Launching funds in Luxembourg

Independent management company service

Looking to launch international funds for cross border distribution in Europe and beyond? Luxembourg is the base chosen by 41 of the top 50 fund promoters*.

Luxembourg is the 2nd largest fund industry in the world (after the USA)**, with around EUR 2 trillion of net asset value in funds held locally***.


RBS (Luxembourg) S.A. is authorised by the Commission de Surveillance du
Secteur Financier in Luxembourg to provide third-party management company services for Luxembourg-domiciled collective investment funds.

Our Luxembourg office was established in 2004 and has since grown into one of the largest third-party UCITS III management companies in the Luxembourg jurisdiction, offering a full management company service or unbundled services*.

Working for you

Turn to us as your Luxembourg management company, rather than incur the administrative and financial burden of setting up your own operation.

International client base

Luxembourg is a globally recognised centre for the worldwide distribution of funds, and our Luxembourg entity has an international client base of well known fund promoters.

Benefits

The benefits for our clients include our team expertise, independence, the cost effectiveness and scalability of our solution, and proven and audited processes.

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We offer management company services for a broad range of Luxembourg-based schemes, including:

  • UCITS (compliant with the EU UCITS III Directive)
    The UCITS framework grants to the investment scheme a “distribution passport” valid throughout the EU, and increasingly recognised worldwide.
  • Non-UCITS
    Non-UCITS are another type of Luxembourg-regulated fund, but are not compliant with the UCITS Directive
  • SIFs (Specialised Investment Funds)
    SIFs target sophisticated investors, such as institutions and high net worth individuals. They have the same key characteristics as other investment funds, but are subject to a separate and more flexible regime than UCITS and non-UCITS.

    Other services

    To assist proprietary management companies, or even self-managed SICAVS, we also offer, on an unbundled basis, the main services that constitute the basics of our management company services:

    • Monitoring of the fund service providers
    • Monitoring of portfolio risk
    • Monitoring of investment compliance

    Finally, we offer various ancillary services to fund promoters, such as:

    • Introduction to independent directors
    • Assistance with cross-border registration
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    In Luxembourg, the funds you may launch as UCITS, non-UCITS or SIFs can be set up in two main legal forms:

    SICAV

    A “Société d’Investissement à Capital Variable” is the most common form of collective investment scheme in Western Europe. It is an investment company with variable capital: an open-ended corporate structure, where investors are shareholders with voting rights.

    FCP

    A ‘Fonds Commun de Placement’ is an open-ended contractual investment scheme: a pool of assets owned by investors, who are unit-holders (without voting rights as it is not a legal entity).

    Within the UCITS framework, virtually all types of funds can be launched, such as:

    • Classic long-only equities or fixed income
    • Exotic long-only equities or fixed income
    • Structured products
    • Shariah-compliant funds
    • ETFs and synthetic ETFs
    • Funds of REITS
    • Hedge fund replicators
    • 130-30 and more.
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    * Source: Lipper and PWC as at Dec2007 (promoters with funds registered for distribution in more than 3 countries)
    **Association of Luxembourg Fund Industry (ALFI) Worldwide Mutual Funds report as at June 2007 and ALFI Global Overview July 2008
    *** Source: Lipper Fitzrovia database as at Dec2007.


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