30/09/2011
By Laura Blows
The Association of the Luxembourg Fund Industry (ALFI) has released its ambition paper, highlighting its aim for Luxembourg to be a global centre of excellence for the asset management industry.
Five key objectives are set out in the ambition paper, which it aims to achieve over the next four years, along with the activity required to achieve these objectives.
The key objectives are to ensure UCITS remains the best-in-class for investor protection; help fund managers and institutional investors to leverage the development of regulated European alternative funds, with AIFMD; stimulate innovation within the funds industry; facilitate cross-border fund distribution; and ensure Luxembourg is the partner of choice for the asset management industry.
Commenting on the ambition paper, ALFI chairman Marc Saluzzi said: “With a market share of over 30%, Luxembourg has become the leading fund centre in Europe, thanks to its early adoption of UCITS. However, the recent crisis has demonstrated that investor protection is key and ALFI aims to highlight that UCITS already provides outstanding safety to investors. This ambition paper aims to tackle these issues, and centres on two statements which are very close to our hearts, first, that funds are good for you and, second, that Luxembourg is good for funds.”
According to ALFI, over the next few months the ambition paper and action plan will be a topic for discussion at the level of the Haut Comité de Place, chaired by Luxembourg finance minister Luc Frieden. It also plans to consult widely at an international level with representatives of the industry, the investor community, experts and opinion leaders.
ALFI’s ambition paper can be accessed here.
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