Decisionmakers
Investment Funds UPDATED EDITION
Luxembourg 2015 WITH VIDEOS
Hickory Editions
7th edition
Investment Funds Survey 2015 54 CEOs agreed to answer our questions.
Question 1: Regulation How do you currently view the increase in regulation in Luxembourg?
A necessary evil
36%
An opportunity
64,30%
Question 2: Employment In 2015, do you expect your company’s workforce to?
71% 25% 4% Increase
Remain stable
Decrease
Question 5: Challenge What is the main challenge of the funds industry today?
“Acting in the best interest of clients.”
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“Keeping up with regulatory developments.”
Decision makers 68%
7%
It depends on costs
As a hub for funds business
Develop IT tools for portfolio and risk managers
Question 4: Recruitment How would you assess the recruitment process in 2015? Hard: I have to search abroad for specific profiles
64%
Easy: I find all the people I need
“Adapting service models.”
4%
“Staying ahead of the competition.”
Analysis
Impossible: I can’t attract the right people to Luxembourg
32%
Companies
25%
Key Players
Question 3: Sustainability How is your company likely to use Luxembourg in the future?
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Private Equity
“Determining fair and justified remuneration.”
Depositary Fund Administration Corporate Administration Global Accounting & Consolidation Reporting AIFM Support Shareholder Services
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Decisionmakers
Investment Funds Luxembourg 2015
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Published by Hickory Editions Luxembourg ISBN 978-99959-745-0-3 Copyright Š 360Crossmedia All rights reserved Coordination: 360Crossmedia, Alexia Morot Distribution: 360Crossmedia Design: Franck Widling www.myofficialstory.com www.360crossmedia.com
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26 30
38 42 46 50
Companies
34
54
64 68
Analysis
59
72 76
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Private Equity
Decision makers Pierre-Antoine Boulat The king of re-use Freddy Brausch Open-minded Stéphane Brunet A tireless traveller Eric Chinchon For a new era in corporate governance Pierre Cimino Professionalism in High Spirits Luc Courtois Beyond excellence Nick Curwen Balancing fund services with the call of the mountains Sébastien Danloy Full circle Steve David Meeting that shaped a career Simone Delcourt A self-made woman Ingrid Dubourdieu A global perspective Alexandre Dumont Bank backed management company Laurent Fessmann From corporate law to alternative funds
Decision makers
15 17 19 21 22
Introduction by Serge Krancenblum Introduction by Frédéric Perard Note from the editor Luxembourg at glance 8 people you should know…
Key Players
Summary
Elie Flatter 80 An unquenchable thirst for discovery Jean Fuchs 84 The humanist values of a Luxembourg businessman Pierre Gramegna 88 The renaissance man Joëlle Hauser 92 A passion to create William Jones 96 To boldly go... Kabanga Michel Kayembe 100 Pragmatism and optimism Bob Kneip 104 An entrepreneurial art Serge Krancenblum 108 The Brainstormer Claude Kremer 113 Marathon man Georg Lasch 118 Living the cross-border life Edith Magyarics 122 The interpreter Frédéric Perard 126 Epicurean Francois Pfister 130 An uncommon sense... of self and success Olivier Renault 134 Development and transformation Alex Schmitt 138 The communicator Daniel Siepmann 142 A sporting life Dominique Valschaerts 146 Seeking challenge Denis Van den Bulke 150 An atypical legal career
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154 158
Decision makers
Martin Vogel A fast thinker Denise Voss Well-rounded Pierre Weimerskirch Striking out on one’s own Revel Wood Out of Africa More decision makers…
166 170 172
178 180 182 184
Companies
175
186
190
Companies Acolin 192 Opening the door to Europe’s funds market Adepa 194 Small packages – big things Atlantic Fund Services 196 Driving service quality through technological excellence
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Analysis
188
Private Equity
Key players Keith Burman An appreciation of real assets Gilles Dusemon Strong roots Viktor Fischer Legal Eagle Turns Sales Manager Thierry Grosjean The right path Rana Hein-Hartmann The United Nations of investment Jean-Noël Lequeue A taste for change Pierre Reuter Young achiever with a zest for new challenges Antonio Thomas Driven by dynamism More key players…
Key Players
162
Baker & McKenzie A Global Law Firm on the Rise Bank of China Developing a global role in Luxembourg BNP Paribas Securities Services The closer, the better Clifford Chance Committed to legal excellence across the world Confluence Taking the Risk Out of Fund Administration Fuchs & AssociÊs Finance A new model for wealth management ManagementPlus Meeting the global governance challenge ME Business Solutions Expertise and Commitment Northern Trust Empowering talented people RBC Investor & Treasury Services A leading specialist provider of asset servicing, custody, payments and treasury services SGG Still delivering made to measure services, 60 years on Sqope Legal and financial information SS&C GlobeOp Putting technology to the service of alternative fund managers Victor Buck Services The future rests on three pillars VP Fund Solutions A leading fund service provider More companies‌
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198 200 202 204 206 208 210 212 214 216 218 220 222 224 226 229
CEOS’ favourite addresses
234 236 239
Decision makers Key Players
232
244 246
Companies
240 242
248 250 252 254 256
Analysis
Private Equity Akuo Investment Management CSSF AIFMD: transitioning to the new law EY Playing the AIFM music in the right tone: the role of professional associations Genii Capital Private Equity in Luxembourg, a new wave of growth GGM Capital Capitalising on the Luxembourg brand IDI Emerging Markets A stable base for investing in a frantic world Invest Industrial Turning Ducati around Luxembourg Private Equity Association Luxembourg a domicile of choice for Private Equity Mangrove Capital Partners After Skype, Wix! Portrait: Anja Grenner A passion for fund services – and for fine wines
230
258 260
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Private Equity
Analysis AIFMD Key issues for Non-EU managers Centuria Capital Luxembourg Family Office: East to West Financial Sector Supervisory Commission (CSSF) Regulation in a changing environment Regulation and Microfinance Opportunity or Burden? More analysis
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Companies
Key Players
Decision makers
Serge Krancenblum SGG Corporate and Fund Administration Services CEO www.sergekrancenblum.com
Analysis
SGG GROUP is proud to sponsor the 6th 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. 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.
Private Equity
Introduction by Serge Krancenblum
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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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Key Players
Decision makers
The values advocated by BNP Paribas Securities Services - excellence, respect, client focus, team spirit and continuous innovation - combined with the expertise of our multicultural teams, are particularly valuable assets in the current climate. Our presence in 34 countries allows us to offer our clients unique and innovative solutions, from the classic to the sophisticated. We are one of the world’s leading providers, with the expertise, track record and financial strength to continue building solutions for tomorrow.
Companies
Their commitment and continuous adaptation has taken most of these individuals on an amazing personal and professional journey.
Analysis
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.
Private Equity
Introduction by Frédéric Perard
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. FrĂŠdĂŠric Perard BNP Paribas Securities Services Regional Manager Luxembourg and Offshore Centers www.myofficialstory.com/fredericperard
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Decision makers
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.
Key Players
Our company is privileged to mix with decision makers from the Investment Funds Industry since 2000 at gatherings such as ALFI, ICBI and IIR.
Companies
Note from the editor Control your message!
Welcome! J茅r么me Bloch Chief Executive Officer 360Crossmedia jbloch@360crossmedia.com www.jeromebloch.com
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Private Equity
Analysis
Feel free to contact me for more details.
Private Banking.
Sometimes 3 letters make all the difference Because you shouldn’t have to compromise to achieve excellence, ING Luxembourg offers you a full experience in Private Banking. Our experts in asset management, lending solutions, wealth analysis and planning keep up-to-date to offer you the most relevant advice regarding your overall situation.
www.ing.lu/privatebanking
ING Luxembourg, Société Anonyme – 52, route d’Esch, L-2965 Luxembourg – R.C.S. Luxembourg B.6041
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ING_PB_200x280mm_EN_2014.indd 1
14/10/2014 16:13
Population: 537 000 (1/1/2013) Luxembourgers: 298 200 Foreigners: 238 800 Minimum Wage: 1 874€ (7/2013) Inflation: 1.04% (10/2013) (Source: Statec-BCL)
TOP 5 Largest employers Groupe ArcelorMittal (Industry) BGL BNP Paribas (Banking) P&T (Telecom) Cactus (Department Store) CFL (Rail Transport)
4 810 4 060 3 990 3 960 3 910
Decision makers Key Players
Luxembourg at glance
(Source: CSSF 30/11/2013)
Others Investment Funds 3889 UCITS 2484 SIFs 1161 Foreign UCIs 244 Net Assets under Management 2083.7€ Billion (Source: CSSF 31/10/2010)
Miscellaneous Area: 2,586 km2 Official languages: Luxemburgish, French, German Motto: “we want to remain what we are” Politics: constitutional monarchy Head of State: S.A.R. Le Grand-Duc Henri Internet: .lu Phone: +352
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Private Equity
TOP 5 Banks per country of origin Germany 47 France 14 Switzerland 11 Italy/ England 9 Sweden 8
Analysis
Companies
(Source: Statec 1/1/2010)
8 people you should know… Grand-Duc Henri Grand-duc de Luxembourg www.myofficialstory.com/grandduchenri www.monarchie.lu
Pierre Gramegna Minister of Finance www.myofficialstory.com/pierregramegna www.gouvernement.lu
Yves Maas President of the Luxembourg Bankers’ Association (ABBL) www.myofficialstory.com/yvesmaas www.abbl.lu
Camille Thommes Director general Association of the Luxembourg Fund Industry (ALFI) www.myofficialstory.com/camillethommes www.alfi.lu Also check Marc Saluzzi in this book, President of ALFI.
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Decision makers Key Players
Xavier Bettel Premier ministre www.myofficialstory.com/xavierbettel www.gouvernement.lu
Companies
Etienne Schneider Vice-Premier ministre, ministre de l’Économie www.myofficialstory.com/etienneschneider www.gouvernement.lu
Analysis
Simone Delcourt Directrice de la CSSF www.myofficialstory.com/simonedelcourt www.cssf.lu
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Private Equity
Serge de Cillia CEO chez ABBL www.myofficialstory.com/sergedecillia www.abbl.lu
THE KEY TO AN EXTRAORDINARY LIFE IS QUITE LITERALLY A KEY. THE ABSOLUTE OPPOSITE OF ORDINARY | INTRODUCING THE NEW GHIBLI | GHIBLI.MASERATI.COM |
THE NEW MASERATI GHIBLI IS POWERED BY A RANGE OF ADVANCED 3.0 LITRE V6 ENGINES WITH 8-SPEED ZF AUTO, INCLUDING A V6 TURBODIESEL ENGINE, AND IS AVAILABLE WITH MASERATI’S Q4 INTELLIGENT ALL WHEEL DRIVE SYSTEM.
DIESEL ENGINE: V6 60° 2987 CC - MAXX POWER: 275 HP AT 4000 RPM - MAX TORQUE: 570 NM AT 2000/2600 RPM - MAX SPEED: 250 KM/H - ACCELERATION 0-100 KM/H: 6.3 SECS FUEL CONSUMPTION (COMBINED): < 6 L/100 KM - CO2 EMISSIONS: 158 G/KM.
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ROUTE DE LONGWY 8B, L-8080 BERTRANGE Phone: 00352 45 00 47 38 - 00352 45 00 47 21 www.intini.lu
Decision makers Companies
Key Players MyOfficialStory_25
Private Equity
Analysis
We hope the following chapters will meet the goal we set ourselves: to present to you a series of good, well-told stories.
Pierre-Antoine Boulat 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 central administrator production environment, iwthin the integrated bank offering, moving it decisively towards a service organisation for distinctive and sophisticated clients. Lateral thinking French-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 consulting and business management functions. Alternative Vs Traditional In 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 motivate employees and develop their performance and career, to
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Best Practice In terms of rapid success, Boulat is of the opinion that he has integrated easily into the varying environments of US and European 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 perhaps 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.
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Decision makers Key Players Companies
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.
Analysis
Interview
Private Equity
Video
FACTS&FIGURES
Pierre-Antoine Boulat Birthday: October Place of birth: Paris Nationality: French Children: 3 boys, 1 girl Languages: French, English, German
My favourite Books: Artist:
Alexandre Soljenitsyne - Jonathan Franzen Francis Bacon
Position CEO of UBS Fund Services (Luxembourg) SA www.myofficialstory.com/pierreantoineboulat
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Private Equity
Š UBS
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Analysis
Companies
Key Players
Decision makers
Freddy Brausch Open-minded A passionate professional, enthusiastic sportsman and occasional jazz musician, Freddy Brausch demonstrates an unflagging interest in diversity. The human adventure While 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 development 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 more In 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 his native 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. In his firm, Freddy has been 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
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Enrichment He 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. The fears were unjustified in view of his later sporting achievements and crowning as French basketball champion with the University of AixMarseille. On the musical front, he admires Miles Davis for his musical genius, Charlie Parker for his saxophone technique. He admires Nelson Mandela for his tenacity and determination and for his capacity – he wouldn’t be able of – to forgive. Add to a passion for sports and for jazz, his admiration for the Marx brothers’ style and humour and you get a good picture of the multi-cultural Freddy Brausch. He admits easily that without the support of his strong mother and equally caring wife, he would probably not have gone all that way. In the long term, Freddy can see himself travelling the world and improving his technique on the saxophone.
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Decision makers Key Players Companies
Loesch (now Linklaters LLP). Together with his partners he made it possible for the younger generations to access a truly international and global dimension. Since the Linklaters merger, other changes took place and the succession of several generations of lawyers in the firm has been managed. Freddy is happy to have been able to manage those changes and successions without undue human and reputational damage. At industry level, from ALFI’s early days to date Freddy has offered (quite) some of his time contributing enthusiastically under successive and various chairmanships. The collegiality and care of all for the common good – one of the secrets of Luxembourg’s successes – is what Freddy appreciates above all.
Analysis
Interview
Private Equity
Video
FACTS&FIGURES
Freddy Brausch Birthday: 20th February 1955 Place of birth: Luxembourg Nationality: Luxembourger Languages: English, French, German, Luxembourgish Hobbies: Saxophone, jazz, golf, sailing, swimming, diving
My favourite Cities: Paris, Tokyo Restaurant: Il Riccio Places: Greek Islands, Mediterranean, Japan Books: Le petit prince (Saint-ExupĂŠry), Les cavaliers (Kessel), Au nom de tous les miens (Martin Gray) Music: Charlie Parker, Miles Davis Artist: Pierre Alecinsky, Basquiat, Tomokazu Matsuyama
Position Managing Partner, Linklaters LLP (Luxembourg) www.myofficialstory.com/freddybrausch
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Private Equity
Š DR
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Analysis
Companies
Key Players
Decision makers
Stéphane Brunet 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 merger 2010 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 listening to others, he managed the merger with pragmatism, adaptability and determination. A very Luxembourg-style approach! Starting point It is hardly surprising that Stéphane Brunet feels so comfortable 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 learning and understanding. After graduating, he travelled to Central Africa on an eighteen-month voluntary placement with the Agence Française de Developpement (French development
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Key Players
Decision makers MyOfficialStory_35
Private Equity
Analysis
A long journey In 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 sovereignty 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.
Companies
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.
FACTS&FIGURES
Stéphane Brunet Birthday: 7th August 1965 Place of Birth: Antony Nationality: French Children: 1 Languages: English, French Hobbies: Music, photography
My favourite Cities: Restaurant: Places: Books: Music: Artist:
Siena, Évora Ma langue sourit Zanzibar, Alentejo Au cœur des ténèbres (Joseph Conrad) Miles Davis, J.S. Bach, Baroque Music, Led Zeppelin Jérôme Bosch
Position Head of BNP Paribas Investment Partners, Luxembourg www.myofficialstory.com/stephanebrunet
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Š 360Crossmedia
Private Equity
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Analysis
Companies
Key Players
Decision makers
Eric Chinchon For a new era in corporate governance Corporate governance is becoming a strategic business of the Grand Duchy. Interview with Eric Chinchon, partner at MEBS. Governance and independence in Luxembourg are facing new challenges. What are they? We must first define “governance” and “independence”. Both concepts provide huge added value to businesses. On independence, the right questions should be asked: Can a company that has served a customer for many years still be independent, and be seen as such? Does it still have the necessary detachment to appraise the strategy and tactics of the enterprise? Shareholder expectations are essential when one defines very clearly the role of independent Directors and their interactions with their colleagues. The mere presence of a director at board and other meetings belongs to a soon bygone era. An independent director must primarily protect shareholders and ensure the long-term viability of the company by providing vision, business and personal ethics, fairness and commitment. What adjustments need to be made? If Luxembourg wishes to promote professional independent governance, I think it is necessary to create a completely new profession: that of independent director. A choice must be made between the current model, in which the expert signs in his own name, and the alternative in which the company
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Companies
Key Players
Decision makers MyOfficialStory_39
Analysis
What return on investment can the profession expect? I cannot speak for the profession but I think that the internationally recognised MEBS approach is the best possible evidence of return. Patience, perseverance and professionalism have enabled our customers to become our ambassadors. Six years ago, MEBS was active primarily in the field of UCITS funds. Today we are involved more and more upstream in large scale projects, and not only in the financial sector. For example, we have facilitated the acquisition of BAC Films Distributions, a reputable partner in the film industry working with the top stars. In another area, we have been chosen to support the comprehensive rehabilitation of a major historical monument in France: the 25,000 sqm of the former French Navy Pursership in Rochefort. The trust of our customers, fostered by our professionalism and ethics, is the most powerful growth engine.
Private Equity
represented by one of the expert partners signs reports submitted to the shareholders and, if appropriate, regulators. This model would broaden the range of skills in boardrooms by involving multiple experts when needed. This is the model of law firms or of approved statutory auditors. If approved statutory auditors are not a priori limited in the number of mandates, professional ethics requires that they spend adequate time with each. This allows managing files transversely while remaining competitive in terms of cost. It is not by chance that Eric Van de Kerkhove, former audit partner of Deloitte, serves on the MEBS board: there is a parallelism between the approach of approved statutory auditors and that of independent directors.
FACTS&FIGURES
Eric Chinchon Birthday: 22/01/1980 Place of birth: Fontenay-sous-Bois, France Children: 2 Nationality: French Languages: English & French Hobbies: Sports (mainly Tennis & Golf) and cinema
My favourite Cities: Paris, London, Barcelona, and San Francisco Places: Ile de la Cité, Paris, Mayfair in London… Books: Tom Clancy and Molière Restaurants: Georges Blanc (Vonas), Bernard Loisean (Saulieu) Music: Classic (Vivaldi), pop rock (Muse) and “French classic” Artist: Muse, Hallyday and Goldman
Position Co-founder and partner of MEBS www.myofficialstory.com/ericchinchon
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Private Equity
Š DR
MyOfficialStory_41
Analysis
Companies
Key Players
Decision makers
Pierre Cimino 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 curiosity and perseverance. Anima Sana in Corpore Sano Pierre 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 introduced 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 Caceis Playground 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
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Key Players
Decision makers MyOfficialStory_43
Private Equity
Analysis
Leonardo da Vinci Pierre Ciminoâ&#x20AC;&#x2122;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 Vinciâ&#x20AC;&#x2122;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.
Companies
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.
FACTS&FIGURES
Pierre Cimino Birthday: 12th July 1965 Place of birth: Ixelles Nationality: Belgian Children: 3 Languages: French, English, Dutch, Italian
My favourite Cities: Restaurants: Books: Music: Artist:
Paris, Florence, San Francisco La garoupe Ă Antibes, La Mirabelle, Chiggeri, Kong (Paris), La Cantine du Faubourg (Paris) Les piliers de la terre (Ken Follett), Biographie de NapolĂŠon (Max Gallo) Ave Maria (Gounod) De Vinci, Michel-Ange
Position CEO of Caceis Bank Luxembourg & Fastnet Luxembourg
Others Member of the Caceis Group Executive Committee www.myofficialstory.com/pierrecimino
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Š 360Crossmedia/C.O.
Private Equity
MyOfficialStory_45
Analysis
Companies
Key Players
Decision makers
Luc Courtois 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 country Luc 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 cosmopolitan, 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 available Luc 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.
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Companies
Key Players
Decision makers MyOfficialStory_47
Analysis
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 countrysides 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 multicultural, 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.
Private Equity
Notwithstanding his many accomplishments, his greatest achievements are his family and friends, and the deep confidence of his clients. His dedication to his clients, their needs, their business, is the basis of his success. He places himself in his clientsâ&#x20AC;&#x2122; 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.
FACTS&FIGURES
Luc Courtois Birthday: 21st August 1970 Birth place: Bastogne, Belgium Nationality: Belgian Children: 2 Languages: French, English, Italian under construction Hobbies: Outdoors activities, oenology, traveling, diving
My favourite Cities: Siena, Bruges Places: Wild lands Book: Historical Restaurants: Anne-Sophie PIC, La Truffe Noire and Taj Mahal Music: Eclectic Artist: Der Mรถnch am Meer by Casper David Friedrich
Position Partner, Bonn Steichen & Partners
Other Positions Lecturer at the Institut de Formation Bancaire Luxembourg Sitting on various board of directors of investment funds and management companies www.myofficialstory.com/luccourtois
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Nick Curwen Balancing fund services with the call of the mountains Luxembourg-born Briton Nick Curwen studied 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 upbringing As 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 Ireland A corporate lift-out took Curwen to GlobeOp, where in 2011 he
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Expecting the unexpected Curwen 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 recognised 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”.
Private Equity
took on responsibility for the Dublin office. He saw the Irish business 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 snowboarding 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.
FACTS&FIGURES
Nick Curwen Birthday: 22nd September 1976 Place of birth: Luxembourg Nationality: British Languages: English, French, German and Luxembourgish Hobbies: Snowboarding, Climbing
My favourite Cities: Restaurants: Book: Artist:
London, Paris, Dublin, Geneva, Chamonix Benares (London), Yauatcha (London), Peploeâ&#x20AC;&#x2122;s (Dublin), Le Bouquet Garni (Luxembourg), Le Munchie (Chamonix) Too many to list Rothko, Monet, Cezanne
Position Luxembourg Country Head www.myofficialstory.com/nickcurwen
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Sébastien Danloy Full circle Twenty years after he first came to the Grand Duchy, Sébastien Danloy’s career took a new turn that has seen him settle in at the top of the RBC tower. From Luxembourg… Sébastien Danloy graduated from the Solvay Business School in Brussels – his home town – but chose to begin his business career in Luxembourg’s capital. His first position was with the European Court of Auditors but he quickly transitioned to financial services. “I left for the banking environment of State Street Bank,” Sébastien explains. “First in operations, then on the commercial side.” This environment was a better match for his aspirations. But Sébastien enjoys a challenge and always looks forward. After ten years working in the world of finance, he and his family moved from Luxembourg to pursue other opportunities abroad, first in Ireland, then in the United Kingdom, and then to Paris where he assumed a role based in La Défense. … to Luxembourg In 2011, RBC Investor & Treasury Services (RBC I&TS) offered him the position of Managing Director for Luxembourg, and CEO of RBC Investor Services Bank S.A.. From his office on the 17th floor of the RBC tower in Esch-sur-Alzette, next to the old blast furnaces, Sébastien is mindful of his responsibilities – Luxembourg being a key entity of the Investor & Treasury Services division of RBC.
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Honesty and transparency Loyal in friendship (35 years on, he remains friends with the first person he sat next to in school), Sébastien’s personal qualities of loyalty and integrity are mirrored in his approach to business. For Sébastien, Luxembourg is a country he loves. It has much to offer, and it’s where he feels at home.
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Having played a major role in building a strong offshore strategy throughout the firm, Sébastien became Head of Continental Europe & Offshore. His priorities are now twofold: to ensure RBC I&TS adapts to the changing regulatory environment and its new opportunities, and to continue to foster a culture of service excellence across the organisation.
FACTS&FIGURES
Sébastien Danloy Birthday: 25th May 1970 Place of birth: Namur Nationality: Belgian Children: 3 Languages: French, English, Dutch Hobbies: Tennis
My favourite Cities: Book: Music: Artists:
Paris, Londres, Dubaï Victor Hugo Dire Straits Monet, Turner
Position Head, Continental Europe & Offshore, I&TS Managing director, Luxembourg RBC Investor & Treasury Services www.myofficialstory.com/sebastiendanloy
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g n i t o Prom bourg Luxem
u l . e k u www.d contact@360crossmedia.com – Tél. : (+352) 35 68 77
Decision makers
Steve David
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Meeting that shaped a career
Steve David 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 encounter It was during a FundForum conference in Monaco in 2001 that Steve David had an encounter that would shape his subsequent 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 experience Born 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
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Social dimension He 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 specialist 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 industry, yet in another life he might made a career in the social field. He says: “The people I respect are those who work with people – social workers, nurses, doctors and teachers – because people are at the heart of everything.”
Private Equity
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.”
FACTS&FIGURES
Steve David Birthday: 11th May 1971 Place of birth: Luxembourg Nationality: Luxembourgish Languages: Luxembourgish, German, French, English, glimpse of Spanish Hobbies: Sports, Art
My favourite Cities: Luxembourg, Paris, Tokyo (though I have never been there) Restaurants: Kamakura, MAHO, Le Bouquet Garni, Brasserie Mansfeld Places: rue de Montorgueil (for the movement and diversity), “Vieille-Ville” of Luxembourg Books: Tintin, Enki Bilal, Yasunari Kawabata, Charles Bukowski Music: Jazz-House, Jacques Brel, Leonard Cohen Artwork: Helmut Newton, Araki, Giraud, Joerg Doering
Position Country Head – Northern Trust Luxembourg
Other Managing Director – Northern Trust Luxembourg Management Company S.A., various directorships www.myofficialstory.com/stevedavid
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Simone Delcourt A self-made woman Director of the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) for the last eight years, Simone Delcourt owes her exemplary success to unfailing commitment and hard work. The trigger “You aren’t mature enough to sit the high school entrance examination.” Looking back, these words spoken by her primary 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 commitment 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 endurance Some 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
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Nothing to change Simone 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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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.
FACTS&FIGURES
Simone Delcourt Birthday: 7th October 1955 Place of birth: Luxembourg Nationality: Luxembourger Children: 2 Languages: French, English, German, Luxembourgish Hobbies: Reading, cooking, hiking
My favourite Cities: Places: Book: Music: Artist:
Berlin, Paris, Rome Dolomites, Siena, old town (Luxembourg) from AmĂŠlie Nothomb Classical (Mahler), rock and roll Salvador Dali
Position CSSF Director www.myofficialstory.com/simonedelcourt
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Ingrid Dubourdieu A global perspective Ingrid Dubourdieu brings to her law practice in Luxembourg a background spanning from New Caledonia, Guadeloupe, France to Brazil, a long-term commitment to sporting competition and a readiness to challenge her comfort zone. A real-world view Luxembourg is famous for its multicultural mix, but D.Law partner Ingrid Dubourdieu embodies it more than most. She was born in the French overseas territory of New Caledonia to parents of French and German origin, with a judge as a father. She grew up overseas and pursued her higher education in metropolitan France – a master’s in business law from Université Robert Schuman in Strasbourg, France, a postgraduate degree in international business law from Université Jean Moulin in Lyon, and another in management and international business law from ESSEC in Paris. Dubourdieu first came to Luxembourg in 1997 - although she’s also spent a couple of years with her Italian husband in Brazil, and her broad international background (plus five languages) is an obvious asset in that most global of Luxembourg business sectors, namely investment funds. Spirit of self-improvement As a lawyer, Dubourdieu strongly believes in the importance of adopting a dynamic approach: continuing to learn, both about developments in the law and in the business environment to which it applies. After having spent more than a decade in Luxembourg’s
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Embracing the future Dubourdieu is conscious of the fact that the legal profession has been slower to embrace the technological revolution than most, and part of her vision for the future at D.Law involves taking full advantage of the potential offered by digital transformation of work processes and client service. “As a boutique law firm, we don’t take things for granted, and we do believe that innovation is a driver of more flexible and effective performance,” she says. What lies ahead? “New challenges,” Dubourdieu insists. She describes herself as resourceful and says willpower is her dominant personality trait. It’s a big task to take on Luxembourg’s large and well established legal service providers, but she’s already hard at work building up a team of expert-lawyers who share common attributes and goals: commitment to excellence in the service of the client, with integrity and single-mindedness, but also a strong sense of humanity.
Private Equity
largest law firm, she embraced the entrepreneurial challenge of taking part in building D.Law in the Grand Duchy in 2013. D.Law was created in 2012 and benefits from a multijurisdictional support from more than 1500 experienced legal professionals in 70 countries. Central to her professional approach is building together, both with clients and the members of her team, a trustful relationship with a focus on the practical and human questions underlying legal issues rather than taking part in the esoteric debates of the ivory tower. As she lives by a clear go-to-market philosophy, Dubourdieu doesn’t consider herself just an outside legal counsel, but more a business-centered strategic advisor with a clear understanding of the client’s needs. Equally important in Dubourdieu’s life balance is her longstanding enthusiasm for sports including fitness, cycling and running, which underpins her determination to succeed in a highly competitive field. As a dedicated team-builder, she understands well the role of values in developing team spirit and collaboration skills.
FACTS&FIGURES
Ingrid Dubourdieu Birthday: 19/07/1970 Place of birth: Nouméa, New Caledonia Nationality: French Children: None Languages: English, French, German, Italian and Portuguese (Brazilian) Hobbies: Sports and meditation
My favourite Cities: Bologna (Italy), Sao Paulo, Sydney and Miami for its architecture and cultural environment Places: What counts is to be in good company… Book: The Power of Now by Eckhart Tolle Restaurants: Da Rodrigo (Bologna) Music: Motivating music for workout and chill-out music for relaxing Artist: Oscar Niemeyer (all) and heirs, Ricardo Boffil (La Fabrica), Tjibaou Center (New Caledonia)
Position Partner at D.Law, Avocat à la Cour, registered at the Luxembourg Bar Association since 1998
Membership Several Alfi Groups www.myofficialstory.com/ingriddubourdieu
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Alexandre Dumont Bank backed management company As CEO of BIL Manage Invest, Alexandre Dumont heads one of the only independent UCITS and AIFMD Management Companies in Luxembourg to enjoy the backing of a solid bank. This is a major advantage, he says, at a time when ManCos face greater responsibilities than ever before. What new opportunities does the AIFMD offer the Grand Duchy? The entry into force of the AIFMD in July 2013 has created an opportunity for Luxembourg to extend its dominant position within the European retail fund industry to alternative asset classes. Like UCITS, the AIFMD offers promoters the ability to market a fund authorised in one EU Member State to investors in other Member States with a minimum of administrative and regulatory formalities. Already recognised as a leading centre for the distribution of retail funds, the existing infrastructure and expertise within the Grand Duchy makes it a logical domicile and servicing centre for more complex hedge funds, private equity and real estate funds for institutional and sophisticated investors. In addition to those European investment managers who have already extended their product ranges, Luxembourg is in a strong position to attract non-EU managers looking for a European domicile for their alternative funds to benefit from the marketing passport provided by the AIFM. What are the main differences between UCITS management companies and AIFMs? The role of the ManCo is somewhat different under the AIFMD
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What capabilities does BIL Manage Invest bring to this role? BIL Manage Invest was initially established to enable managers who prefer not to establish their own AIFM in Europe, to avail of the marketing passport in full compliance with the AIFMD provisions. Our 3rd-party AIFM clients include institutional asset managers, family offices and other wealth managers from within the EU and from outside the EU (e.g. Switzerland and the US). In order to meet the challenges of the AIFM role, BIL Manage Invest is staffed with experienced individuals from the investment industry, ensuring proper monitoring of the investment manager/adviser with full understanding of the underlying asset classes. The fact that BIL Manage Invest is backed by a major bank represents an important additional level of comfort for our clients and their underlying investors.
Private Equity
compared to UCITS. Whereas the UCITS ManCo fulfils a largely administrative oversight role, the AIFM assumes increased responsibility for the investment process for the funds that it manages. In many cases, the Portfolio Management function is retained by the AIFM who needs to ensure that there is no negligence in the investment decision-making process. The AIFM plays a key role intended to provide investors with an independent layer of protection. This places greater responsibility and liability on the AIFM for the investment management function â&#x20AC;&#x201C; all the more crucial due to the greater risks that can arise in illiquid asset classes â&#x20AC;&#x201C; to ensure that the funds are operating in full regulatory compliance. It is therefore critical that the 3rd-party AIFM has the resources, skills and expertise to fulfil its role with full understanding of the asset classes that it manages.
FACTS&FIGURES
Alexandre Dumont Birthday: 27/12/75 Place of birth: Huy, Belgium Nationality: Belgian Children: 2 Languages: French, English and Dutch Hobbies: Golf, sailing, wine
My favourite Cities: London, New York Places: PGA Catalunya and on a sailboat anywhere on the open seas Book: The Master Key System by Charles F. Haanel Restaurants: Nobu 57 (NY), La Co(o)rniche (Pyla-surMer), Brasserie Rubens (Knokke), Castell d’Empordà (Girona) Music: All styles from classical to deep house
Position CEO, BIL Manage Invest www.myofficialstory.com/alexandredumont
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Laurent Fessmann From corporate law to alternative funds Laurent Fessmann began his career in Strasbourg as an in-house corporate lawyer. But an early taste of M&A and private equity transactions laid the foundation for his expertise today in the alternative funds sector. A taste of M&A In the course of his career, Laurent Fessmann has been through a wide range of different types of firm and working environments. Fessmann started out in 1996 as an in-house counsel with bakery equipment manufacturer Bongard in Strasbourg, where he was born and grew up. There he got a first taste of the private equity industry, working on a leveraged buyout deal with Jersey and Delaware funds and taking part in more than 10 M&A transactions. He also recalls a disastrous business trip in his early days with the firm when he and his boss were stranded in Besançon after Fessmann mistakenly filled up their car with regular petrol, instead of diesel. “I really thought it would be my last day there,” he says today. Into practice One of three children (he now has two of his own), Fessmann studied business law at Strasbourg’s Université Robert Schuman. After Bongard, he moved to Alsapan, an industrial group specialising in furniture design and manufacture, gaining experience in areas such as patent litigation and labour
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Passion for history Today Fessmann and his team advise clients on setting up funds, other financial services matters and regulatory issues, with particular expertise in the alternative investment industry and he works with more than 50 other Baker & McKenzie partners as a member of the firm’s global funds steering committee. He has no regrets about his career path, saying does not see himself as anywhere but the legal profession in a decade’s time, although it must continue to be fun – and he would find time for more legal writing. Outside the office, he’s drawn to the Alps, but also big cities like Paris, New York and London (he has a weakness for Indian food). When he’s not running, writing or playing ping-pong with his children, Fessmann’s passion is 20th century history – as a befits a native of a city emblematic of Europe’s fracture, and healing, over the pat 100 years.
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law. It was at the age of 34 that Fessmann decided to enter legal practice, joining Luxembourg business law firm Noble & Scheidecker. Initially focusing on corporate finance matters for large international companies, he soon was drawn to investment funds and by 2009 headed the funds team. That September, he and two colleagues left to launch their own firm, Findling Collin Fessmann, but within six months they were in discussions with Baker & McKenzie to set up the firm’s Luxembourg practice, where he is now a banking & finance partner specialising in asset management and fund formation
FACTS&FIGURES
Laurent Fessmann Birthday: 9th August 1970 Place of birth: Strasbourg Children: 2 Nationality: French Languages: French, German and English Hobbies: Running and studying 20th century history
My favourite Cities: New-York City and London Places: Alpes - massif des Ecrins or massif du Vercors, in a city Paris, Place de la Contrescarpe or Strasbourg-Krutenau, Place des Orphelins Books: The Praise of Folly (Erasmus) or Le Monde Comme il Va (Voltaire) Restaurant: Indian Music: 90â&#x20AC;&#x2122;s rock style with Red Hot Chilly Pepper and FFF or Deep Purple (Lord, Gillan, Paice, Blackmore and Glover) Artwork: The double spiral staircase by Leonardo da Vinci
Position Partner - lawyer www.myofficialstory.com/laurentfessmann
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Elie Flatter 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 complexity Elie Flatter’s story starts in 1974, in a small village in the Vosges region of France where he spent his childhood. His education 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 horizons expanded, as he discovered new and more complex worlds, each increasing his curiosity and developing his ability 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. Internationalisation At 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 trading techniques, arbitrage, setting up structured products and
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Specialisation On 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 discovery took on a new dimension in September 2009, when he joined the Banque Centrale du Luxembourg, taking responsibilities in the prudential supervision of the liquidity of market operators. Alongside this mission, Elie was mandated to represent the BCL in working groups of Islamic Financial Services Board (IFSB) on management of the liquidity of Islamic financial institutions.
Private Equity
fund management. He then built on these solid foundations, moving on to a new challenge at CrĂŠdit Agricole Indosuez Luxembourg, where he gained skills in team and project management. 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.
FACTS&FIGURES
Elie Flatter Birthday: 7th December 1974 Place of birth: Epinal Nationality: Luxembourgish, French Children: 2 Languages: French, German, English, Hebrew Hobbies: Theatre, badminton, hiking
My favourite Cities: Restaurant: Places: Music:
Luxembourg, Shanghai (Peopleâ&#x20AC;&#x2122;s Republic of China), Muscat (Sultanate of Oman) Um Plateau (Luxembourg), Chalet Am Brill (Mondorf-les-Bains) Nature, forests Classical music
Position Liquidity Surveillance & Prudential Supervision, Central Bank of Luxembourg www.myofficialstory.com/elieflatter
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Jean Fuchs The humanist values of a Luxembourg businessman When you meet Jean Fuchs, you soon realise that he is a humanist with entrepreneurial spirit in his DNA. A man who, at the age of 61, is an entrepreneur through and through. The desire to create With the support of his wife for over 30 years, Jean Fuchs likes to surround himself with people he trusts and work as a “family”. His simplicity inspires respect in those who join his cause, namely a quest for ethics and authenticity in business. Since Fuchs & Associés Finance was founded in 2000, this pragmatic and efficient project originator has taken his inspiration from the key words “transparency and honesty”. The company has since taken on more than 100 employees. A well-deserved success, even though Jean is opposed to the prevailing atmosphere of Luxembourg’s financial centre where, despite the financial crisis of 2008, business to business relationships appear to be rather aggressive. Formative experiences On account of his experience at BNP PARIBAS and ATAG, Jean Fuchs has continued to attract responsible posts and embrace the world of finance through such prestigious associations as the Wealth Management Association, the Luxembourg Association of Family Offices and the Financial Sector Supervisory Commission. He is convinced that Luxembourg is a place where you can be successful if you
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Values and convictions Jean Fuchsâ&#x20AC;&#x2122;s attitude and desire are like a breath of fresh air. He hopes to see a new generation of managers whose priority is to put the client at the heart of business, which is moving ever faster, and an end to the red tape which is stifling business dealings. Jean Fuchs doesnâ&#x20AC;&#x2122;t like talking about himself and puts others and their energy front of stage, no doubt through modesty, but also to emphasise the fact that success is a team effort. Behind this seasoned humanist is a real leader when it comes to values and talents but, above all, a big-hearted optimist.
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have values and give yourself every opportunity to do so, a theme which is shared by employees and clients alike.
FACTS&FIGURES
Jean Fuchs Place of birth: Ingwiller Nationality: French & Luxembourger Children: 2 Languages: French, German, Luxembourgish, English Hobbies: succeeding in my work and recharging in contact with nature
Position Founding Partner, General Manager
Contact Phone: +352 26 26 49 1 Email: contact@fuchsgroup.com www.myofficialstory.com/jeanfuchs contact@fuchsgroup.com
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Pierre Gramegna The renaissance man He could have pursued his career as an ambassador, travelling all over the world. Instead, Pierre Gramegna chose to diversify his career, while maintaining his passion for commitment and openness. A diplomatic career Pierre Gramegna studied both law and economics, viewing them as complementary fields. He became a diplomat at the age of 25, setting out to defend Luxembourgâ&#x20AC;&#x2122;s interests in Paris, San Francisco and Tokyo where he serve as Ambassador. He promoted the Grand Duchy wherever he went, enjoying a few pleasant surprises along the way: few career paths provide an opportunity to meet Sharon Stone in the heart of a Californian forest, or to play tennis with the Emperor and Empress of Japan. His best memory is the Grand Dukeâ&#x20AC;&#x2122;s State visit to Japan in 1999, marking the first State visit to the country joined by a major economic delegation. The initiative included some exceptional moments. Diplomacy rimes with economy During the Kyoto Conference in 1997, Luxembourg held the European presidency. As the spokesman for this presidency, Pierre Gramegna, remembers having slept for just four hours in four days, but he did have the satisfaction of contributing towards an agreement, unlike the fiasco of Copenhagen. An admirer of performers who devote themselves entirely to their art, he later decided to leave the diplomatic world to play an
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active role in the economic development of a rapidly growing Grand Duchy. As the Minister of Finance since 2013, he has been working to promote the internationalisation of local companies, attract investors and take part in ongoing legislative changes. Return to his roots A great lover of black-and-white photography – he develops his own photos – Pierre Gramegna looks fondly at the Luxembourg that welcomed his grandfather and which he ended up representing, defending and promoting it all over the world. In the next few years, he could see himself anywhere he can continue to defend the Grand Duchy’s interests using his method: a mixture of commitment and diplomacy, guided by passion. His travels have left him with the conviction that no other country in the world has achieved such harmony in diversity. As for the more distant future, he can imagine being a more frequent visitor to Italy, the country of his roots, while appreciating to work on Kirchberg, the heart of contemporary architecture and of highly productive enterprises, which also happens to be the headquarter of the Chamber of Commerce…
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Pierre Gramegna Birthday: 22nd April 1958 Place of birth: Esch sur Alzette (Luxembourg) Nationality: Luxembourger Children: 2 Languages: French, English, German, Italian, Luxembourgish Hobbies: Tennis, travelling, photography
Position Minister of Finance of the Grand Duchy of Luxembourg www.myofficialstory.com/pierregramegna
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Joëlle Hauser A passion to create The passionate drive to create and deliver the most adequate investment fund structures will allow Joëlle to further develop her vision to position Clifford Chance as the leading international investment fund practice in Luxembourg. Perspective Joëlle 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 practice 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 Teamwork From 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 multinational team within an extensive global network.Drawing on her industry experience, she developed a successful practice
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Personal life Careful 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.
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counseling a wide variety of local and international clients in the set-up and structuring of UCITS, hedge funds and private equity and real estate investment structures, helping her clients steer firmly through the ups and downs of an eventful 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 publicprivate 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.
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Joëlle Hauser Birthday: 14th June 1967 Place of birth: Saint Vith (Belgium) Nationality: Belgian Children: 1 Languages: German, French, English, Luxembourgish Hobbies: Yoga, reading, jogging
My favourite Cities: Venise, Paris Restaurant: The Thaïland (Luxembourg) Places: Red Sea – Sharm-el-Sheikh Books: Biographies Music: My husband’s compositions
Position Partner – Head of the Investment Funds Department, Clifford Chance Luxembourg www.myofficialstory.com/joellehauser
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William Jones To boldly go... William Jones, founding partner and CEO of fund governance and service provider ManagementPlus, grew up in a multicultural environment that has helped him build a global business. A life-changing event William Jones was head of the legal department with Goldman Sachs Asset Management International in London in September 1999 when a car accident changed forever his perspective on life – and started a process that has led to Jones heading ManagementPlus, a global provider of directorship and other services to the alternative and traditional asset management industries. He was brought up, he says, to understand that hard work and dedication are critical to success in any endeavour – be it the international financial services industry, learning languages (bilingual in English and Spanish, he can also conduct business meetings in French and Italian) or playing the drums. But the accident led Jones to the “life-awakening” realisation that work is not everything, and prompted him to leave his well-remunerated post with Goldman on a journey that led him to launch the business that is now Management Plus in February 2006. At the same time, his life outside the office has been transformed by marriage and the arrival of two children. On the learning curve Growing up as an only child taught Jones to make friends and to take pleasure in talking to people (“sometimes I talk too much,”
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A global perspective ManagementPlus started out providing independent director services in Gibraltar and Singapore, subsequently setting up operating companies in Luxembourg (today the heart of the business) and the Cayman Islands and a marketing presence in London and New York. As ManagementPlus expands to offer management company services for both UCITS and alternative funds (hedge funds as well as PERE), Jones says he still enjoys being his own boss and leading from the front – in the manner of his hero, Captain James Kirk of the USS Enterprise.
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he confesses). After studying literature at Princeton he returned to his native New York to acquire a law degree and an MBA at Columbia University, then start his career as an associate with two of America’s leading business law firms, Shearman and Sterling and Schulte Roth & Zabel LLP. Moving into the financial industry with Princeton-based Commodities Corporation, his responsibility for legal matters relating to hedge funds and other alternative investments led to involvement in multiple aspects of fund operations, including client relationships, product development, risk and other systems, marketing and sales, and advising on jurisdiction and service provider selection. The transition when the firm was acquired by Goldman, Jones says, was his “fastest learning curve”, teaching him that regardless of the size of company or the rank of a job title, the asset management business is always about dealing with the same issues and concerns – client always first, investor protection, compliance, robust process.
FACTS&FIGURES
William Jones Birthday: 11th February 1963 Place of birth: New York, USA Nationality: American Children: 2 Languages: English, French, Spanish and Italian Hobbies: Chess, movies and war history
My favourite Cities: New York City, London, Paris and Tokyo Places: Home. And a beautiful beach Books: Anything by Jorge Luis Borges and “The Intellectuals” by Paul Johnson Restaurants: Trattoria Il Riccio (Luxembourg) Music: Funk jazz and motown Artwork: Impressionism and my children’s art work
Position Founding Partner and CEO of ManagementPlus Group
Past • Global Head of Legal, Compliance and Risk (Alternative Fund Services) at Bank of Bermuda / HSBC • Partner at Agora Capital Management Ltd, a manager specialising in customised alternative investment products • Head of Legal of Goldman Sachs Asset Management International in London www.myofficialstory.com/williamjones
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Kabanga Michel Kayembe 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 career There 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 economics 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 encounter When 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
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A business vision In 2001, Arthur Andersen asked him to join the Business Risk Consulting Advisory in Luxembourg. Two years later, the company 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 administration”, 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”.
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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!
FACTS&FIGURES
Kabanga Michel Kayembe Birthday: 29th April 1971 Place of birth: Lubumbashi, République Démocratique du Congo (RDC) Nationality: Belgian Child: 4 Languages: French, English, Spanish (intermediaire level) Hobbies: Reading, cinema
My favourite Cities: Restaurants: Places: Books: Artist:
Paris, Luxembourg, Genève Patin d’or (Luxembourg), El Mektoub (Genève), La Novita (Genève) Dudelange (j’y habite), Luxembourg), Place St Pierre (Rome) Paulo Coelho, l’Alchimiste ; La Bible Gustav Klimt, The tree of life
Position Partner Kurt Salmon www.myofficialstory.com/kabangamichelkayembe
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Bob Kneip An entrepreneurial art Bob Kneip’s vision for KNEIP is simple: to be where asset managers come for regulatory reporting and investor disclosure. Early works The employees of a company where Bob spent a summer 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 potential of the luncheon voucher concept, he completed a postgraduate 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 Masterpiece Kneip Communication S.A started trading in 1993. Building on various development phases and innovations, the company 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
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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 opportunity 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.
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father Victor and his established network of friends. Renamed “KNEIP”, his company went on to expand through the investment 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.
FACTS&FIGURES
Bob Kneip Birthday: 23rd April 1962 Place of birth: Boulogne Billancourt (France) Nationality: Luxembourger Children: 3 Languages: Luxembourgish, English, French, German Hobbies: Golf, skiing, running
My favourite Cities: Restaurant: Place: Books: Music: Artist:
Paris, New York Brasserie Mansfeld Museum of Modern Art (New York) Cartoons by Van Hamme Simple Minds, U2 Andy Warhol
Position CEO 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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Serge Krancenblum 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 equilibrium. Fear does not avoid danger Daring to move forward without fear of falling and without fear of making mistakes is what sums up Serge Krancenblum. This native of Metz doesnâ&#x20AC;&#x2122;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 beautiful While 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,
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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.
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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-control, discipline and humility to recognise that what you thought was an end is, in fact, just one step on a longer journey.
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Serge Krancenblum Birthday: 8th October 1961 Place of birth: Metz Nationality: French Children: 2 Languages: French, English Hobbies: Geopolitics, Martial arts
My favourite Cities: Restaurants:
Paris, New York, Tel Aviv Um Plateau, Two 6 Two, L’Ambassade
Position CEO SGG Group
Others • President of the Luxembourg Association for Family Offices “LAFO” • President of the Luxembourg International Management Services Association( LIMSA) • 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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BE THE PUBLISHER!
Franck Widling © ssuaphoto/DR
F UN, FA S T, F R E E
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Claude Kremer Marathon man
Claude Kremer Claude Kremer moves from challenge to challenge with the speed of a sprinter. A pace he maintains with energy and enthusiasm. Balance and faithfulness For this businessman constantly on the move, a stable environment is the key to his performance. Claude Kremer finds a strong balance in his professional foundations and solid family unit. His wife is a key person and his most loyal supporter, and his three children make his life complete. Between work and personal life, most of his friendships can be traced back to his years in the scout movement. This school of life taught him all about teamwork, resourcefulness and the great outdoors. Endurance To an observer, his life appears fast-paced and frenetic. Alongside his legal practice, he teaches at the university centre, has co-authored a book on investment funds (third version published in March 2014), is a member of numerous organisations and sits on countless committees. It is therefore rather surprising to hear him describe his professional life as â&#x20AC;&#x153;a long quiet riverâ&#x20AC;?. His experience running marathons has no doubt helped him to pace his efforts and handle his countless responsibilities with apparent ease. He became well known as Chairman of ALFI from 2007 to 2011 and President of the European Fund and Management Association (EFAMA) from 2011 to 2013, roles that required unfailing commitment on an international level. In October 2014, he was elected to the Board of Directors of the International Investment Funds
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Experience and teamwork Far from being satisfied by his personal and professional achievements, Claude Kremer constantly questions himself and puts emphasis on motivating his teams and devoting his energy to delivering the right messages to the right people. Never looking back, he constantly scans the road ahead in search of new opportunities. He confesses that he finds strength in the idea of developing projects for the future. One of those projects could be the opening of an art gallery, a good way to maintain the discussions and culture that have always been important in 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.
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Association (IIFA). The achievement he is most proud of remains being a founding partner of Arendt & Medernach.
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Claude Kremer Birthday: 27th July 1956 Place of birth: Luxembourg Nationality: Luxembourger Children: 3 Languages: French, English, German, Luxembourgish Hobbies: Running, cooking, mountains, family
My favourite Cities: New York Restaurant: Mosconi Places: Provence, Alps Book: Tintin Music: Bob Dylan Artist: Emile Nolde
Position Founding Partner, Head of Investment Management, Arendt & Medernach
Others • Member of the Board of Directors of IIFA (from 2014 to present) • President of EFAMA (from 2011 to 2013) • President of ALFI (from 2007 to 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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Georg Lasch Living the cross-border life Born in Belgium to German parents, Georg Lasch was always likely to be comfortable with different European cultures and languages – which has led to him to Luxembourg and the executive committee of BNP Paribas Securities Services. Fund services Georg Lasch is not surprisingly at home in Luxembourg, with fluency in French and English as well as his German mother tongue and good knowledge of Dutch and Spanish too. Having been brought up perfectly bilingual in Belgium by German parents, he’s familiar with being part of a multicultural melting pot – and arguably takes the Grand Duchy’s cross-border commuter tradition to extremes by pursuing a career here while his family home is in Brussels. Lasch came to Luxembourg in 1994 to join what was then Banque Indosuez, now Crédit Agricole Indosuez, where he was responsible for selling administration and custody services to fund sponsors in the US and Europe. He joined the BNP Paribas group in 2001 as head of fund services sales for its international investor services businesses in Luxembourg, Ireland, Belgium and Switzerland; today he heads client development and sits on the Luxembourg Executive Committee for the securities services business. Formative experience As a child, Lasch was fascinated by new technology. He also became accustomed early to the peregrinations of a cross-border life through his father, who was often travelling for work. He
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A life outside the office Today he is proud to have built a successful family life with his wife for their three children, meeting the challenge of a geographically divided lifestyle. In five years time, he could see himself running a business in the US or Australia, but this time his family would be there with him. Out of the office, Lasch still enjoys travel, especially to New York, where two of his favourite places are MOMA (Museum Of Modern Art) and the Boat House in Central Park. And he remains a fan of the ski slopes at Courchevel, despite the shock of the chalet where he was staying burning down three years ago. What would Lasch do differently if he had his time all over again? Nothing, he says (â&#x20AC;&#x153;I have been able to live this life without compromising my values or my inner beingâ&#x20AC;?), although perhaps in a parallel universe he might have been an architect or property developer.
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had already spent three years at school in Germany in his early teens before studying law at Cologne University. Lasch then pent a year in New York with Paine Webber, as a legal adviser and brokerage trainee selling to European financial institutions, before returning to Belgium to take a degree as IngĂŠnieur commercial et de gestion at the Catholic University of Louvain. He regards the four following years as an important formative experience during which he travelled widely, deepening his cultural and linguistic experience, and lived with a family who helped him to discover an eclectic range of interests including art and architecture that remain passions today.
FACTS&FIGURES
Georg Lasch Birthday: 24th November 1966 Place of birth: Brussels Children: 3 Nationality: German Languages: German, French, English, Spanish, Dutch Hobbies: Golf, water ski, new technologies, architecture
My favourite Cities: New-York, Los Angeles, Stockholm, Rome Places: Cabane bambou Ramatuelle, ski slopes in Courchevel, MOMA, the Boat House (New-York) Book: “Le petit sauvage”, Alexandre Jardin Restaurants: Bonbon (Brussels), l’Air du Temps (Liernu) Musics: Dance music, contemporary music Artists: Jeff Koons, Wijkaert
Position Head of Client Development BNP Paribas Securities Services Luxembourg
Others • Member of the Executive Committee, BNP Paribas Securities Services Luxembourg • Member of various ALFI Committees www.myofficialstory.com/georglasch
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Edith Magyarics 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-German Born 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 years At the end of November 1991, Edith went for her first interview with “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 1995. She moved to Luxembourg with her husband and child in August 2000 to join Fleming Asset Management. A life crisis in February 2001 allowed her to find out who her real friends
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Two new challenges “I rely on my gut feeling”. Following her instincts, Edith agreed to join ING in 2010 for an ambitious project. She wasn’t leaving her 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 tremendous drive. That same drive that enables her to bring new solutions onto the Victor Buck Services global platform and believe that “Together Each Achieves More”.
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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 business card read “Head of Product Delivery and Fund Vendor Management”.
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Edith Magyarics Birthday: 2nd May 1968 Place of birth: Charleroi (Belgium) Nationality: Belgian Children: 1 Languages: French, English, German, Dutch, Spanish
My favourite Cities: New York, Budapest, Assise, Florence, Bruges Restaurant: The Scheltema in Brussels Places: Le Grund, The Masai Mara, La plage de M’Bour Book: Lord of the Rings Music: Dance Artist: Michael Angelo, “The False Mirror” by Magritte
Position Chief Executive Officer of Victor Buck Services
Others Member of the Board of Seqvoia S.A. www.myofficialstory.com/edithmagyarics
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Frédéric Perard 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 17 Frédéric Perard first discovered basketball when he was eight years old. The sport had a deep influence on him. His business 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, entering the world of finance and economics with a bachelor’s degree in commercial and financial sciences from the ICHEC in Brussels. Promoting fund administration In 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
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Hunting, travel and oenology Frédéric 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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dissertation on “measuring the performance of Monory-CEA unit trusts”. His working life therefore began in fund administration, 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, responsiveness 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.
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FrĂŠdĂŠric Perard Birthday: 12th July 1963 Place of birth: Malo-les-Bains Nationality: French Children: 1 Languages: French, English, Spanish, German Hobbies: Oenology, golf, hunting, basket ball
My favourite Cities: Restaurant: Places: Book: Music: Artist:
New York, San Francisco, Rome Gagnaire (Paris) Rajastan, Saint Eustache Germinal (Emile Zola) Norah Jones, Amadeus Mozart Leonard de Vinci
Position Regional Manager, Luxembourg and Offshore Centres
Others Member of the Executive Committee of BNP Paribas Securities Services www.myofficialstory.com/fredericperard
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Francois Pfister 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 resolute 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 sense As François Pfister opens up about his past, one unmistakably 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 family with the passion of work. Mixing the excitement of entrepreneurship 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 trust While keen senses have contributed to the making of the man, trust has become his watchword. François Pfister’s education
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Most important date in my life: tomorrow His latest “endless possibility”? For Ogier Luxembourg’s appointed managing director, life is an eye-opening work-inprogress – 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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and career can only be characterized as diverse. This diversity 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.
FACTS&FIGURES
Francois Pfister Birthday: 25th october 1961 Place of Birth: Brussels Nationality: Luxembourger Children: 2 (twins boy and girl - 19 years old) Languages: French, English, German, Luxembourgish (basic) Hobbies: Wines, cooking, music
My favourite Cities: NYC, Hong Kong, Paris, Venice Place: my sea front terrasse in the south of France, on a wood junk in the Halong Bay, the Burgundy vineyards in a sunny autumn Books: Le Petit Prince by St-Exupéry La Haine de la Musique by Pascal Quignard Restaurants: Michel Bras in Laguiole, Les Flocons de Sel in Megève, some of my friends’ homes Music: Jazz, Blues and Rock: Coltrane, Miles Davis, Jimmy Hendrix, John MacLaughlin, Stanley Clarke Artist: Leonardo da Vinci, Michelangelo, african tribal sculptors, Picasso, Edward Hopper
Position Managing Partner Ogier Luxembourg www.myofficialstory.com/francoispfister
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Olivier Renault Development and transformation Olivier Renault had an idyllic country upbringing. After studying science at university, his professional choices have brought him a great deal of variety and a great many challenges, two big motivators for this energetic SGSS Luxembourg Country Manager. A thirst for discovery His 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 touch The 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 transformation. His finest moment? Having succeeded in making the Italian and French teams work together to transform SGSS’
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Energy and pragmatism Indeed, 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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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.
FACTS&FIGURES
Olivier Renault Birthday: 18th December 1963 Place of Birth: Eaubonne Nationality: French Children: 3 Languages: French, English, Italian Hobbies: roller, cycling, travelling
My favourite Cities: Restaurants: Places: Book: Music: Art work:
Nice, London, Milan, Paris Japanese, French and Italian cuisine the Mosel, Promenade des anglais, Lac d’Orta L’étranger (Camus) classical music, Jazz, electro, arabian L’ours blanc de François pompon (Musée d’Orsay)
Position Deputy CEO & Country Manager de SGSS www.myofficialstory.com/olivierrenault
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Alex Schmitt 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 experience Born 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 masters 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 excellence Alex 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
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An art fan Despite 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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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.
FACTS&FIGURES
Alex Schmitt Birthday: 24th March 1953 Place of birth: Luxembourg Nationality: Luxembourger Children: 2 Languages: French, English, German, Italian Hobbies: History, art, outdoor activities
My favourite Cities: Paris, Milan, New York, Buenos Aires Restaurant: Mosconi Place: Oesling (Luxembourg) Book: Le grand Condé (Bernard Pujo) Music: Mozart, Haendel Artist: Lucian Freud
Position Associé, 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) www.alexschmitt.com
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Daniel Siepmann A sporting life Daniel Siepmann, CEO of Credit Suisse Fund Services in Luxembourg, says his favourite place is on the golf course – so much so that his ambition is to finish up running one. But perhaps somewhere sunnier. Career orientation Daniel Siepmann has spent nearly a quarter-century in the banking and investment industries in his native Cologne, in Zurich and since last November as CEO of Credit Suisse Fund Services (Luxembourg). But sport has been as important a thread running through his life as career. As a boy, he says, hockey (and skiing) was “everything” – he was good enough a hockey player to make it to Germany’s first division, but at 19 he realised he would not be a first-choice starter and took up golf instead. At the same time, the young Siepmann was finding his career orientation: he considered architecture – still a keen area of interest – as well as becoming a doctor or an auditor. Fund expertise He trained as a banker with Sal. Oppenheim jr. & Cie, where he spent the first seven years of his career, while taking an MBA and a master of economics degree at the University of Cologne. He added a doctorate at Fribourg in Switzerland after moving to Zurich to join Anlage und Kreditbank, subsequently part of Coutts. Siepmann then spent more than five years as a senior management consultant with BearingPoint, the former
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Life lessons on the golf course But Siepmann insists on making the most out of his time outside the office, whether travelling (South Africa, New York and Italy are favourite places), reading Thomas Mann, or on the ski slopes. He says: “I like the speed and freedom to choose your direction – there’s nothing better than being up in the mountains, looking far into the distance.” He also goes jogging to keep his mind fresh and creative. And in a decade’s time he sees himself less in the financial sector but running a private business such as a golf club, perhaps in South Africa to escape the grey and foggy European autumn and winter. According to Siepmann, golf offers not only insights into the personalities of one’s playing partners but important life lessons. “Sometimes you simply have to play the ball as it lies,” he says. “It makes no sense to argue – you just learn from it, adapt your strategy and try again on the next tee.”
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Arthur Andersen Business Consulting, then four-and-a-half as head of business technology for Julius Baer’s European asset management business before joining Credit Suisse in 2008. In recent years his involvement with the fund sector and with Luxembourg has grown, including heading a project to offer third-party fund services in Switzerland and the grand duchy. In 2012 he joined the board of the Luxembourg subsidiary as part of his role as head of fund operations within the bank’s investor services business.
FACTS&FIGURES
Daniel Siepmann Birthday: Place of birth: Nationality: Languages: Hobbies:
30. November 1967 Cologne, Germany German and Swiss German, English (understand french) Golf, Travelling, Design and Architecture
My favourite Cities: Zurich, Cologne, New York, Bangkok Place: A golf course Book: Thomas Mann: Buddenbrooks & Les Confessions du chevalier d’industrie Félix Krull Restaurants: Latino & Casa Aurelio (Zurich), La Perla (Cape Town), Sala Rim Naam (Bangkok) Music: Lounge Music and Mozart’s Piano Concerts Artists: Mark Rothko, Henry Moore
Position Chief Executive Officer www.myofficialstory.com/danielsiepmann
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Dominique Valschaerts 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 principles 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 manager, 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 Exchange In 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 Fundsquare, which specialises in collecting, processing and disseminating data relating to investment funds. A service provider to the fund industry, Fundsquare has grown constantly and steadily over the last
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Eclectic tastes An avid reader and music lover, Dominique Valschaerts loves architecture and enjoys visiting or simply contemplating contemporary 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 characters, differences and harmony.
Key Players
fifteen years. Dominique Valschaerts is working to establish the companyâ&#x20AC;&#x2122;s reputation while expanding its range of products.
FACTS&FIGURES
Dominique Valschaerts Birthday: 4th July 1960 Place of birth: Charleroi Nationality: Belgian Children: 4 Languages: French, English, Dutch, a bit of German and Luxembourgish Hobbies: Eclectic, mountaineering
My favourite Cities: New York, Paris, the old city of Luxembourg, San Francisco Restaurant: Ma Langue sourit (Moutfort) Music: Eclectic, Jazz, Rock, Opera Artist: Magritte
Position CEO of Fundsquare
Others Member of Executive Committee of Luxembourg Stock Exchange www.myofficialstory.com/dominiquevalschaerts
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Denis Van den Bulke An atypical legal career In the early years of his career Denis Van den Bulke worked for the European Commission, an audit firm, a UN agency and a leading Luxembourg bank. Now, following a change in direction, he heads a law firm hailed as a leader in the grand duchy for corporate, finance and tax work. A diversified path In the 1990s, Denis Van den Bulke was involved in the early development of Luxembourg’s investment fund industry, setting up investment funds and other financial structures. Today, following a career switch back to legal practice, he’s come full circle as head of VANDENBULKE, a law firm that has carved out an impressive reputation internationally as one of the leading practices in the grand duchy for corporate, finance and tax law. Although he began legal studies in his native Liège, Van den Bulke was always wary of becoming too specialised, too soon. “I wanted to diversify away from law,” he says, which took him to Louvain to study anthropology and sociology, and then economics – an appropriately eclectic academic path for an early career that took him to the European Commission as a legal adviser on trade issues, two years as an auditor with KPMG in Belgium, and four as a financial expert with the United Nations’ International Fund for Agricultural Development in Rome. Back into practice It was in 1991 that Van den Bulke came to Luxembourg as head of the financial structures, investment funds and institutional banking
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An internationalised profession The past decade has seen huge changes to the legal profession in Luxembourg, Van den Bulke says: “There has been a significant increase in quality, and firms have become more international. There’s more competition too, with the arrival of leading US and British firms.” Meanwhile, the legal environment has become more complex, fuelled by the EU financial regulations and more complex cross-borders transactions. Van den Bulke fears that in the process, the flexibility for which Luxembourg’s legislation has been known could be lost unless the authorities make efforts to preserve it. In the meantime, he says, “Lawyers must be more business-centric and take up a leadership at initial stage of the transactions, not just signing off deals when they are complete.” He adds that “the future for law firms lies in their capacity to upgrade their legal skills and capitalize on technology”.
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department at Crédit Européen, forerunner of today’s ING Luxembourg, at a time of rapid growth and innovation – creating the first institutional fund, playing an active role in the fledgling ALFI, and setting up a reinsurance management company. But in 1995 he decided to go into active legal practice, joining the US-based law firm Dorsey & Whitney as a corporate partner in the international department, focusing on venture capital and cross border M&A. After seven years, Van den Bulke says, it was time to “leave the nest”, and he chose Luxembourg as the ideal location to set up his firm, because he saw a gap in the market for Corporate Finance expertise. He also envisaged a “horizontal rather than vertical” organisation offering his colleagues the opportunity to flourish, and one with an enjoyable working atmosphere. More than a decade later, VANDENBULKE is recognised by International Tax Review, IFLR, Chamber and Legal 500 and as one of the best European independent specialist firms by The Lawyer.
FACTS&FIGURES
Denis Van den Bulke Birthday: 10th july 1959 Place of birth: Liege, Belgium Nationality: Belgian Children: 3 Languages: French, English, Dutch, Italian Hobbies: Field Hockey, Ski, Tennis, Cooking, Reading
My favourite Cities: Rome for its timelessness, New-York for its energy, Liege for its conviviality Places: A friends’ place for a good dinner… Book: Paradoxes, Paul Watzlawick Restaurant: L’Ambroisie (Paris), Mi & Ti (Luxembourg), Jardin des Bégards (Liege) Music: Stabat Mater, Vivaldi by James Bowman Artist: Magritte, Hergé, Van Goh, Piero Della Francesca
Position Managing Partner, VANDENBULKE www.myofficialstory.com/denisvandenbulke
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Martin Vogel 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 precision Born 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 management, 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 company resulting from the merger of “The Directors’ Office” and Mercuria Services. Loyalty first At 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 organising 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
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Work-life balance His 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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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.”
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FACTS&FIGURES
Martin Vogel Birthday: 29th September 1963 Nationality: Swiss Children: 2 Languages: English, German native, Italian (a bit of French) Hobbies: Sports, politics
My favourite Cities: Places: Books: Restaurants: Music: Artists:
Zurich, Roma Mountains, Sea The name of Rose (Eco), Old books of Michener Brasserie Mansfeld, Monte Carlo: Mas de Provencale, Zurich: Seerose Vivaldi, Hit parade 1-10 Cezanne, Caravaggio
Position Shareholder, Board member and CEO of MDO services www.myofficialstory.com/martinvogel
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Denise Voss Well-rounded 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 partners Denise 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 thinking 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 manager in 2000. In January 2006 she was Conducting Officer of Franklin Templeton Investment Funds, along with another talented individual: Bill Lockwood. More recently, in November 2013, Franklin Templeton set up a Luxembourg management company for its European UCITS and AIFs, where Denise is Conducting Officer and Board Member. The right steps All of the positions that she has held have permitted her to
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One step back Denise 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 person 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 enthusiasm for life!
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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.
FACTS&FIGURES
Denise Voss Birthday: 28th October 1958 Place of birth: Los Angeles Nationality: American Children: 1 Languages: English, French Hobbies: Family, house, reading
My favourite Cities: Restaurants: Places: Books: Music: Artists:
Luxembourg, London, Paris, Boston, Florence, Venice (in California and Florida) Mosconi, Toit pour toi Vista Palace Hotel (Roquebrune Cap Martin), The Venice Beach House (California), Ruisodo (New Mexico) Anything by Jane Austen, M.F.K.Fischer Handel, George Gershwin, Al Jarreau, Bob Marley, Maxime Le Forestier Turner, Hogarth, Gainsborough
Position Conducting Officer / Board Member Franklin Templeton International Services S.à r.l.
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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Pierre Weimerskirch Striking out on oneâ&#x20AC;&#x2122;s own After more than two decades in the corporate environment of big organisations, Pierre Weimerskirch embraced a new challenge by launching a fund services firm â&#x20AC;&#x201C; just in time for the AIFMD era. Getting the timing right After working for more than 20 years in the asset management and investment fund industry, as an investment manager with UBS and a consultant with Arthur D. Little and Ernst & Young, where he was a partner for 10 years, Pierre Weimerskirch decided it was time for a change of environment. End of 2011, together with two close acquaintances, he founded Luxembourg Investment Solutions, a third-party provider of management company services serving the alternative fund sector (as well as UCITS vehicles). Their objective was to develop LIS as the leading independent management company in Luxembourg. The timing could not have been better â&#x20AC;&#x201C; the EU was about to enact the Alternative Investment Fund Managers Directive, imposing new regulatory oversight on the industry but offering as a reward a passport allowing alternative funds to be sold freely to sophisticated investors across Europe. Taking the bull by the horns From a five-person start-up, the company has grown today into a business that employs 30 people and is serving brand name clients from the alternative investment sector. The experience,
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A far-reaching suggestion As a PhD exchange student at Northwestern University, Weimerskirch relished the opportunity to watch the slamdunks of Michael Jordan and Scottie Pippen of the Chicago Bulls in their pomp. It was also in Chicago that when he was searching for a subject for his doctoral thesis, Prof. Peter DeMarzo suggested that he take a closer look at the then-nascent venture capital and private equity industry – central to his professional activity today. When Weimerskirch isn’t in the office, he may well be skiing or cycling. But equally he may be listening to music, indulging his penchant for British indie rock bands like Hard-Fi and Wild Beasts.
Private Equity
Weimerskirch says, has been a defining moment of his professional life, and the achievement within it of which he is very proud. He describes setting up one’s own company as “an extraordinary experience”, learning to seize opportunities as they arise and to “live in the moment”. In the future, Weimerskirch hopes to pass on his new-found passion for entrepreneurship to his two children. A native Luxembourger, he has benefited from experiencing life abroad, in France, Germany and especially North America.
FACTS&FIGURES
Pierre Weimerskirch Birthday: 23 April 1964 Place of Birth: Luxembourg Nationality: Luxembourg Children: 2 Languages: Luxembourgish, German, French, English
My favourite Cities: Paris, Chicago Places: Place des Vosges (Paris), Ocracoke (North Carolina) Book: “Der Schwarm”, Frank Schätzing Restaurants: Brasserie Mansfeld Music: Hard-FI, Wild Beasts Artist: Fernand Bertmes
Position Founder & Managing Partner Luxembourg Investment Solutions www.myofficialstory.com/pierreweimerskirch
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Revel Wood Out of Africa Revel Wood demonstrated entrepreneurial flair early, launching a jewellery business to help pay his way through university. A combination of humble beginnings and a wealth of diverse leadership experience in mining, military, big four audit, asset management from operations to business development roles, has helped prepare him to run RBS Fund Services business in Luxembourg. A long way from Bulawayo Moving to Luxembourg, says Revel , was one of the smartest things he ever did – second only to marrying his wife Joy. Five years after arriving in the grand duchy in February 2009 with Northern Trust’s fund services business as deputy MD, he’s assumed the role of CEO of Royal Bank of Scotland’s Luxembourg Management Company. It’s a long way from Bulawayo, where Wood was born in 1969 and had a “fun and wild childhood” on the family farm in the Motopos. There was the excitement of encountering a leopard at close quarters as a child, but also the sadness of losing family members in Zimbabwe’s guerrilla war. Attending one of the few multiracial private schools in South Africa during the apartheid years, he developed a passion for sport, playing rugby, water polo, squash and tennis. Playing hard and working hard have always gone together as a family moto. He also gained an early appreciation of the importance of diversity and inclusion.
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London years Arriving in London in 1998, Wood joined the financial sector, contracting for Schroders and Dresdner Kleinwort Benson before joining Bank of New York, where he ran operations for back office outsourcing for asset managers. He then moved to Northern Trust in London as EMEA product manager for outsourcing and later global product manager for derivatives, running one of the largest programs of change for the bank. Throughout his career Wood has been closely involved in large and transformational projects, and he relishes the challenge of leading RBS’s growth over the coming years – as well as looking forward to a future when he will have more time to try say ahead of his two children on the ski slopes. He’s an admirer of Steve Jobs, for his spirit of adventure and innovation, and of Winston Churchill, for his dependability. But he singles out as his hero the late Nelson Mandela, with whose strong sense of values Wood identifies closely.
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Paying one’s way After school, he saved for a six-month backpacking trip around Europe by working down a platinum mine near Rustenburg. Later, after two years’ military service, he and a partner set up a jewellery business to pay their way through university at UNISA. The company imported costume jewellery from India, Thailand and the UK, supplying shops and running market stalls. It’s one of a number of entrepreneurial ventures in which Wood has been involved alongside his career in financial services, nearly all of them successful. After leaving university he joined the mining audit team at Coopers& Lybrand. A highlight was restating 25 years of accounts and preparing a listing document to enable a gold mining group to be listed on London and New York stock exchanges.
FACTS&FIGURES
Revel Wood Birthday: 12th January 1969 Birth place: Bulawayo (Zimbabwe) Nationality: British citizen/South African Children: 2 Languages: English, Afrikaans, Sotho (although the latter not practiced for some time) Hobbies: Theatre, Reading, Cycling, Squash, Golf, Skiing, Scuba-diving, Church
My favourite Cities: Cape Town, London, Salzburg, Sydney Places: Victoria Falls, Red Sea, The Alps, Garden Route, and Central Kalahari Book: Long walk to freedom Restaurants: Lohninghof, Five Flies, Ma Langue Sourit, Chutney Mary Music: All Ages & Genre from Classical via Rock, Blues 80s Pop to Bruno Mars
Position Chief Executive Officer
Others Chief Operating Officer, Global Head Derivative Product www.myofficialstory.com/revelwood
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MORE DECISION MAKERS… Marty Dobbins
Yves Francis
David Micallef
Senior Vice President Managing Director
Managing Partner
Managing Director
Deloitte SA Luxembourg
The Bank of New York Mellon Luxembourg
State Street Bank Luxembourg SA Luxembourg
www.myofficialstory.com/ yvesfrancis
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www.myofficialstory.com/ martydobbins
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www.myofficialstory.com/ davidmicallef
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Charles Denotte www.myofficialstory.com/charlesdenotte Luc de Vet www.myofficialstory.com/lucdevet Michèle Eisenhuth www.myofficialstory.com/micheleeisenhuth Jean-Michel Loehr www.myofficialstory.com/jeanmichelloehr Keith O’Donnell www.myofficialstory.com/keithodonnell André Roelants www.myofficialstory.com/andreroelants Marc Saluzzi www.myofficialstory.com/marcsaluzzi Carlo Schlesser www.myofficialstory.com/carloschlesser Paolo Vinciarelli www.myofficialstory.com/paolovinciarelli
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Keith Burman An appreciation of real assets Keith Burman grew up observing the real estate industry at close quarters, and that’s where he began his career. Today his perspective is slightly different as a leader of ManagementPlus’ alternative fund corporate governance business. Career choices If things had been different, says Keith, he might have been a civil engineer, like his father in South Africa. He admires the ability to build things that have “a positive impact on people’s lives”, as well as the logic, preparation and calculation that goes into it. Burman also appreciates the physical nature of civil engineering, but that is shared with real estate, which happened to be his mother’s vocation. So after studying business at the University of Cape Town, he took a master’s degree in property valuation and law at London’s City University and joined Jones Lang Wootton as a surveyor. Building a business Soon, though, his career was taking him toward the investment side of the real estate business, preparing strategic investment proposals and executing property transactions for pension funds across the UK in all property sectors. He arrived in Luxembourg in 2001 to take charge of LaSalle Investment Management’s corporate and investment entities in the grand duchy.
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Decision makers Key Players Companies
An outdoor life Having grown up in South Africa, sport and outdoor adventure has always been a big part of Burman’s life, but today his biggest passion is skiing, especially with his wife and two young sons. His one great regret, he says, is not having learned to ski sooner. He retains a keen sense of the importance of work-life balance, relishing the achievement of building up a real estate fund services business from scratch with BBH, but also the daily experience of raising two “kind, curious and energetic” children. Burman will always remember the day the late Nelson Mandela was released from prison to lead South Africa, bringing a philosophy based on renunciation of hatred and bitterness. “It changed the country’s mood from dark pessimism and despair to hope and belief in the future,” he says. “I hope his example continues to set the standard for the future.”
Analysis
The past decade, though, has seen Burman focus increasingly on the administration and depositary oversight of real estate and other specialised funds, first with Brown Brothers Harriman, then since 2011 at State Street Global Services, where he helped run a business that administered and custodied $176bn in real estate and private equity assets. A critical experience, he says, was as a scuba diving instructor at the University of Cape Town, taking on the responsibility of giving lessons on which students’ lives could depend. The significance of achieving technical mastery, and the importance of good organisation, presentation, coaching and leadership have proved invaluable lessons ever since.
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Gilles Dusemon Strong roots
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. Studies Like 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. Independent Admitted to the Luxembourg bar in 1997, he initially specialised 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 joining 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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Private Equity
Analysis
www.gillesdusemon.com
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Here and there His disciplined approach â&#x20AC;&#x201C; as well as his passion for architecture and design, no doubt â&#x20AC;&#x201C; 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.
Key Players
career when he joined Arendt & Merdernach as cohead of private equity.
Viktor Fischer Legal Eagle Turns Sales Manager Viktor Fischer was destined to become a successful lawyer. However, his career path was radically altered when one of his clients piqued his interest in the arena of business and finance. A Serendipitous Encounter Although fourteen years of successful industry experience might suggest otherwise, German-born Viktor Fischer did not start his career in finance. Graduating in Jurisprudence from the University of Constance and Copenhagen in 1996, he began his career as a junior lawyer at the Department Provincial Court in Constance by closing the second examination of law in 1998. It was only after joining an International Management Consultant based in Germany in 1998, that he ignited his passion for the finance sector. While dealing with prestigious international banking and insurance clients, it was his encounter with UBS that would radically reshape his future, establishing him as one of the key players in the financial service sector. Loyalty and dedication, key to success Appointed Head of Investment Funds Luxembourg for UBS Global Asset Management in 2000, Viktor Fischer was promoted to Head of Institutional and Wholesale Business in 2002. He was assigned Head of UBS Global Asset Management Luxembourg and Key Account Manager for the Benelux region in 2005, and in 2007 embraced new responsibilities as the
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Key Players
Decision makers MyOfficialStory_179
Private Equity
Analysis
Integrity, Passion and Hard Work A loving husband and father, Viktor Fischer describes the birth of his son and his daughter as the happiest days of his life. Team work as well as personal and professional integrity were always key to Fischer`s success. As for old friendships, he is convinced that durable successful business relations have to be built on trust, moral virtues and loyalty. â&#x20AC;&#x153;Sharing my clients` passion and success, represents the fuel that pushes me to my limits day after day.â&#x20AC;? Discipline, self-motivation and teamwork are corner stones of Viktor Fischer`s work ethics. As a passionate motocross racer, Fischer knows that it takes selfbelief, determination and strategic planning to win on the track and in the boardroom.
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Head of P&S Consulting. Head of Business Development Fund Services EMEA in July 2010, and Head Asset Services Sales in October 2010, responsible for UBS` Asset Servicing EMEA sales acquisition process, presiding over continuing profitable growth. As of June 2014 he moved to Acolin Group with main office in Zurich, as Managing Partner.
Thierry Grosjean 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 match Thierry Grosjean was born in Metz. At the age of four, he discovered 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 Luxembourgbased 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. â&#x20AC;&#x153;I like finding pragmatic solutions adapted to the needs of an increasingly demanding and sophisticated clienteleâ&#x20AC;?, 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 rigour As a boy, he dreamt of becoming a pilot. Precision and rigour, two of the qualities that are essential for any pilot, are equally
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Decision makers www.myofficialstory.com/thierrygrosjean
Analysis
A future paved with possibilities This 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 experience 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.
Private Equity
important to him when carrying out his current responsibilities. The great captains of industry gave him a taste for management 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.”
Rana Hein-Hartmann 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 personified Rana 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. Itâ&#x20AC;&#x2122;s hard to imagine a better background for her role as director for Europe at Funds Partnership, a recruitment 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 character Living 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
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www.myofficialstory.com/ranaheinhartmann
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Decision makers Key Players
Complementary skills Having 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.
Companies
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.
Analysis
Interview
Private Equity
Video
Jean-Noël Lequeue 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 challenge What makes a man who has reached the pinnacle of professional 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 60-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 comfort of the infrastructure of an international group.” In order to meet the high market demand for his services Jean Noël Lequeue set up a second company in 2011, “The ICE Breakers” hiring three junior compliance officers for that purpose. 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).
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Family time Today, 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. www.myofficialstory.com/jeannoellequeue
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Thirty years with the same company After 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 requirements of the present.
Analysis
Interview
Private Equity
Video
Pierre Reuter Young achiever with a zest for new challenges Having already worked with some of Luxembourg’s leading investment fund specialists and launched a new funds practice in the Grand Duchy, Pierre Reuter is helping to build Hogan Lovells into a force in the country’s legal profession. Dedication, with a touch of humour His friends describe Pierre Reuter as a professional who is close to his clients, very involved, direct and pragmatic. To ensure client satisfaction, he devotes himself to his work, but his natural sense of humour still shines through. The importance of family life was instilled in him by his parents, who played a key role in his development by shielding him away from the worries of life and helping him become a wellbalanced person. Now with two children of his own, family is a central element of Pierre’s life, and he has become skilled at maintaining a healthy balance course between his professional and home life. A passion for funds After a year of legal studies in Luxembourg, Pierre completed his master’s degree in Aix-en-Provence. He went on to broaden his expertise with two of the leading Luxembourg lawyers in the investment funds field, who also instilled in him their passion for their field of work. In 2008, a major Dutch law firm asked him to set up an
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Key Players
Decision makers After the working day Out of the office, Pierre likes to relax with a marathon viewing of his favourite TV series. His musical tastes lean toward the likes of Jim Morrison, whom he admires for his creativity. He also respects the work of PETA activists for their commitment to animal welfare. Like many people of his generation, Pierre has always had a keen eye for the latest gadgets, but he also enjoys the simple things in life â&#x20AC;&#x201C; a good home-made vegetarian meal, or a walk with his dog.
Companies
investment funds department for its Luxembourg office, and five years later, Pierre took on his biggest professional challenge so far when joining Hogan Lovells to launch its Luxembourg office. Business and friendship do not have to be incompatible, he says, pointing to his experience in founding the Hogan Lovells firm in Luxembourg with Jean-Michel Schmit and GĂŠrard Neiens.
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Analysis
www.myofficialstory.com/pierrereuter
Antonio Thomas Driven by dynamism Ernest Hemingway may not be the first name that you would expect to be referenced 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 or Independent Director. Following his mentors As a partner of ManagementPlus, sees Luxembourg as a perfect platform from which to start the next phase of his dynamic and rewarding career. After restructuring and presiding over the rapid growth of RBS’ Independent Management Company between 2009 and 2012, he then took on the role of Chairman for the newly formed RBS Fund Services business in 2012 which included responsibilities for the NatWest Trustee & Depositary Services and secured its transition into UK compliant AIFMD depositary before deciding to embark on a different challenge. He credits two figures specifically for placing him on the successful path he has followed so far: Audley Twiston Davies (MD) and the late Fred Packard (Chairman). Offering Thomas a role within their Latin American Asset Management start-up, the duo helped to shape the ‘partnership’ approach he is known for today. The eight years spent working with them is a time he looks back on with great fondness. The company was merged into F&C Group which provided a new path to follow, that of Product Development & Management, including responsibilities for the newly formed Group operational risk function and the ability to restructure various product ranges and distribution channels around the world.
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Decision makers Key Players Companies
You don’t have to be big to have a global reach Thomas views the finance industry as one that is constantly evolving and with that change comes new opportunities, something that this passionate and dynamic leader thrives upon. When he began his career path, 26 years ago the funds industry was very different – no mobile phones, no 24/7 internet, simpler. One, where relationships and trust were paramount. He reflects on the early days of UCITS compared to the requirements of UCITS V and AIFMD, to cite but two of the new regulations, and regards the ability to adapt to new legislation and to deliver solutions that stretch across borders and jurisdictions in a way that leverage, enhance and strengthen governance and substance but do not create additional layers or ‘rules for rules sake’, as important factors in securing success. Smaller more focused and tailor made solutions are what today’s sophisticated managers are looking for.
Analysis
Never take anything on face value Two key dates in his life? The birth of his son and the day he decided to ‘go back to his roots’ and switch from working for a big corporate to becoming a partner in start-up, (ManagementPlus) dedicated to delivering Corporate Governance solutions. As someone who embraces change, Thomas spent several years in Ireland, building a 3rd Party Management Company business from the ground up. This reinforced his view of the importance of being able to put yourself in the client’s shoes and work hand in glove as ‘partners’. Having had considerable experience in working with funds for over 25 years as both an Independent Board Director but also in Executive Management roles, he has been able to draw on his diverse network of contacts and experiences to help build, restructure and grow several successful franchises.
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Private Equity
www.myofficialstory.com/antoniothomas
MORE KEY PLAYERS… PierreAlexandre Delagardelle
Fouad Edmond Rathle
Partner - Investment Funds & Corporate
Director Garanti bank Luxembourg
Delagardelle Luxembourg
President IFBL Luxembourg
© MyOfficialStory
www.myofficialstory.com/ pierrealexandredelagardelle
www.fouadrathle.com
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Patrick Zurstrassen Chairman The European Confederation of Directors Associations www.myofficialstory.com/ patrickzurstrassen
www.myofficialstory.com/ renaudjamardebolsee
Luxembourg School of Finance Luxembourg www.myofficialstory.com/ julianpresber
Decision makers Key Players
www.myofficialstory.com/ tonikahirdman
Seqvoia Luxembourg
Managing Director
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Fondation of Luxembourg Luxembourg
CEO
Julian Presber
Analysis
General Manager
Renaud Jamar De Bolsee
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Tonika Hirdman
Acolin Opening the door to Europeâ&#x20AC;&#x2122;s funds market In an industry where access to cross-border markets is ever more critical, ACOLIN assists fund managers in registering and distributing their fund products in Switzerland and throughout the EU. Independent service provider Based in Switzerland but with offices around all of Europe, ACOLIN is the only independent international cross-border fund distribution service provider and with its experience in regulatory and legal fields, fund distribution and in marketing, supports fund managers in offering their products throughout markets across the continent. ACOLIN, headquartered in Zurich, with branches in Geneva and Lugano and subsidiaries in London, Dublin, Luxembourg, Madrid and Frankfurt, offers legal representation services in Switzerland to firms targeting the countryâ&#x20AC;&#x2122;s institutional or retail markets, helping to manage relationships with the authorities, distribution partners and investors. The companyâ&#x20AC;&#x2122;s clients include specialist fund managers and financial services groups from Europe and beyond, with products ranging from classical retail equity and fixed-income vehicles to hedge fund managers, infrastructure and real estate specialists and the asset management arms of private banks. Access to distribution Critical areas include the fund authorisation process, preparing the documents for submission to the financial authority FINMA, maintaining authorisation on an ongoing basis and handling distribution
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Decision makers Key Players Companies
Global registration and investor communication As a complement to the distribution support, ACOLIN’s partnership with Zeidler Legal Services facilitates the registration of clients’ funds various international markets, not only throughout the EU but also in Liechtenstein, Norway, Chile, Peru Singapore, Hong Kong, Israel and Turkey to name a few. ACOLIN has also recently launched ACOLIN connect, a B2B information and communications platform offering its clients, fund managers, a place to communicate directly with professional investors by posting their news, multimedia content and marketing messages. In order to optimally adjust its corporate structure to the rapidly changing regulatory environment for cross -border fund distribution in Europe ACOLIN founded ACOLIN Europe GmbH at the beginning of this year and thus relocated its EU headquarters from Luxembourg to Frankfurt. The benefits for fund managers in need of assistance for distributing their products throughout the continent are greater than ever.
Analysis
arrangements. Establishing and managing distribution channels can be a costly and time-consuming burden, even for fund firms that are part of major international financial services groups, and the access certain distribution platforms offer to investors can be limited or expensive, or both. ACOLIN offers an established distribution network that offers fund managers rapid availability of their products and lowers entry barriers for new markets. Included in ACOLIN’s Distribution-Network Management (DNM) is the data-, document- and commission management, preventing double payments of commission payments, taking on the distribution of the required regulatory documents and reducing the data management down to only one single interface.
Private Equity
Viktor Fischer www.myofficialstory.com/viktorfischer
Adepa Small packages – big things Whether it’s Christmas gifts, company committees 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, boutique firms in the Grand-Duchy. Consolidating for Success in Luxembourg ADEPA 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 headquarters of the company to the Duchy in response to the remarkable 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 Globally In 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
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The Personal Touch With its size and agility, clients can count on personal service and attention that are rarely found with larger firms. They benefit 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.
Decision makers Key Players
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.
Companies
Carlos Alberto Morales www.myofficialstory.com/carlosalbertomorales
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Analysis
www.myofficialstory.com/adepaluxembourg
Atlantic Fund Services Driving service quality through technological excellence Atlantic Fund Services, a long-standing provider that has been through a cycle of being part of a global organisation before recovering its independence, is bringing its focus on personnel expertise and technological excellence to the Luxembourg market. Three decades of experience Atlantic 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 technologyled solutions designed for the world’s second largest fund market. Client focus Its business approach is based on insight into client requirements built up over many years: problem-free, efficient and
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Making technology count Atlantic 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 solutions such as GTAS, its hi-tech TA platform, and internetbased 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.
Decision makers Key Players
technologically sophisticated service, delivered by experienced professionals with a commitment to the client’s success. 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.
Companies
Roman Lewszyk www.myofficialstory.com/romanlewszyk
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Analysis
www.atlanticfundservices.com
Baker & McKenzie A Global Law Firm on the Rise Counting well–known personalities such as Christine Lagarde among its former partners, Baker McKenzie is the world’s bestknown 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 Firm With its second anniversary just passed, legal and tax specialists 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 Journey Under 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
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Luxembourg and Baker McKenzie, a Win Win Situation Demonstrating more economic resilience than many European jurisdictions, Luxembourg remains an attractive target for multinational corporations in sectors including IT and Internet, asset management, private banking and other financial sectors. Working closely with governmental bodies, and local and international 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 opportunities for local firms and businessmen,” André Pesch explains.
Decision makers Key Players Companies
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 multidisciplinary 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.
Analysis
André Pesch www.myofficialstory.com/andrepesch
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www.myofficialstory.com/bakerandmckenzie
Bank of China Developing a global role in Luxembourg General manager Lihong Zhou says the Bank of Chinaâ&#x20AC;&#x2122;s Luxembourg branch is poised to take on an expanded role for the institution in Europe as its global asset management platform and one of three hubs worldwide for its custody business. What makes Bank of China different from its competitors? We are the oldest bank in China, having been established as the treasury of the Qing Dynasty [1644 -1912]. After 1912, it was renamed Bank of China and soon became the central bank, having branches all over the world, including the US, Europe and south-east Asia. Today Bank of China has 1,600 financial institution correspondents in 179 countries, including 1,290 with renminbi clearing accounts, and our activities range from commercial and investment banking to direct insurance, investment management and aircraft leasing. Bank of China is the leading emerging market institution to be designated as global systemically important bank by the Financial Stability Board. We are not the worldâ&#x20AC;&#x2122;s biggest bank, but our ambition is to be the best. Why did Bank of China establish a Luxembourg office in 1979? We were the first Chinese bank to open branches abroad after 1949, so when the government adopted a policy of opening to the outside world in 1979, while Luxembourg was expanding its
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How do you see the Luxembourg branch developing over the next five years? Our business is growing by 20% a year and we continue to meet the targets of our three-year development plan; meanwhile we have little exposure to the volatility of the Chinese stock market. The good news for Luxembourg is that our head office in Beijing has decided that the grand duchy should be the asset management platform for the entire group, and one of three custody hubs alongside New York and Singapore. We already have 100 staff in Luxembourg, out of 170 in Europe, and the numbers should grow to 200 and 300 respectively. We will be ready to take advantage of the opportunities arising from the convergence of the Chinese government’s 2013 ‘One belt, one road initiative’ and the Juncker Plan in Europe.
Decision makers Key Players Companies
scope as a financial centre, it was the right time for both countries. We serve local Chinese clients and Chinese companies looking to access new markets, but now the Luxembourg office acts as our European headquarters, co-ordinating activities in six countries. We have played a key role in M&A deals such as HNCA’s investment in Cargolux, or the acquisition of Philips’s lighting components business by GO Scale Capital. In the other direction, we helped Sweden’s Atlas Copco invest in several businesses in China and with Goldman Sachs arranged a syndicated loan to finance a pipeline in Turkey. Over the past five years, our assets, liabilities and profits have grown very rapidly.
Analysis
Lihong Zhou www.myofficialstory.com/lihongzhou
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Private Equity
www.myofficialstory.com/bankofchina
BNP Paribas Securities The closer, the better BNP Paribas Securities Services Luxembourg brings to its clients both local and international expertise across a range of banking and associated services. Their clients benefit from the know-how and strength of the one of the largest financial institutions in the Grand Duchy. Origins The 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 markets with a local presence in 32 countries and serves a wide variety of international institutional clients. Organisation Securities 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
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Aims In 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 agencies – 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 opportunities for the Grand Duchy, in particular with the creation of the European Hub for fund execution activities and the establishment 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.
Decision makers Key Players
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.
Companies
Frédéric Perard www.myofficialstory.com/fredericperard
Analysis
Services
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Private Equity
www.myofficialstory.com/bp2s www.securities.bnpparibas.com
Clifford Chance Committed to legal excellence across the world International law firm Clifford Chance combines the highest global standards with local expertise. Origins Leading lawyers from different backgrounds and nationalities 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. Philosophy We have never been afraid of being the first to respond to new developments in the legal market; to anticipate the cross-border 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
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Working with communities all over the world, we are committed 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).
MyOfficialStory_205
Decision makers Private Equity
Analysis
www.myofficialstory.com/cliffordchance www.cliffordchance.com
Key Players
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 support for the arts. Our aim is to use our expertise and resources to help to change people’s lives for the better.
Companies
Joëlle Hauser www.myofficialstory.com/joellehauser
Confluence Taking the Risk Out of Fund Administration As a global partner in investment data management automation, Confluence and its UnityÂŽ and Unity NXTâ&#x201E;˘ platform solutions is relied on by more than 40 percent of the leading asset managers and administration firms worldwide. Committed to European Asset Managers Since 2006, Confluence International has been an established and trusted technology partner for the European fund administration 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 â&#x20AC;&#x201C; from fund expense processing to reporting under multiple statutory standards and delivering regulatory reports for multiple domiciles across the globe. Roots in Financial Services Technology For more than 20 years, Confluence has been recognised as an innovative technology leader which is solely committed 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
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Decision makers Offices Confluence has offices in Pittsburgh, San Francisco, London and Luxembourg.
Key Players
Taking the Risk Out of Fund Administration Confluence delivers innovative solutions to take the risk out of fund administration. From the Confluence traditional install, hosted and outsourced Unity® platform solutions to our enterprise-grade SaaS enabled Unity NXT Expense Processing solution, Confluence automates critical fund administration and reporting processes – such as regulatory reporting, financial 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.
Companies
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.
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Private Equity
Analysis
www.myofficialstory.com/confluence
Fuchs & Associés Finan A new model for wealth management Fifteen years after Jean Fuchs turned his back on the traditional private banking world, his wealth management firm Fuchs & Associés Finance has grown into a multifaceted business ranging from insurance brokerage to third-party ManCo services and is flexing its international muscles. An individual vision Just a few months into the new millennium, Jean Fuchs decided to leave the mainstream private banking world, in which he had enjoyed success as a wealth manager and adviser to Luxembourg and European clients, to strike out on his own. He created the firm Fuchs & Associés Finance in spring 2000 to implement his vision of an innovative wealth management model offering customised services and fair and transparent solutions to clients as well as giving flexibility to wealth managers. Within months Fuchs had been joined by five other experienced bankers and wealth managers who shared ambition to reshape the industry. Now, 15 years on, the group has 125 employees as it developed beyond Luxembourg into new markets, starting with Brussels and Geneva. A broader scope Over a decade and a half, Fuchs & Associés Finance has grown not just in terms of locations and staff, but in the services the firm provides. While its main business remains wealth management for high-end customers, the group has gradually launched additional,
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Recipe for success The development of new activities over the years reflects the entrepreneurial spirit that has infused Fuchs & Associés Finance since its inception. One factor that certainly helps is that the group is in private hands, its hierarchy has remained flat, and decision-making is rapid and efficient – all to the benefit of clients and business partners. Today the group adopts the role akin to that of a conductor in creating personalised solutions for the individual needs of its clients, orchestrating its expertise in portfolio management, organisation and risk management. The future is likely to see further expansions both geographically and in terms of skills and capabilities, backed by the group’s proven quality of perseverance and its commitment to listening closely to its clients and understanding their evolving needs and expectations. In an increasingly complex world, wealth individuals, families and institutions will more than ever need trusted advisers, service providers and expert professionals – something that’s engrained in the Fuchs & Associés Group’s DNA.
Decision makers Key Players Companies
complementary business lines, starting in 2005 with an in-house trading desk. Three years later the company began offering insurance brokerage services, while in 2012 family office activities were bundled together in a separate unit. Last year, responding to the opportunities offered by the EU’s Alternative Investment Fund Managers Directive, Fuchs & Associés Finance has launched its own ‘Super ManCo’ – a third-party management company providing coordination and supervision of services to traditional UCITS vehicles as well as alternative funds – an area overseen by Jean Fuchs’ son: Timothé.
Analysis
Jean Fuchs www.myofficialstory.com/jeanfuchs
www.myofficialstory.com/fuchs
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Private Equity
ce
ManagementPlus Meeting the global governance challenge As the global alternative investment industry has evolved over the past decade, ManagementPlus has developed a global presence to meet managersâ&#x20AC;&#x2122; and investorsâ&#x20AC;&#x2122; demands for demonstrably effective corporate governance in Europe, North America and Asia. Meeting the challenges of growth The alternative investment industry has grown dramatically since 2000 in response to the emergence of new investment techniques and strategies and the evolving needs of investors, especially high net worth individuals and institutions. The development of the alternatives sector from a cottage industry to a key element of the global asset management industry has required a shift in attitudes toward governance. Unusual a decade ago, independent directors on fund boards are now a precondition for many investors. ManagementPlus Group has been a major contributor of this shift since it was established in 2006 to provide independent directorship services originally from Gibraltar and Singapore. Since then it has opened offices in the Cayman Islands and Luxembourg and most recently in London and New York. An expanding service offering The services provided by ManagementPlus Group have expanded over the years in response to clientsâ&#x20AC;&#x2122; needs.
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A new era with the AIFMD This year ManagementPlus is preparing to offer third-party management company services for both traditional and alternative funds. The Luxembourg Company has applied to the CSSF for authorisation as a management company for UCITS funds and the EU Alternative Investment Fund Management Directive. This is a time of significant change for the alternative asset management industry in Europe and worldwide as AIFMD ushers in a new era of regulation and transparency, imposed by the EU but also in line with regulators’ and investors’ preferences. In this demanding environment, ManagementPlus Group’s experience, international reach and ability to call on a vast network of experts throughout the industry are increasingly valuable to asset managers worldwide and reassuring to investors.
Decision makers Key Players Companies
The Luxembourg office now provides conducting officers in addition to directors and its scope has moved beyond a focus on hedge funds to covering the full range of alternative investments including private equity and real estate as well as expanding into the UCITS space. ManagementPlus also offers CFO or COO outsourcing as part of a range of tailored consultancy services to the promoters of new structures in Luxembourg and the Cayman Islands, alongside service provider selection, fund structuring advice and set-up, and tax and regulatory review. The Company also provides company secretarial and registered office services.
Analysis
William Jones www.myofficialstory.com/williamjones
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Private Equity
www.myofficialstory.com/managementplus
ME Business Solutions Expertise and Commitment ME Business Solutions provides financial sector professionals with independent directors, conducting officers and risk or compliance officers. Complementarity Eric Chinchon and Michael Lange have worked together for a long time, succeeding each other as senior executives of Mercuria Services and Mercuria Management Company, before the two organisations merged to become MDO Services. With their respective backgrounds in auditing and in banking and asset management, Eric and Mike met up in risk management and governance. Young, enthusiastic, visionary and perfectly complementary, they founded ME Business Solutions in 2008. The reason therefore was the recognition of indubitable future of governance in the asset management and investment fund industries, due to both regulatory changes and investors’ expectations, especially institutional ones. Market Expertise Over the years, the founders’ initials have become “Market Expertise” or “Maximum Efficiency”. Expertise is embodied by the 14 partners and employees who have joined the initial nucleus over the last five years. The company brings together the best experts in financial and administrative management of regulated structures, in risk management or compliance, and in the supervision of sales and marketing activities.
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Towards the future ME Business Solutions is evolving every day. Jean-Philippe Cerutti and Pierre Bruyant have recently joined as partners. The former founded the Proprietary Trading at Société Générale and Credit Suisse before spending five years as Chief Investment Officer in a major yet discreet Family Office. The latter is the former head of risk management at Duet Asset Management and Caxton Associates in London. ME Business Solutions is undoubtedly innovative, practising what it preaches. Thus, an independent director seats at the Board of the Company. He brings an unbiased view to the strategy pursued by the partners, warranting serenity and wisdom.
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Decision makers Private Equity
Analysis
www.myofficialstory.com/mebs www.mebs.lu
Key Players
Efficiency is tangible: profit from day one, x10 turnover in four years, a hundred or so mandates for around seventy fund initiators from all over the world, twelve successful recruitments and nearly as many affiliated independent directors. All evidence the technical and operational efficiency of ME Business Solutions.
Companies
Eric Chinchon www.myofficialstory.com/ericchinchon
Northern Trust Empowering talented people Country Head Steve David says Northern Trust’s continued growth in Luxembourg is strongly linked to its focus on empowering its employees to help them achieve their career goals, maintain a healthy work-life balance, and play an active role in the community. What are your goals for 2015? First, we want to keep growing and enter Luxembourg’s top 10 providers in terms of assets under administration, which we grew by approximately 20% last year and by 140% over the last five years. Over the past decade the office has grown to support many of the world’s largest and most sophisticated asset managers and multinationals providing asset servicing solutions across traditional and alternative asset classes. We celebrated our tenth anniversary in 2014, coinciding with the corporation’s 125th anniversary of founding in Chicago, in 1889. We will continue to grow organically while keeping an eye out for acquisitions that provide the right fit. But growth is only possible with talented people. We recruited 54 employees in 2014 and moved into brand new offices close to the airport at Senningerberg. One of our key goals is to ensure our staff maintain a work-life balance and empower the talented people working with us to become strong decision makers. How do you attract talent? It is a combination of many things. We benefit from a well-known name, but we also have loyal and happy employees who let their friends and family know of opportunities – a vital source of new talent. We work with the University of Luxembourg and the University of Limerick in Ireland.
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What role does Northern Trust aim to play in the Luxembourg community? For a start, look around you: all the paintings in our new office were created by talented Luxembourg artists. Northern Trust has always been a pioneer when it comes to playing a social role. Last year we devoted 1,500 hours to philanthropic activities, which enabled employees to volunteer at Caritas, for example, and help with gardening, painting walls or collecting toys. We also donated money to several associations – each business line could decide on its own beneficiary - and are a main sponsor for “Dress for Success Luxembourg”. It is a win-win situation. These activities make people feel part of the wider community and build strong teams. And critically for Northern Trust, they are more committed!
Decision makers Key Players Companies
We also advertise, take part in HR events and work with recruitment agencies if necessary. But attracting people is only the start. Training begins on the first day in the office. Northern Trust is genuinely committed to helping our employees fulfil their potential and achieve their long-term career aspirations. We have a rich array of resources, tools and training to support career development, including support for employees undertaking relevant professional qualifications. I also meet all our new employees face to face. I want to encourage them to feel engaged about working with Northern Trust and to grow with the job. We encourage them to develop their personal leadership skills by coming up with new ideas and not to be afraid of suggesting changes. I recently received a memo from a six-month recruit offering innovative ideas to improve the way his department works. This is exactly what we are trying to achieve.
Analysis
Steve David www.myofficialstory.com/stevedavid
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Private Equity
www.myofficialstory.com/northerntrust www.northerntrust.com
RBC Investor & Treasury A leading specialist provider of asset servicing, custody, payments and treasury services Combining over 25 years’ UCITS expertise alongside leading integrated asset servicing solutions, RBC Investor & Treasury Services (RBC I&TS) supports asset managers in achieving their cross-border distribution objectives, while maximising their operational efficiency. Strength and stability RBC Investor & Treasury Services is ranked among the world’s top 10 global custodians, with USD 3.1 trillion in client assets under administration (as of October 31, 2013) and is part of Royal Bank of Canada, one of the largest and most financially sound banks in the world. RBC I&TS’ integrated solutions are supported by a worldwide network of offices in 19 locations on four continents, award-winning asset servicing capabilities, and strong credit ratings: Aa3 (Moody’s), AA- (S&P). Comprehensive product and service offering RBC Investor & Treasury Services delivers custodial, advisory, financing and other services to safeguard clients’ assets, maximize liquidity and manage risk in multiple jurisdictions. RBC I&TS’ integrated solutions include global custody, trustee and depository, fund and investment administration, shareholder services, distribution support, securities lending, foreign exchange and cash management services, performance
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Sébastien Danloy www.myofficialstory.com/sebastiendanloy
Decision makers
Services
1. Custody Risk European Awards 2010-2013 2. Alfi Luxembourg Real Estate Fund Survey, November 2013
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Private Equity
Analysis
www.myofficialstory.com/rbcinvestor&treasuryservices
Companies
A leading player in Luxembourg’s financial market With well-established teams of experts based locally, and strong results in both client surveys and industry rankings, RBC Investor & Treasury Services’ Luxembourg location is recognized as a centre of excellence for asset servicing activities. In particular, RBC I&TS has been recognised as Fund Administrator of the Year: Luxembourg, for the fourth consecutive year1. In the alternatives sector, RBC I&TS is the market leader for servicing offshore Real Estate funds with a 39% market share2.
Key Players
measurement, compliance monitoring, and trade finance.
SGG Still delivering made to measure services, 60 years on In 1953 the company that is now known as SGG Group started life as the domiciliation and administration department of Kredietbank. It still provides clients with customised solutions, though their scale and complexity has changed beyond measure, says group CEO Serge Krancenblum. After 60 years, what is the DNA of SGG Group? It is a combination of two things: entrepreneurship and being a “people business”. Our new motto, “We support your ambitions”, illustrates this perfectly. We constantly keep in mind that our clients are people with very successful and complex businesses. They come to us for optimal performance, and our teams must be able to meet those expectations. This was already true back in 1953, when SGG Group was created as a very small domiciliation and administration department of Kredietbank. It was true in 1998 when we became a subsidiary of a leading global audit firm, later when we were acquired by the Oppenheim family, and still today after our management buy-out in 2010. What has changed, and radically, is the scale and complexity of the corporate and fund services work we do. How have the needs of your international clients evolved over six decades? Right from the start, they have always been seeking a reliable partner that delivers made-to-measure solutions. However,
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What is your vision for the future of SGG Group? I have a very clear vision of our business and its future, and I know where I want the company to go. We have two major goals. First, SGG Group must maintain its focus to reinforce its status of an employer of choice. Achieving the strong growth we seek is possible only by hiring the best talents in our industry. We have a long track record of focusing on keeping the company strong. For example, when our owner Oppenheim ran into difficulties, we took immediate action by putting in place a management buy-out. Today we benefit from the support of our major shareholder, Cobepa. Our second goal is to stay in sync with our international clients, and not just to keep up with but to anticipate their fast-changing needs. Traditional organisational approaches no longer meet todayâ&#x20AC;&#x2122;s requirements â&#x20AC;&#x201C; instead of just management, success now demands leadership.
Decision makers Key Players Companies
the fact that today their business are now global makes our task much more complex. Much of our work involves multijurisdictional implementation, so our experts need to keep up to date with a vast array of laws, regulations and compliance procedures in countries throughout the world. Typically, a client of 1953 was dealing with one, perhaps two, at most three countries, and the paperwork was a very small fraction of what it is today.
Analysis
Serge Krancenblum www.myofficialstory.com/sergekrancenblum
MyOfficialStory_219
Private Equity
www.myofficialstory.com/sgg www.sgggroup.com
Sqope Legal and financial information Sqope’s motto is “the most accurate information possible”. The legal and financial information it offers provides an essential service to grow your business in accordance 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 various 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 growing 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 necessary KYC (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
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Decision makers MyOfficialStory_221
Private Equity
Analysis
www.myofficialstory.com/sqope www.sqope.lu
Key Players
Unique Sqope caters in particular for private banks, life assurance companies, 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.
Companies
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 relationship in the long term. It is an essential condition for accelerating the expansion of your business in a secure way.
SS&C GlobeOp Putting technology to the service of alternative fund managers The grand duchy’s ambition to extend the scope of its fund industry following implementation of the AIFMD has been boosted by the arrival of technology-led alternative fund administrator SS&C GlobeOp. New vista for alternative funds Although 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 administrator of hedge funds and other types of investment structure. Meeting client and regulatory demand SS&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
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Technology at the service of investment GlobeOp 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.
Decision makers Key Players Companies
service in fund domiciles. The Luxembourg office, headed by Nick Curwen, offers fund administration and middle- and back-office services including 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 administrators and other service providers to help them meet the new requirements.
Analysis
Nick Curwen www.myofficialstory.com/nickcurwen
MyOfficialStory_223
Private Equity
www.myofficialstory.com/globeop
Victor Buck Services 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 development strategy. Pillar 1: Mass transactions Since 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 financial 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 prerequisites that ensure that their data is protected and valid and that reports are distributed on time, worldwide. Pillar 2: A paperless world In order to rise to the new challenges of cost reduction, performance 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 sectors such as local authorities, hospitals, industry and, of course, the financial sector. This approach also runs alongside a movement in which information must be made easier to access.
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MyOfficialStory_225
Decision makers Private Equity
Analysis
www.myofficialstory.com/victorbuckservices
Key Players
Pillar 3: The KIID FundD, 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.
Companies
Edyth Magyarics www.myofficialstory.com/edithmagyarics
VP Fund Solutions A leading fund service provider If you want an innovative and long-term fund partner at your side which possesses excellent knowledge and long-standing expertise, the VP Fund Solutions competence centre offers this very combination. A convincing and personal fund partner VP Fund Solutions is a leading fund service provider for various asset classes and boasts many years of experience in establishing and managing funds domiciled in Luxembourg. The targeted outsourcing of fund-related services to VP Fund Solutions will allow you to optimise the profitability of your company, increase the level of service quality for your clients and transfer all regulatory and supervisory challenges, risks and responsibilities to us â&#x20AC;&#x201C; allowing you to generate growth in an even quicker and more efficient manner. Tailored fund solutions With VP Fund Solutions, we provide you with the expert support and advice from a single source during the implementation of your fund data. VP Fund Solutions covers the full range of asset classes, from traditional securities to alternative investments. If you are looking for a new UCITS- or AIFMD-compliant management company, central administration or a new custodian bank, you are also in the right place with us. This is demonstrated by our long-standing and satisfied clients who have entrusted us with the professional management of their funds. â&#x20AC;&#x153;At VP Fund Solutions, you and your individual needs and
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Origins VP Fund Solutions (Luxembourg) SA is a fund management company domiciled in Luxembourg and is subject to the Commission de Surveillance du Secteur Financier (CSSF). VP Fund Solutions is VP Bank’s fund business that bundles the fund expertise under a single umbrella organisation. VP Fund Solutions (Luxembourg) SA replaces the former VPB Finance S.A., which was founded in 1998 as a subsidiary of VP Bank (Luxembourg) SA. VP Fund Solutions employ a total of around 55 staff in Luxembourg and Liechtenstein. VP Bank Ltd was founded in 1956 and, with its 810 emplyees, ranks amongst the largest banks in Liechtenstein. VP Bank is present with seven offices worldwide.
Decision makers Key Players
Core competencies • Management company • Risk management • Custodian bank • Administration • Asset management • Fund-related services
Companies
expectations are at the centre of everything we do”, Eduard von Kymmel, Head of VP Fund Solutions, says. VP Fund Solutions offers a first-class client service all the times. This is why the company provides its clients with a personal advisor who reliably takes care of their daily business and strategic focus together with VP Fund Solutions’ global experts.
Analysis
Eduard von Kymmel www.myofficialstory.com/eduardvonkymmel
MyOfficialStory_227
Private Equity
www.myofficialstory.com/vpfundsolutions
THE GRAND DUCHY, FROM THE SOURCE
Order your guide (+352) 35 68 77 or contact@360Crossmedia.com Special offer for 2015: 15€
THE GRAND DUCHY, FROM THE SOURCE
ie Monarch
Business
Art de
vivre
© DR
Politics Associations Gastron omie Culture Shopping
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Etc… www.luxembourgofficial.com
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Decision makers Key Players Companies Analysis
Alter domus www.myofficialstory.com/alterdomus ALFI www.myofficialstory.com/alfi Allianz www.myofficialstory.com/allianz Bonn & Schmitt www.myofficialstory.com/bonnandschmitt Bonn Steichen & Partner www.myofficialstory.com/bonnsteichen Caceis www.myofficialstory.com/caceis Citibank www.myofficialstory.com/citi Clearstream www.myofficialstory.com/clearstream Crédit Suisse www.myofficialstory.com/creditsuisse Custom house www.myofficialstory.com/customhousegroup Deloitte www.myofficialstory.com/deloitte Arendt & medernach www.myofficialstory.com/arendt Fondation de Luxembourg www.myofficialstory.com/fondationdeluxembourg FundsEurope www.myofficialstory.com/fundseurope Fundsquare www.myofficialstory.com/fundsquare HSBC www.myofficialstory.com/hsbc IFBL www.myofficialstory.com/ifbl Ikano www.myofficialstory.com/ikano ING www.myofficialstory.com/ing KPMG www.myofficialstory.com/kpmg Linklaters www.myofficialstory.com/linklaters Loyens & Loeff www.myoafficialstory.com/loyensloeff Luxembourg School of Finance www.myofficialstory.com/luxembourgschooloffinance Multifonds www.myofficialstory.com/multifonds PwC www.myofficialstory.com/pwc RBC Dexia www.myofficialstory.com/rbcdexia Sanne www.myofficialstory.com/sanne SGSS www.myofficialstory.com/sgss Standard Chartered www.myofficialstory.com/standardchartered UBS www.myofficialstory.com/ubs
Private Equity
More companies
AIFMD 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 nonEU 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 placement 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 established 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 managers 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.
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Decision makers Private Equity
Analysis
www.myofficialstory.com/cliffordchance
Key Players
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: identification 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.
Companies
by Paul Van den Abeele, Counsel, Clifford Chance
Centuria Capital Luxem Family Office: East to West Changes in the requirements of international wealthy families are bringing about a profound transformation in the Family Office the world over, and in Luxembourg in particular. We analyse the situation. The view from the East In 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 relationships. 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 West The 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 create 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.
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Decision makers MyOfficialStory_233
Private Equity
Analysis
www.myofficialstory.com/centuria
Key Players
Future trends Two 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 second 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.
Companies
bourg
Financial Sector Supervi Regulation in a changing environment Simone Delcourt, head of fund and investment management supervision at the CSSF since 2005, says financial technology and alternative funds are key opportunities for Luxembourg in the future. What changes has the CSSF undergone over the past three years? There have been two major areas of change. In the banking sector, the European Central Bank has taken over responsibility for oversight of all institutions, directly supervising so-called significant banks while co-operating with national regulators less significant banks. We are no longer in sole charge â&#x20AC;&#x201C; national authorities retain a certain responsibility, but the ECB now has the final say. Meanwhile, there have been major changes in the investment fund field, especially the introduction of regulation for alternative fund managers and the increased substance requirements for management companies. How has the CSSF handled its day-to-day while managing a 15% increase in its staff? The CSSF, which now has 570 employees, is managed in a fairly entrepreneurial way. We needed to recruit individuals with particular skills for highly specialised and complex tasks, and to integrate them into our workforce we had to strengthen our human resources team. All our teams are highly committed
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What risks and opportunities do you see? In terms of opportunities, I see the financial technology field as well as alternative funds, especially private equity, real estate and European Long Term Investment Funds (ELTIFs). There are niches to exploit, and we have the capability to do so, while ensuring that we offer a high-quality legislative framework. From a different perspective, a lot of people seem to be unaware of the critical role played in our economy by the financial sector, which accounts for one-third of GDP. At a moment when there’s much talk of nation branding, we also need to ensure that Luxembourg’s inhabitants understand the financial industry.
Decision makers Key Players
because they understand the need to take up the stern challenge facing the CSSF and the country. Our most experienced employees have played an important role in training the new arrivals. I have to pay tribute to the huge volume of work undertaken by our staff over the past few years. My only regret is that we haven’t been able to hire more young people because of our need for experience.
Companies
sory Commission (CSSF)
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Private Equity
Analysis
www.myofficialstory.com/simonedelcourt
Regulation and Microfin 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 â&#x20AC;&#x201C; the fuel for MFIs MFIs 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 nonbank financial institutions, commercial banks that specialize in microfinance, or microfinance departments of full-service banks. Whereas a significant part of MFI get funding from governments 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 significant number of private-public, as well as purely private undertakings 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.
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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 opportunity for MIVs and the MFIs they support, as well as a way for Europe to become the domicile of choice for responsible investing.
Decision makers Key Players
AIFMD Due to the form chosen by most MIVs, such vehicles will qualify as alternative investment funds (AIFs) within the meaning 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 benefit from Luxembourg’s experience in setting up and marketing funds, but also from the memorandums of understanding (MoU) that Luxembourg has already signed with multiple jurisdictions outside the EU.
Companies
by Joëlle Hauser, Partner, Clifford Chance
Analysis
ance
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Private Equity
www.myofficialstory.com/cliffordchance
www.andyaluxembourg.com
A ONE OF A KIND MAGAZINE
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© MyOfficialStory
DESIGNED TO REACH DECISION MAKERS IN LUXEMBOURG
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Alco www.myofficialstory.com/alco Arendt &Medernach www.myofficialstory.com/arendt BCEE www.myofficialstory.com/bcee Centre Tudor www.myofficialstory.com/tudor Chambre de Commerce www.myofficialstory.com/chambredecommerce Clearstream www.myofficialstory.com/clearstream CSSF www.myofficialstory.com/cssf Custom House Group www.myofficialstory.com/customhousegroup Ernt &Young www.myofficialstory.com/ernstandyoung Fuchs et AssociĂŠs www.myofficialstory.com/fuchsetassocies HSBC www.myofficialstory.com/hsbc Kurt Salmon www.myofficialstory.com/kurtsalmon Mangrove www.myofficialstory.com/mangrove MDO www.myofficialstory.com/mdo MPLAW www.myofficialstory.com/mplaw NautaDutilh www.myofficialstory.com/nautadutilh RBS www.myofficialstory.com/rbs SGG www.myofficialstory.com/sgg
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Private Equity
Analysis
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Akuo Investment Manag The recent economic collapse in some western countries and growing resentment towards shortsighted, business-asusual practices on Wall Street has caused increased global disillusionment toward the financial industry and its investing culture which is focused on short-term profit. There has been since a movement in the last few years towards a model of investing that takes into account not only financial returns, but also environmental, social, and ethical considerations. Business schools where all starts think now about reviewing their curricula, infusing a holistic view of business, where maximizing shareholder value is not the only single objective anymore. Case Studies AIM was established in Luxembourg in 2008 and it finances the development and construction of renewable energy infrastructure projects worldwide. It invests to build photovoltaic solar farms, wind farms, biomass plants, and hydro-generated electricity power plants. The team has a proven track record in carrying through clean energy initiatives that generate stable, long-term returns for investors and real social value for local communities. AIM often states “we make money and we really like to make a real difference”. Its “agrinergie” program, for example, synergizes solar power production and the land’s original agricultural output by switching to highervalue crops that take advantage of greenhouses and the shadowing created by ground-mounted panels. The company helps farmers grow and at the same time produce electric energy in a sustainable way. As an example, in Pierrefonds at the Réunion Island located
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Asset Management & Product Structuring at AIM In short, AIM manages private equity funds and has chosen to be regulated by the Luxembourg market authority, the most advanced jurisdiction for alternative investments, and is building diversified portfolios of real assets. The team locates infrastructure assets typically characterized by the low-risk, regular returns of debt securities and the attractive capital appreciation of pure equity investments. In addition, AIM structures dedicated financial products backed by long-term cash flows of renewable energy investments, ensuring stable distributions to investors with fixed annual coupons; and offers institutional clients, clean-tech companies and government agencies unmatched insight and opportunities in the renewable energy sector. www.myofficialstory.com/akuo
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Decision makers Key Players Companies
close to Madagascar, AIM installed a PV solar plant producing around 3200 MWh of green electricity and 80 kg of essential oil of geranium and 100 kg of essential oil of citronella. Essential oils are sold to European cosmetic companies, as well as to Origin Biomed in Canada using it in drugs for diabetes. Close to Pierrefonds, at Le Syndicat with a power plant similar in size and technology, biomelons and bio-watermelons are produced for local consumption. Farmers have access to a production environment enabling a better control of local conditions, namely controlling the consequences of heavy rains and exposure to cyclones, as well as using less or no pesticides. Similar experiments have gone through in Corsica, with an emphasis on either sheep breeding, or beekeeping. It is known that all bee populations suffer from pesticides, and our installations free of them contribute to the production of honey in the best conditions.
Analysis
StĂŠphane Boudon
Private Equity
ement
CSSF AIFMD: transitioning to the new law Interview with Jean-Marc Goy, Counsel for International Affairs – CSSF, Luxembourg regulatory authority. Where does the Luxembourg market stand in terms of transitioning to the new law (alternative investment funds managers directive - AIFMD)? Luxembourg was among the countries which have implemented the AIFMD within the timeframe given in the directive. This was done by the adoption of the law of 12 July 2013 on AIFMs. It is worth noting that, as of today, a number of EU Member States have still not implemented the AIFMD. In addition to the directive, a considerable number of texts have been adopted at the level of the EU institutions with the involvement of the European Securities and Markets Authority (ESMA), like in particular the level 2 Commission texts based on ESMA advice, the ESMA guidelines on key concepts, the ESMA guidelines on sound remuneration, the ESMA guidelines on reporting obligations, ESMA’s opinion on the collection of information for the effective monitoring of systemic risk, ESMA’s opinion and final report on the draft regulatory technical standards on types of AIFMs, ESMA’s opinion on practical arrangements for the late transposition of the AIFMD, ESMA’s work in relation to the Memorandum of Understanding (MoU) concerning consultation, cooperation and the exchange of information etc. The CSSF is very actively involved in the work that ESMA is carrying out in the context of the AIFMD. The entities of the Luxembourg investment fund sector are now in the process of adapting and adjusting their structures and
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Adaptation of CSSF to the latest development The active involvement of the CSSF in the work that ESMA is carrying out in the context of the AIFMD is demanding in terms of time and resources. The CSSF is currently still hiring staff, notably on account of the additional responsibilities, missions and functions which it will have to perform in the near future. To accommodate all our staff in one office building, we are currently in the construction phase of our new premises which will have a capacity for more than 600 people. What are the key differentiation factors for Luxembourg? Our investment fund industry always likes to point out the experience and know how accumulated, particularly in the field of cross border distribution of its products and the leading role that Luxembourg is playing in that field.
Decision makers Key Players
Checklist: as an AIF what shall I do and when? The AIFMD provides for transitional provisions, which will expire on 22 July 2014. In order to avoid unnecessary pressure and tight timelines, as an AIF, it would seem highly advisable to be in full compliance with the requirements of the AIFMD as soon as possible.
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operations to be in full compliance with the requirements of the AIFMD. The CSSF has already authorised 3 AIFMs established in Luxembourg.*
Analysis
Jean-Marc Goy
*11 AIFMs as of January 2014. The interview was recorded in November 2013.
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Private Equity
www.myofficialstory.com/jeanmarcgoy
EY Playing the AIFM music in the right tone: the role of professional associations The European Commission came up this year with a special Christmas gift: the so long awaited Level 2 implementing measures for the AIFM Directive; as a cherry on the cake, the ESMA released that very same day two consultation papers on the types of AIFMs and on the key concepts used in the Directive. L2 released with important clarifications for PE What the reform is really about The L2 implementing measures brings clarifications on the following important topics for PE: how to calculate assets under management to benefit from the de minimis exemption threshold; how to treat exposure that exists at the level of any financial or legal structures involving third parties controlled by the AIF and how to deal with temporary borrowing arrangements (such as bridge financing); operating conditions and in particular due diligence requirements when investing in target companies, risk management, or transparency (with a reporting to regulator required only annually for PE under conditions). However, a real margin for interpretation remains on key topics However, on other topics, such as delegation, the text leaves significant room for interpretation. As it stands now, the Article
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Which reminds us of the key role of professional associations The engagement of a professional association such as LPEA is key to represent our industry and advocate for a pragmatic interpretation. Let’s be clear, the idea is by no way to circumvent the AIFM Directive and in particular its substancestrengthening approach. The idea is to help regulators to come up with a workable interpretation, meaning an approach creating value and growth. In doing so, Private Equity professional associations, first of course the EVCA but also national associations such as LPEA are fully supporting the EU Commission’s agenda to create growth into Europe.
Decision makers Key Players
82 on the Letter Box entity does not fully clarify to what extent an AIFM may delegate portfolio and/or risk management without being deemed a letter box. Art 82 mainly contributes to the debate a set of qualitative criteria which regulators are required to take into account so as to avoid assessing the ‘substance’ of the delegated activities as compared to those retained by the AIFM on a quantitative basis only.
Companies
Alain Kinsch
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Private Equity
Analysis
www.myofficialstory.com/alainkinsch
Genii Capital Private Equity in Luxembourg, a new wave of growth The Managing Partner of Genii Investment Management, Genii Capitalâ&#x20AC;&#x2122;s sister company, has been appointed Chairman of the Luxembourg Private Equity & Venture Capital Association. What are your priorities as the new Chairman of the LPEA? The current economic situation presents opportunities that we can only take advantage of by coming together and communicating more and better. Both the management and the executive committee of the LPEA are therefore focusing their efforts on the key area of strengthening dialogue and improving coordination. To achieve this, the government and the business community have to be able to listen to each other without preconceptions and tell it how it is at the same time as remaining constructive at all times. The LPEA has just appointed a marketing officer to boost our involvement, and to enhance the excellent work of our technical committees we are going to increase both the number of roadshows held internationally and the frequency, quality and circulation of our publications. What are the major trends at the moment? In terms of the impact in Luxembourg, regardless of investments, the business has a three-layer structure, namely the manager, the funds and the transaction layer ensuring that Private Equity operations are tax neutral. Luxembourg is
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Jérôme Wittamer
therefore an important player in this market and is growing in the Private Equity funds sector due, in particular, to the special limited partnership, a unique English-style limited partnership solution located on the continent and therefore onshore, providing an alternative to private equity funds located offshore. What is new is that a number of foreign managers are moving their AIFM to Luxembourg, either to swell their existing teams or set up new ones. We aren’t seeing entire management teams landing in Luxembourg quite yet, but things are moving in the right direction and a lot of players will be surprised at just how much the environment will have changed in five years’ time. A word or two about training? The LPEA is currently working on establishing a partnership with a major market player in order to formalize the skills required in the field. The objective is clear, namely to raise the general level of understanding of Private Equity in order to enable professionals to deliver a top quality client experience and enable the country to make the most of the opportunities ahead. We are in need of highly skilled personnel. People who opt to go down this career path and want to excel through their perfect knowledge of the roles of Private Equity and Venture Capital managers have nothing to fear! www.myofficialstory.com/jeromewittamer
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GGM Capital Capitalising on the Luxembourg brand Guillermo G. Morales, executive chairman of GGM Capital, says Luxembourg is an ideal base not only for the firm’s venture capital fund and its management but for portfolio companies, too. What are GGM Capital’s activities? We are a boutique investment bank, headquartered in Luxembourg with offices in Spain and London. Our three main divisions are investment management through, a SICAR vehicle; corporate finance, with transactions mainly in European IT; and capital markets, enhancing liquidity to Nasdaq-listed companies. Our first venture capital fund is the GGM High Growth IT Fund. We will launch two further funds in 2014, one focusing on IT venture capital in Latin America and the other investing in the hospitality sector. What kind of investments do you make? The investment focus of GGM High Growth IT Fund is on earlystage companies that have the potential to be disruptive and game changers but that already show traction in the market. A prime example is Optimitive, a highly disruptive technology company that saves its customers up to 20% on industrial energy bills. They have over three years of R&D, employee 15 people across Luxembourg, Spain and Germany and already generating revenues. The company received €1.4m from us to support further sales and marketing developments. We are
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What is your background? I founded my first company when I was 17 and have spent my career so far investing in start-ups particularly in the security space, such as biometrics and electronic signatures. I first looked to raise money from government to fund R&D projects, but later decided to create a vehicle to invest in these projects at a higher level. As far as I know, I was the youngest person to establish a fullyregulated venture capital fund in Europe, at the age of 27 (I’m now 28). There’s a reason for that: it normally takes some time to acquire the IT and venture capital experience you need. I’m lucky I started so young and have built a solid team around me for many years.
Decision makers Key Players
Why did you set up your GP in Luxembourg? The fund’s management team is in Luxembourg, where I have been resident since 2008. We looked at different jurisdictions but soon realised that no other country could compete in offering an environment that benefited the fund, our investors and portfolio companies so positively. We certainly encourage our portfolio companies to consider establishing their headquarters and operations in Luxembourg and to benefit from its IP regime.
Companies
also assisting Optimitive with structuring, financing and growth, and will support them for the next five years in becoming the global leader in the sector.
Analysis
Guillermo G. Morales
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Private Equity
www.myofficialstory.com/guillermomorales
IDI Emerging Markets A stable base for investing in a frantic world Julien Kinic, managing director of IDI Emerging Markets, says Luxembourg’s appeal to private equity firms includes its quality of life, but also the authorities’ ability to keep one step ahead of the competition. How and where does IDI Emerging Markets invest? We are an investment company that focuses on private equity in emerging countries, with 49 investments so far in China, India, Latin America and the Middle East through three different approaches. Our first and most important model – it currently accounts for 50% of our business – involves investing through local PE firms, via a fund of funds approach. We also acquire portfolios of emerging market investments through secondary deals, and we make direct investments in companies. What kind of investments do you make? There’s no standard model. An example of our fund of funds investments is Peepul Capital. The firm is run by two charismatic Indian partners who are very passionate about the companies they invest in, and with whom we have been working since 2006. Through Peepul we invested in MedPlus, a pharmacy chain that provides India’s middle classes professional medical advice in-store; we recently sold our investment with a 4.8x profit. We conducted a secondary transaction involving China
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Why did you set up your GP entity in Luxembourg? The business was launched in France in 2004 by IDI Group, but in June 2008 we moved it to Luxembourg as an independent entity, to benefit from a transparent and efficient structure for investing in emerging countries. The key people all live in the grand duchy and our children are in local schools, providing an assurance of stability for our investors. Since we are travelling all the time, Luxembourg provides a welcome respite from the frantic world. I live in the country, yet close enough to cycle to the office, and the airport is 15 minutes away. Our offices are relaxed and quiet, letting us focus completely on our work. Recently we decided to launch our third fund as a Luxembourg SIF. We are here to stay, but we expect officials to help us by running the country like a well-managed company, always staying one step ahead of the competition.
Decision makers Key Players Companies
Renaissance, an investment bank and private equity investor with which we have been in contact regularly since 2008. When a Russian limited partner wanted to sell its share in their fund, we negotiated a good price because we were able to invest quickly and we already knew and trusted each other. An example of direct investment comes from sub-Saharan Africa and the trend for telecoms operators to sell their mobile phone masts to specialist firms. We co-invested via ECP in a fast-growing portfolio company that manages 5,246 towers in Nigeria, Cameroon and Côte d’Ivoire.
Analysis
Julien Kinic
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Private Equity
www.myofficialstory.com/julienkinic
Invest Industrial Turning Ducati around When Invest Industrial invested in Ducati, it was on the verge of bankruptcy. Six years later, the firm was sold to Audi with more than double the market share and roaring profits. Invest Industrial’s Carl Nauckhoff explains how the iconic motorcycle marque was transformed. When did Invest Industrial get involved with Ducati? We invested in two steps. In 2006, we acquired 30 per cent less one share, in order to get into the company with a large enough stake to control its future strategy. At that time, the company was publicly listed and was in a weak financial state. Two years later, after confirming our key assumptions, we took the company private. Looking back, it was the right moment, given how markets were doing at that time. You sold Ducati to Audi in 2012 for €860m. How did Invest Industrial turn Ducati around? We did what we always do – adopt an industrially-driven approach. First we strengthened the management by appointing a new CEO and executive team, which is very important if you want the company to be able to grow. More experienced people are capable not only of taking the right decisions but of implementing them. We happen to have a deep bench of managers we have worked with over the past 20 years. For example, they teamed up with Porsche Consulting, because
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Decision makers Key Players Companies
What is Ducatiâ&#x20AC;&#x2122;s situation today? The company produced around 42,000 motorbikes in 2011, of which 80 per cent were sold overseas. Asia in particular is a highly promising market where sales are growing at a fast pace. During our ownership, EBITDA quadrupled to 19.7% of turnover in 2011. We are always trying to acquire business that happen to be located in Italy or Spain but have a global potential. Gucci, Prada and Versace are great brands as well as ambassadors for Italy! But investors like us need the right project: a mature company with a proven brand and identifiable problems such as management failures, weak R&D or ineffective retail marketing. And Ducati is now back on the right track.
Analysis
we thought their experience in the SUV market had parallels with the cruiser market Ducati was trying to develop. In a second step, we provided additional capital and industrial solutions to enable the company to really do what it ought be doing â&#x20AC;&#x201C; developing fantastic premium motorbikes through a powerful R&D department. Most of the time our industrial approach delivers real progress. It is very rare that we have to cut costs or jobs. The final step involved speeding up the internationalisation of the company. When we invested, there was only one manufacturing facility, in Bologna. Now there is a second plant in Thailand and a third in Brazil. We also expanded the dealer network in Asia.
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Private Equity
www.myofficialstory.com/investindustrial
LPEA Luxembourg a domicile of choice for Private Equity An interview of Paul Junck, Managing Director of the Luxembourg Private Equity Association. Can you describe the Private Equity landscape in luxembourg? Nine out of ten of the world’s biggest fund managers are operating out of Luxembourg. The transaction layer has historically been the stronghold of the sector but this is changing rapidly as we attract more and more middle office and front office activities here in Luxembourg. The market size is around 200 billion euros of assets under management accross three layers: 1. the general partner, who is managing an investment fund 2. the fund that receives investments, typically from outside investors that would then deploy the funds into the portfolio. In the third layer - the transaction layer - these funds are invested via SPVs into these individual portfolio companies. More of less 60 private equity houses are present today but this is only an intermediate step in what we see is the next wave of opportunities for Private Equity in Luxembourg. Which new opportunities do you identify? PE is a growth industry in Europe and the government has identified it as such. Luxembourg has created three new instruments to help it grow. Firstly we implemented the new European AIFMD directive last year and we were one of the first movers to do that. Secondly, we have created limited partnerships in
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Why is Luxembourg a domicile of choice? Efficiency is a key objective to strive for in any operation but particularly in private equity which is obviously by nature a cross-border business. Having one domicile of choice that combines a number of layers that are required certainly has an efficiency impact in the positive sense and as a practitioner. It makes things a lot easier whether it is in setting up your fund structures, communicating with your regulatory authorities, or whether its in dealing with specialised law firms.
Decision makers Key Players
Luxembourg, which is a tool offering tax neutrality, transparency, flexibility and tailored terms to investors. It is the defacto standard for structuring a private equity fund in the Anglo Saxon world. Thirdly, we have created a special tax regime for â&#x20AC;&#x153;carried interestâ&#x20AC;? which is the performance fee that fund managers get for outstanding performance of their fund portfolio.Luxembourg introduced this specific taxation to make it attractive for certain individuals to relocate.
Companies
Paul Junck
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Private Equity
Analysis
www.myofficialstory.com/pauljunck www.lpea.lu
Mangrove Capital Partn After Skype, Wix! Hans-Jürgen Schmitz, Mangrove Capital Partners’ co-founder and managing partner, answers our questions. How did the Wix story start for Mangrove? In 2007, we began to explore the Israeli market. As a result of this investigation, we were approached by a seed financer who told us about Wix and asked for our opinion. Mangrove immediately purchased 3% of the company, before going on, 9 months later, to launch a financing round of 3 million dollars to help the start-up company move up to the next gear. This is completely in line with our philosophy, which is based on “getting a feel for” the company we are investing in, while aiming to acquire between 20 and 30% of the capital. At the time, the team in Tel Aviv had barely twenty members and the product was still in the test phase. However, the company’s three managers convinced us from the very start: these hard-working pioneers focused on innovating and on the precise statistic of the number of new customers acquired. They also had a broad vision of a platform offering unrivalled ease of use and encompassing different aspects of website management: creation, hosting, ranking, e-commerce, etc. What were the key milestones in this project up until the listing on the Nasdaq? There were two main question marks. First, back in 2011, we received a bid of 400 million dollars for Wix. We were tempted to take this “exit” on behalf of our investors, but we believed in the company’s potential and turned the offer down. Time has now
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After recording sales of more than 50 million dollars over the first 9 months of 2013, why is Wix not yet profitable? A break-even point was reached in some quarters, but this isn’t the main focus. We must bear in mind the many competitors, such as GoDaddy, operating around the world. It was the same with Skype: they were not the only people developing Voice over IP in the early days. For a long time, the priority for Wix was growth and winning market share. Today, the ability to precisely anticipate the costs of acquiring new customers is allowing Wix’s managers to increase their marketing expenditure in a controlled manner to save time. In particular, as customers stay for an average of several years. If the CEO Avishai Abrahami wanted to return to a break-even situation, he could achieve this very quickly, but this would have consequences in terms of future growth! Financial analysts estimate that the funds raised on the stock market will enable Wix to double its turnover within the next 18 months.
Decision makers Key Players Companies
proved us right. Following an investment of 10 million $, our share is now valued at $200 million. Secondly, in the beginning Wix used flash to display its customers’ websites. In 2012, prompted by the success of the iPhone and iPad, the company’s managers decided to recode everything in HTML 5, a language compatible with all terminals: computers, iPhone, tablets, etc. This could have caused delays, a slowdown in commercial development or the appearance of new competitors, but none of these things actually happened. Quite the reverse, the arrival of HTML 5 at Wix accelerated the arrival of new customers.
Analysis
Hans-Jürgen Schmitz
www.myofficialstory.com/hansjurgenschmitz
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ers
Portrait: Anja Grenner A passion for fund services – and for fine wines During working hours, Anja Grenner is in charge of developing SGG’s private equity and real estate business. But at the end of the working day, her other passion takes over: sharing her knowledge of the world’s finest wines. Enthusiasm that’s become a business Anja Grenner is a stalwart of Luxembourg’s investment fund industry, having been closely involved in the evolution of the country’s financial industry over the past couple of decades. During that time the she has worked for Dexia Fund Services (now RBC), Caceis, EY and JP Morgan predecessor Fleming Asset Management. Today she’s an associate director with SGG, responsible for the development of the firm’s private equity and real estate business, and active in industry organisations such as ALFI and the LPEA. But Grenner has always been passionate about wine, so much so that she has studied viticulture and the sommelier’s skills in Koblenz and at the wine university of Suze-la-Rousse in the Rhône valley. And now that enthusiasm has become a business, Wine for Friends, that includes an online store. Growing reputation Grenner set up the wine trading business last year with her husband, Pierre Parmentier. Focusing on helping people who enjoy wine but lack specialist knowledge to choose wines, especially
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A never-ending quest That quest takes up holidays and weekends, as well as visits to village fairs to seek out little-known gems. Grenner says their aim is to offer clients ‘boutique’ wines that are different from those found in every supermarket. Obviously, juggling her twin passions is a time-management challenge. Her work at SGG is bookended by invoicing first thing in the morning and running wine-tastings in the evening – and if she’s tied up with late work commitments, Parmentier steps in. Grenner says a characteristic of the wine market today is the greater technical knowledge of young producers, which has helped to raise the overall standard of wines in the market. The abundance of good products makes guidance in selecting the right wine ever more invaluable.
Decision makers Key Players Companies
to suit particular dishes or occasions, they have started off selling to friends and contacts, but their reputation is spreading. Grenner conducts wine-tasting events for private and corporate clients, always helping them to learn more about what they are drinking. She has studied with winemakers in both France and Germany and combines enjoyment of wine with the theoretical underpinnings of the production process as well as understanding of the practical challenges involved in creating memorable wines. She and Parmentier travel the world to develop first-hand knowledge of wines and wineries, their vineyards and cellars, and gain an insight into producers’ philosophies of winemaking, their approaches to cultivation, as well as tasting the results.
Analysis
Anja Grenner
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Private Equity
www.myofficialstory.com/anjagrenner
CEOS’ favourite addresses
EATING UPSCALE Clairefontaine 9 Place de Clairefontaine Luxembourg www.myofficialstory.com/ clairefontaine
Mosconi 13 r. Münster Luxembourg Ma langue sourit 1 Rue de Remich, Oetrange Bouquet garni 32 Rue de l’Eau 1449, Luxembourg Léa Linster 17 Route de Luxembourg, Luxembourg La Bergamote 2 Place de Nancy, Luxembourg La Rameaudière 10 r. de la Gare, 5690 Ellange, Luxembourg www.larameaudiere.lu Le Windsor 5 Rue des Mérovingiens - Op Bourmicht, 8070 Bertrange, Luxembourg www.windsor.lu
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CASUAL Um Plateau 6, plateau Altmünster, Luxembourg www.myofficialstory.com/umplateau
Brasserie Mansfeld 3 Rue de la Tour Jacob, Luxembourg Ikki 2 Rives de Clausen, Luxembourg Brasserie Schuman 1, Rond Point Schuman, Luxembourg Boos K Fé 31, Biergerkraitz L-8120, Bridel SPECIALITIES Asian Opium (427, Route de Thionville, Alzingen) Burger Le Booster’s (21 Rue des Bruyères, Howald) Italian Voglia Matta (1 Place de Paris, Luxembourg) Indian Maharaja (8, rue Louvigny, Luxembourg) Sushi Yamayu Santatsu (26, rue Notre-Dame, Luxembourg)
CULTURE Mudam 3 Park Drai Eechelen 1499, Luxembourg www.myofficialstory.com/mudam
Philharmonie Place de l’Europe 1499, Luxembourg Casemates 30, Place Guillaume II, Luxembourg Palais Grand Ducal 17, Rue du marché-aux-Herbes, Luxembourg SPORTS Golf de Luxembourg www.myofficialstory.com/ golfdeluxembourg
Golf Club Grand Ducal Route de Trèves, 1 2633 Senningerberg
Decision makers
www.myofficialstory.com/rivesdeclausen
Bypass 19, Rue des Bains, Luxembourg White House 21 Rue des Bains, Luxembourg
HOTELS Sofitel Grand Ducal 40 Boulevard d’Avranches, Luxembourg www.myofficialstory.com/sofitelgrandducal
Hotel Le Royal 12 Boulevard Royal, Luxembourg Le Place d’Armes 18 Place d’Armes, Luxembourg Melia 1 Park Dräi Eechelen Albert 1er 2 rue Albert 1er
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Analysis
LEISURE
Kikuoka Country Club Scheierhaff L-5412, Canach Tennis/Squash Kockelscheuer: 42, Route de Bettembourg, Luxembourg PARTY Rives de Clausen
Private Equity
CIGAR La tabatière www.la-tabatiere.lu
Companies
Key Players
www.luxembourgofficial.com
Notes
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Analysis
Companies
Key Players
Decision makers
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Decisionmakers Investment Funds Luxembourg 2015
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Pierre Gramegna, Claude Kremer, Simone Delcourt, Marc Saluzzi or Denise Voss, ... 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.
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