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Wednesday, October 18, 2017

Luxembourg Minister of Finance Tells US Asset Managers What's Next For Europe

Reported by Cat Felle

Denise Voss, chairman at Association of the Luxembourg Fund Industry (ALFI), presented Luxembourg solutions for raising capital in Europe and beyond as apart of a two-day U.S. Roadshow in Boston and New York. MFWire attended day two at The Harmonie Club New York consisting of welcoming remarks followed by the Luxembourg minister of finance and two workshops.

During her welcoming remarks, Voss provided a market update in regards to the recent rise of the middle class seen specifically in Brazil and China and the economic effects of an aging population seen on a global scale. Voss openly supported a delegation model for non-European funds operating in Europe as beneficial for third party investors receiving access to expertise and diversification. Although there is stability in Luxembourg, Voss predicts delegation to ESMA will add cost and time for these third-party investors.

After Voss delivered welcoming remarks, H.E. Pierre Gramegna, Luxembourg minister of finance, answered his own question, "Where is Europe heading?" Gramegna reassures US asset managers that structure reform is complete in Luxembourg, he will be active in negotiations amongst the UK and EU delegates, and the wave of FinTech is here to stay in Luxembourg. Gramegna boasted that Luxembourg is responsible for forty-nine-percent of all green bonds created to fund projects with positive environmental and/or climate benefits; however, green bonds only makeup one to two percent of the international bond market.

Gramegna was followed by Tom Theobald, deputy CEO of Luxembourg for Finance, who spoke specifically on FinTech in Luxembourg.

The UCITS workshop included fireside chats with Josiane Schroeder, counsel at Linklaters, and Revel Wood, CEO at FundRock Management Company S.A., with a focus on regulatory updates; Claire LaBrunerie, head of global distribution at Sky Harbor Capital Management, LLC with a focus on distribution in the EU and elsewhere; Keith Dixson, head of international development at Candriam Investors Group, with a focus on responsible investing.

The alternative investment funds workshop included fireside chats with Nicolas Bouveret, counsel at Arendt & Medernach, and Nicolas Fermaud, counsel at Elvinger Hoss Prussen; Christopher Velis, general partner and co-founder at Medcap Funds, with a focus on venture capital and growth funds; Jean-Marie Dumas, head of fixed income solutions at Amundi, with a focus on the largest green bond fund dedicated to emerging markets.

Event sponsors included Allen & Overy, APEX, Ardent & Medernach, Baker McKenzie, Banque International Luxembourg (BIL), Carne, Crestbridge, Deloitte, Elvinger Hoss, EY, GAM, Luxembourg for Finance, Linklaters, Loyens & Loeff, Luxembourg Private Equity & Venture Capital Association (LPEA), LIS Fund Management Company, MDO Management Company, PwC, Royal Bank of Canada (RBC), State Street, and Vistra.

New York cocktail sponsors included BNY Mellon, Luxembourg for Finance, LPEA, KPMG, Northern Trust, PwC, and Trident Trust

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