JTC has been granted a depositary licence by Luxembourg’s Ministry of Finance and is now able to offer a full range of services to alternative investment funds (AIFs) domiciled in Luxembourg, including depositary of assets other than financial instruments.
Legal & Regulation
The FCA has taken the extraordinary step of scrutinising open-ended physical property funds on a daily basis, as the sector continues to suffer sharp withdrawals. A long-term critic of the open-ended property fund structure, Marc Haynes – Head of Institutional Business, EMEA, Cohen & Steers – reacts to the latest development…
Recent changes to Land and Buildings Transaction Tax (LBTT) came into force in Scotland on Friday 25 January, bringing with them unintended consequences for investors keen to snap up Scottish property, according to JLL.
BRE Global Ireland has received confirmation that it has completed the European Union’s process to operate as a Notified Body and a Technical Assessment Body by achieving accreditation from the Irish National Accreditation Board (INAB) in Ireland.
Legal & General’s subsidiary Legal & General Affordable Homes Limited, launched in April 2018, has been granted Registered Provider (RP) status.
Luxembourg continues to see net inflows of capital and is now the world’s second largest fund centre with, as of August 2018, EUR4.3 trillion worth of net assets under management, and this only in regulated funds, according to the Association of the Luxembourg Fund Industry (ALFI).
By Anne-Gaëlle Delabye & Tara Kapur – Non-EU managers seeking access to European capital are more frequently looking to Luxembourg parallel structures due, in part, to their flexibility and the features that the Luxembourg limited partnerships share with the Anglo-Saxon model. Ogier’s Luxembourg investment funds team – working in partnership with our teams in the BVI, Cayman and Hong Kong – have extensive experience of structuring parallel funds for clients in the US and Asia.
The Financial Conduct Authority (FCA) is consulting on new rules and guidance to reduce the potential for harm to investors in funds that hold illiquid assets, particularly under stressed market conditions. These measures will also support the FCA’s market integrity objective and help address financial stability concerns.
Inland Homes, a brownfield developer, house-builder and partnership housing company with a focus on the south and south-east of England, has been registered as a for-profit provider of social housing by the Regulator of Social Housing, through its wholly owned subsidiary Rosewood Housing.
A new survey of institutional asset managers, consultants and investors confirms compliance with the Global Investment Performance Standards (GIPS) is on the rise, with 84 per cent of asset managers responding saying their firms are GIPS compliant.