although the process adds slightly to the regulatory load, it means that Luxembourg can capitalise on a label of trust that should bring new customers to the Grand Duchy.

Future trendsTwo major trends are emerging in this area. The first will see the Family Office gradually encompass all areas relating to customers’ requirements - funds, Islamic finance, private equity - to such an extent that the very notion of the Family Office could partialy replace the private banking notion. For Luxembourg, the challenge is to make the entire country a hub, a portal capable of receiving a very specific clientèle of wealthy families, wherever they are in the world. The sec-ond is a consequence of this shift: the field of players will change. Mergers will help to reduce the impact of the cost of the new regulations, while the smallest players will become ultra-specialised, calling on a host of other specialists to meet their customers’ evolving requirements. The point of contact will be in Luxembourg, but the solutions will be implemented at the relevant centres of excellence.

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Centuria Capital Luxem bourg

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UCITS V, without much debate

The European Commission’s “investor protection” agenda keeps rolling for-ward. There is a certain sense of urgency with UCITS V as when the Alternative Investment Fund Managers (AIFM) Directive goes live in 2013, the retail investor will, in relation to the depositary and remuneration provisions, benefit from less regulatory protection than the institutional investor. UCITS V is the solu-tion to resolve these anomalies.

DepositaryThe key UCITS V provisions on the depositary cover: • Duties: the depositary’s cash flow monitoring duties

are enhanced, and its safekeeping duties clarified. The depositary’s oversight duties are also harmonized. A key challenge will be interpreting the new detailed rules and putting them into practice

• Delegation: the depositary can only delegate safekeep-ing, under strict conditions

• Liability: the depositary is liable for loss of any financial instrument held in custody, independently of whether it has delegated safekeeping tasks, except in case of certain unforeseeable external events. It is also liable for negligence or failure to perform its tasks

RemunerationManagement companies are required to establish and apply remuneration policies and practices that do not encourage risk-taking which is inconsistent with the risk profiles of the UCITS it manages. Management companies that are “significant” will have to establish a specific remuneration committee composed of non-executives. The annual report of the UCITS must include information on the total amount of remuneration paid over the financial year, and various breakdown analyses.

The implicationsIn practice, when implementing the AIFM Directive, many depositaries will have already reviewed their service offering, upgraded their organizational models, established their own net-work of trusted sub-custodians and counterparties, enhanced systems and acquired much of the required know-how to deal with UCITS V. For managers, UCITS V will trigger consolidation in the UCITS depositary space, result in higher depositary fees with related product consolidation and may restrict certain of the more exotic investment strategies. The remuneration provi-sions will result in the obvious additional compliance costs and a greater level of transparency. The real unknown here is whether these provisions will truly result in the development of a product range with a more stable long-term outcome for investors. There is also the debate to be had on the scope of application of cer-tain measures, whether a management company is “significant”, requiring a remuneration committee of non-executives, and the implementation of disclosure requirements.

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ernst & Young

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by Kerry Nichol, Partner, Asset Management, Ernst & Young, Luxembourg


Interview with Simone Delcourt

Simone Delcourt, Director of the CSSF since 2005, answers our questions about the recent regulatory changes.

What is the CSSF’s view about the regulatory changes Luxembourg has seen over the past few years?There have been massive changes in the regulations govern-ing the financial sector in recent years in response to the global economic crisis and the crisis in customer confidence in finan-cial players and products. The crisis brought to light the fact that international integration of financial institutions was closer than international cooperation between supervisory authori-ties. Precisely in order to overcome these variations, a new European financial supervision system was set up in January 2011, comprising a European Banking Authority (EBA), a European Securities and Markets Authority (ESMA) and a European Insurance and Occupational Pensions Authority (EIOPA). Their aim is to restore confidence, help develop a single set of rules, resolve the problems linked to cross-border companies and avoid a build-up of risks liable to threaten the stability of the global financial system. It is clear that the estab-lishment of this system means that Member States’ room for manoeuvre is destined to disappear in favour of greater har-monisation, both in terms of the transposition of the regulations and in terms of applying and overseeing them.

What is the outlook like for the country?Luxembourg will increasingly find itself on an equal footing with the other Member States when it comes to the application of the regulations in the financial sector. The financial centre should take advantage of the opportunity to take a long, hard look at itself and engage in more innovation and internationali-sation. In recent decades, Luxembourg has acquired undis-puted expertise in the field of finance, and this process must continue in order to improve the products and services offered further still. Certain projects underway, such as the transposi-tion of the AIFM Directive, are liable to offer new prospects for the country, and several offshore funds have already indicated an interest in moving their registered offices to Luxembourg.

What are the main challenges ahead?Luxembourg must acquire the means to deal not just with European competition but with global competition. The finan-cial centre has good advantages. For example, it enjoys an undisputed international reputation for trustworthiness and has a respected supervisory authority. It must continue along these lines, at the same time as investing in product and serv-ice innovation and in training the various stakeholders with the emphasis on financial consumer protection, so as to restore customer confidence.

www.myofficialstory.com/simonedelcourt

Financial Sector Supervi sory Commission (CSSF)

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Opportunity or Burden?

Microfinance institutions (MFIs) provide micro-loans to the entrepreneurial poor but also take deposits, fulfilling the role of banks in areas where traditional commercial banks are either non-existent or not accessible to the poorest individuals.

MIVs – the fuel for MFIsMFIs are currently operating in the form of NGOs, credit unions and other financial cooperatives, and state-owned development and postal savings banks. An increasing number of MFIs are organized as for-profit entities, often because it is a pre-requisite to obtaining a license from banking authorities to offer financial services. However, for-profit MFIs may also be organized as non-bank financial institutions, commercial banks that specialize in microfinance, or microfinance departments of full-service banks.Whereas a significant part of MFI get funding from govern-ments and not-for-profit organizations, profit seeking investors, both individual and institutional, have recognized the value of investing in microfinance. Therefore microfinance has moved away from purely public funding and given birth to a signifi-cant number of private-public, as well as purely private under-takings known as microfinance investment vehicles (MIVs). Luxembourg offers a wide variety of structures for microfinance funds, the majority of them being structured as securitization vehicles, specialized investment funds, investment companies in risk capital or non-UCITS investment funds.

AIFMDDue to the form chosen by most MIVs, such vehicles will qualify as alternative investment funds (AIFs) within the mean-ing of Alternative Investment Fund Managers Directive. This reform, albeit imposing stricter regulation on AIFs, represents a great opportunity for entities managing MIVs that chose or will choose Luxembourg as domicile. Not only can they ben-efit from Luxembourg’s experience in setting up and market-ing funds, but also from the memorandums of understanding (MoU) that Luxembourg has already signed with multiple juris-dictions outside the EU.

EuSEF Regulation – an alternative?It is likely that MIVs, if they comply with the requirements, will be encompassed under the EuSEF Regulation. EuSEF thus provides a welcome alternative to the AIFMD, especially for small MIV managers for which full AIFMD compliance would be difficult to achieve and would need to opt out of the AIFMD regime and its benefits. EuSEF also provides for an EU-wide passporting regime for compliant social fund managers, thus making marketing possible throughout the EU.These new frameworks undoubtedly represent an opportu-nity for MIVs and the MFIs they support, as well as a way for Europe to become the domicile of choice for responsible investing.

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regulation and Microfin ance by Joëlle Hauser, Partner, Clifford Chance

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Derivatives central clearing UCITS’ next challenge ahead

The financial crisis that hit the world in 2008 has resulted in a strong statement published on 25 September 2009 by the G20 leaders calling for additional safety and transpar-ency around OTC derivatives and especially credit default swaps. From that point in time, the American and European regulatory bod-ies have started to draft what will be the new framework for the execution, clearing and reporting of OTC derivatives transac-tions on both sides of the Atlantic.

Clearing and reporting obligationsIn Europe, the EMIR (European Market Infrastructure Regulation) will introduce mandatory clearing and reporting of transactions as well as additional collateral requirements for OTC derivative transactions that will remain bilateral. EMIR also encompasses supervisory and governance principles for both the CCPs and the trade repositories. All financial counterparties will be asked to clear standardized products on central counter party (CCP) and UCITS have clearly been identified in scope of the market reform.

UCITS key considerations The obligation to clear standardized OTC derivatives by end 2012 will generate a significant amount of work for investment funds to adapt to these new rules as well as additional costs especially on the collateral requirements side of things.

Mutual funds will have to select one or multiple clearers to sup-port the clearing of their contracts. All major investment banks have adapted their organisation to cope with this new piece of business and most of them propose a combined execution and clearing service across various asset classes. Mutual funds have to perform exhaustive reviews of the service offers and associ-ated costs. Managing those new processes and relationship will create additional complexity for the fund manager and back office outsourcing may become an attractive alternative.

Understanding collateral costs Collateral requirements for mutual funds will be a paramount importance and a crucial element to consider not only when choosing a clearing broker. The new regulation will significantly increase the need for collateral. Each CCP call initial margin to clearing members based on its own risk methodology and addi-tional margin – excess margin –, could be requested by the clearer depending on the mutual fund’s risk profile. CCPs and clearers will also define the type of collateral they accept and they will be selective. Custodians are ideally placed to support mutual funds to address this new challenge. Because they hold the fund’s assets, they should propose efficient solutions to facilitate the operational processes through back office outsourcing solution and to opti-mize collateral. Both services leading to costs reduction.

www.myofficialstory.com/bp2s

OtC by Florence Fontan, BNP Paribas Securities Services

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More analysisAlco www.myofficialstory.com/alcoArendt &Medernach www.myofficialstory.com/arendtBCEE www.myofficialstory.com/bceeCentre Tudor www.myofficialstory.com/tudorChambre de Commerce www.myofficialstory.com/chambredecommerceClearstream www.myofficialstory.com/clearstreamCSSF www.myofficialstory.com/cssfCustom House Group www.myofficialstory.com/customhousegroupErnt &Young www.myofficialstory.com/ernstandyoungFuchs et Associés www.myofficialstory.com/fuchsetassociesHSBC www.myofficialstory.com/hsbcKurt Salmon www.myofficialstory.com/kurtsalmonMangrove www.myofficialstory.com/mangroveMDO www.myofficialstory.com/mdoMPLAW www.myofficialstory.com/mplawNautaDutilh www.myofficialstory.com/nautadutilhRBS www.myofficialstory.com/rbsSGG www.myofficialstory.com/sgg

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Notes

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Notes


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