ALFI announces record 2012 but calls for calm in 2013 - TheINsiders
Marc Saluzzi Camille Thommes on ALFI Panel

ALFI announces record 2012 but calls for calm in 2013

The Association of the Luxembourg Investment Fund Industry (ALFI) announced a record year for 2012 and outlined priorities set for 2013 at a press conference held on Wednesday.

According to ALFI, 2012 was a remarkable year for the Luxembourg investment funds industry. By year-end assets under management (AuM) had reached the record level of €2,383 billion, an increase of 13.7% from the previous year and a figure that represents 30% of total assets under management in European funds.

Net sales of Luxembourg funds rose to €123 billion, representing one third of the total €328 billion of European fund sales. With 3,841 investment funds and 13,420 sub-funds, Luxembourg remains Europe’s premier investment fund centre.

“These are very positive results,” said ALFI Chairman Marc Saluzzi, adding: “and they demonstrate the fact that Luxembourg funds remain very attractive, despite economic uncertainty. We continue to attract new money and the number of Luxembourg domiciled funds has increased.”

Looking forward, Mr Saluzzi said: “We are still at a very fragile period, with many regulatory and fiscal changes in course. What we need is a stable environment in 2013, where we can focus less on adapting to new regulations and more on our core businesses – on meeting investors’ requirements.”

One of the major regulatory changes coming in the very near future, and one of ALFI’s main priorities for 2013, is the transposition into national law of the AIFM (Alternative Investment Fund Manager) directive, which seeks to achieve closer regulatory oversight of alternative investments such as hedge funds, real estate and private equity funds – investments that Luxembourg is becoming increasingly known for.

“ALFI’s priority is to help make this a success story. Luxembourg’s extensive experience with UCITS funds means that we already have much of the experience and expertise required of the AIFM directive in place and ALFI will soon be issuing guidelines to assist our members in getting ready for the July 2013 deadline.”

Mr Saluzzi is confident that the AIFM directive will be a huge success story for Luxembourg and wanted to give credit to ALFI’s members for making it possible. “Over the last year ALFI and its members have invested a massive amount of effort, in terms of time and money, in promotional work around the world. We would like to thank them for their hard work, which will not only benefit our members, but our economy as a whole.”

He reported ALFI’s key priorities for 2013 as ensuring the competitiveness of the financial centre, continuing its innovation and, above all, reinforcing investor confidence.

The Luxembourg investment fund industry currently employs more than 13000 people, represents 8% of GDP and 10% of the country’s tax revenue.

Original article published here:

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