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Bailey McCann, Opalesque New York: Luxembourg has been on the scene as a domicile of choice for hedge funds and other alternative investment firms for decades. However, new regulation is driving changes throughout popular domicile countries. Luxembourg has nearly three trillion (Euros) of assets under management among locally domiciled funds. That position is likely to hold, as the country was a first choice for already regulated UCITS funds, which account for much of the AUM, but also because the country is taking proactive steps to work with regulators.
Participants at the recent Opalesque Luxembourg Roundtable note that managers choose the country not only for tax purposes but because "there is a well documented operating model for US and UK managers with English documentation; there is also the familiarity with the jurisdiction built up over 20 years," says delegate Tom Davies, Regional Head, Maples Fiduciary.
" In Luxembourg, the laws and policies are adequate enough so that a manager can set up his fund and do that business in Luxembourg, and of course, benefit from the double tax treaty network concluded by Luxembourg," adds Christophe Diricks, Partner, Deloitte. This can be beneficial for particular alternatives strategies including private debt and private equity, which can give the country an edge over other popular domiciles like Ireland.
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