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White & Case expands Luxembourg tax practice

Ex-Allen & Overy counsel Guilhèm Becvort specialises in cross-border tax law for private equity, debt and real estate strategies

Goodwin welcomes Lux-based partner

Virginie Leroy joins the firm’s private investment funds practice

Aztec creates AIFM service in Luxembourg

The fund administrator claims it can now act as single outsourcing partner for European GPs

SFDR complaints laid bare

The European Commission’s summary of feedback from its SFDR consultation reflects the PE industry’s ongoing perception of the disclosure regime

Profile: Patrick Ghoche, Inovia Capital

The CFO shares what he has learnt from his versatile experiences in investment banking and working for a public manufacturing firm

Guernsey Finance opens London office

The base in Petty France, Westminster aims to enhance the initiative’s attempt to promote its reputation as a fund domicile

Central Bank of Ireland approves two fund admin licences

Fund admins TMF Group and Vistra are now able to service alternative funds in Ireland

Ogier welcomes McManus into partnership

Matt McManus joined the firm in 2021 as a managing associate

Patria Investments acquires abrdn’s PE solutions business

Deal to form new private market solutions vertical with an aggregate fee-earning AUM of more than $10m

No PE access for largest sovereign wealth fund – again

Norway’s $1.6trn oil fund has been considering adding unlisted equities as an investment asset class since at least 2010

Apex acquires South African ManCo

Acquisition of IP Management Company is continuation of growing Apex’s ManCo offering

HNWI hurdling

The UK may have reversed its changes to the HNWI regime but the conversation seems far from over

EFRAG approves double-materiality guidelines

ESRS FAQ has been updated to explain when mitigating actions are considered, among other updates

FCA proposes permanent bundling of research payments

The consultation aims to make concrete the potential to pay for investment research and trade execution simultaneously, diverging from the EU’s MiFID II legislative framework

Addleshaw absorbs KWM Madrid office

The team of 60 lawyers will be led by KWM Madrid managing partner Roberto Pomares

‘This is where things have substantially changed’

The Drawdown catches up with Jonathan Blake, the inventor of the LP model and the rules on VC trusts, to discuss fund trends, retailisation and regulation

Centralis buys up YLP

Company aims to deepen its reach in the Luxembourg fund outsourcing market

ATOZ acquires Deveco

Acquisition to increase the range of services offered

JTC Law appoints head of investment funds and corporate

Leanne Wallser has two decades of experience practising Jersey Law

Zurich Insurance Group partners with Pemberton on private debt

Insurer launches Lux-housed ELTIF product to be managed by Pemberton and invest in private debt

Waystone receives FCA approval for LTAF

Company claims to be the first independent ACD to have an LTAF approved by the financial watchdog

No tiff with the LTAF

The Drawdown catches up with Schroders as it gears up to launch LTAF number three to chat operations, investor base and liquidity management

5 minutes with… Will Roxburgh, Khepri

The managing partner talks MJ Hudson management buyout origins, the market consolidation in fund administration and its consequences for the rise of boutique firms

Stake a chance on… Scarcity Partners

The firm uses an evergreen structure to slow-cook emerging managers in a land down under

5 minutes with… Joanne McEnteggart, IQ-EQ

The global head of debt, capital markets and corporate at IQ-EQ talks about private debt challenges, prioritising talent and Ireland’s prospects as a fund domicile

Palmer launches in Madrid

Fund administrator led by ex-Sanne execs expands its European presence

Ocorian acquires Bovill

Fund administrator adds regulatory consultancy firm into its compliance offering

Sweet sorrow

The alluring attraction of semi-liquid strategies brings with it a cautionary 
tale of liquidity (mis)management

Apheon promotes seven

John Mansvelt is now COO as Loïc Cerfontaine succeeds him as CFO

ATOZ Services swallows up Fund Solutions

Corporate and tax services provider aims to build out its fund admin capabilities

Adepa acquires Fidupar

Two Luxembourg fund admins combine

Alchelyst partners with Goji

Fund admin adopts fintech technology to help digitalise investor onboarding

Discovery gone digital

VC fund-of-funds AlphaQ has launched AQVC discovery platform, a digital hub connecting LPs, GPs and service providers

Highvern expands to Guernsey

Company launches fund admin business after building out its private wealth expertise

Deloitte acquires Alto Advisory

Lux-grown target company assists management companies and depositaries with fund oversight activities and regulatory functions

Catalysing fund administration

Independent fund administrator Alchelyst emerges in Ireland and aims to differentiate itself through employee ownership, state-of-the-art tech and close-quarters service culture

A&M Tax appoints ASEAN tax lead

Singapore-based Shantini Ramachandra was previously a partner at Deloitte

Goodwin expands Luxembourg funds team

Baker McKenzie’s Julien Schraub and Deloitte’s Céline Moille join as counsel while Philip Spilberg is promoted in the private investment funds practice

Alter Domus launches ELTIF fund admin service

The added functionality supports the administration of private market open-ended funds and includes liquidity management support

Profile: John Mansvelt, Apheon

CFO and AIFM conducting officer tells the story of his transition from audit to PE, his key governance duties and shaping a new cultural identity

Operational utopia

If operations professionals made all the decisions, what would the perfect PE firm look like?

Got Your Back acquires Nordic Depositary Services

Fund administrator expands capabilities in real estate and infrastructure depositary services

Apex engulfs Edmond de Rothschild’s asset servicing line

The acquisition of EdR’s Luxembourg PE fund admin division represents Apex’s latest takeover

The ELTIF on the shelf

ESMA’s final draft ELTIF Regulatory Technical Standards have been released, subject to the European Commission's approval

Nikko plans Tikehau stake

The anticipated acquisition is said to be accompanied by the establishment of a joint venture, which focuses on investments in Asia

Depo mode

Do depositary services add value to PE firms?

Postcards from Portugal… Domicile drop

A post-summit debrief on alternative Luxembourg structures

Vistra acquires Kroll’s Lux ManCo

Fund admin aims to support loan secondaries market through Kroll’s AIF and UCITS licences

Altum secures Irish TCSP licence

Gaining a presence in Ireland expands the fund administrator’s existing European presence

The UK’s nice green labelling machine

Response to FCA’s SDR positive as regulatory arbitrage remains around applicability to overseas funds, portfolio management and practice of its highly anticipated anti-greenwashing rule

Hillhouse opens London office

The London operations team of the investment firm will be led by vice president Hallie Fishman

SDR policy launched

The FCA is introducing an anti-greenwashing rule, four product labels and marketing requirements for investment funds

Luxembourg’s private debt industry expands

According to a KPMG survey, AUM grew by 51% during the last year; changes in fund vehicles but LP base largely unchanged

Home game Sweden

A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds

JTC acquires Blackheath

Fund administrator expands its ManCo services for UK-based funds

Exponent opens Dublin office

Formerly COO at BlackRock, Jacqueline Flynn to head up the new shop as director of operations

Budget breakdown

The Drawdown watched the UK's Autumn Statement so you didn’t have to

Southern Europe: Structures to suit all tastes

Variety is indeed the spice of life when it comes to fund 
domiciles across Southern Europe

Cayman Islands removed from FATF’s grey list

Effective prosecution of financial crimes was key element to de-list but domicile stays on EU’s AML blacklist

Hawksford acquires Paradigm

The fund administrator is expanding to the Cayman Islands

There and back again

Matthias Plötz reports on the success or otherwise of German GPs´ Luxembourg holidays

Unrealised potential

The ILP has not yet led to a surge in funds being domiciled in Ireland, writes Jon Whiteaker

Island appeal

The Channel Islands have established strong reputations 
as domiciles and intend to keep them

ESMA prioritises cyber risks

Digital resilience, including cybersecurity risk management, will be a key priority for the Authority

Wheels in motion

The UK is working hard to restore its attractiveness as a domicile post-Brexit but it’s not there yet

Apex acquires Watermark

The fund administrator has infiltrated the Portuguese market

Raising the Liechtenstein flag

LGT’s Julien Ward and Bjoern Kogler explain the unique advantages of domiciling in Liechtenstein

Breaking the mould

Does Luxembourg deserve its position as the default domicile in Europe or should GPs be more willing to consider alternative jurisdictions?

CMA publishes Green Agreements Guidance

GPs and LPs are unlikely to infringe upon UK competition law for pursuing environmental sustainability agreements

Kirkland sets up in Riyadh

Corporate partner Kamran Bajwa to lead the office

European Parliament rejects ESRS objection

MEPs call for private sector to contribute to corporate sustainability transparency

Profile: Gerwin Theiler, capiton AG

The CFO and partner reflects on how the industry has changed and talks shop about continuation vehicles and succession planning

ICG appoints head of Luxembourg

Hind El Gaidi joins from her previous role as head of financial information and valuation at Astorg

Universal Investment’s COO heads up Luxembourg

Etienne Rougier aims to help with UI efa’s growth

Socium Fund Services launches loan agency and administration services

The Suntera Global-owned fund administrator extends its product offering to private credit firms

DIY in the wild wild East

Across Lebanon and Palestine, enterprising GPs are piloting their industry with no legislative framework or operational ecosystem, as Matthias Plötz investigates

Deutsche Beteiligungs AG acquires Elf Capital

The German asset manager will also co-invest up to €100m into Elf Capital’s funds

Altum Group granted UCI extension

The extension to the Undertaking for Collective Investment allows the company to offer its services to all alternative investment funds

Apex establishes presence in Korea

Non-executive director Simon Hurst will advise on the office launch

Govern up

Shaking off reputation by association can be tough in emerging markets

Profile: Yacine Zarrouk, Ardian

Head of Ardian Abu Dhabi reveals to us the strategic aspects of setting up a regional office in the UAE

GP Fund Solutions anchors in Ireland

Fund administrator is the latest non-European player to make a move into the bloc, following the news of Crestbridge and Altum in July

Ogier promotes Tuohy to partner

Tommy Tuohy advises on fund finance in the Cayman Islands

TMF acquires FIDD

The fund administrator consolidation will expand TMF’s presence in Latin America

The great rebundling

UK signals plans to reinstate research payment bundling, diverging from MiFID II

CIMA updates private funds governance

Statement of Guidance addresses oversight of funds, relationships with service providers, documentation and communication thereof.

Comment: Avoiding the tripwires

Pinsent Masons partner Mark Shaw details how to avoid regulatory issues when distributing non-EU funds within the EU

Guernsey updates compliance audit requirement

GPs are now required to appoint an independent audit role

Lux the builder

How have the Luxembourg toolkit updates affected the funds industry?

Goldman Sachs launches ELTIF

We speak to Barry Fricke, head of EMEA alternatives distribution for wealth at the firm, to understand the operational setup of the fund

Apex acquires Axess Accounting Office

The acquisition expands Apex’s presence in Japan

France issued most number of sanctions under AIFMD between 2013 and 2022

ESMA report highlights a lack of harmonisation among EU Member States regarding sanction enforcement

Luxembourg toolbox updated

A bill has been passed to increase flexibility and clarify certain ambiguities for AIFMs and their investment fund products

5 minutes with… Tim Andrews, IDR

Founder and CEO of the investor onboarding hub shares how its latest fund subscription service strengthens the platform

Profile: Tony Corbin, White Star Capital

The firm's CFO speaks about navigating across jurisdictions, while using Guernsey as an operational base

The qualifying factor

To what extent is the QAHC regime benefiting the UK alternative funds industry?

A&L Goodbody appoints practice head

Partner Stephen Carson will lead the firm’s asset management and investment funds practice in Ireland

ESMA reviews cross-border marketing requirements

The body’s second report highlights frequent breaches of marketing requirements

REYL Intesa Sanpaolo acquires Carnegie Fund Services

The acquisition will result in the two firms’ Swiss representation services being combined

ACP opens Luxembourg office

The admin centre will be headed by finance director Iain Smith

Tokenisation barriers

Significant barriers to the tokenisation of real assets remain, despite forecasts for major industry growth, according to a whitepaper

Debt set

The Drawdown hones in on the private credit trend that the experts think is here to stay – how can GPs establish a successful first-time credit fund in this economic climate?

Comment: Future-proofing operational models key to supporting global GP ambitions

Elliot Refson, head of funds at Jersey Finance, says the jurisdiction’s JPF and LLC structures provide stability in a turbulent environment

IQ-EQ appoints Swiss MD

Patrik Marti has two decades of management experience at Credit Suisse

The Drawdown Awards 2023: Winners announced

Congratulations to all of the winners of The Drawdown Awards 2023

Column: Walking on eggshells

Zetland Capital COO Malcolm Goddard explores the possible implications of ATAD III, also known as the Unshelling Directive, on holding companies

ESMA provides update on greenwashing

ESMA has published one of the three ESA reports on mitigating greenwashing risks, highlighting key concerns and preventative measures

State of substance

How are GPs giving their firms the necessary mass to operate in Luxembourg?

Deep dive on Alpha’s fund finance solution

Following the recent announcement of Alpha Group’s new fund finance solution, we sit down with Sam Marsh, MD institutional, and Adam Heaysman, who is heading up the new offering, to find out more

FFP launches fund admin business

Company’s new business line will service clients in the Cayman Islands

The challengers

Charting the rise of the new fund admin kids on the block, looking to break the mould

Jersey widens AML/CFT scope

Jersey private entities with a local administrator no longer exempt from regime

Apex acquires MJ Hudson businesses

Acquisition should see Apex expand its European ManCo and fund admin offerings while adding complementary services on ESG

Comment: Antitrust in me

Merger enforcers turn up the heat on private equity: what can you do to stay cool?

Crestbridge secures Luxembourg depositary licence

The licence will add to the firm’s Luxembourg fund administration licence

TMF Group acquires PartnersAdmin

Fund admin aims to expand presence in North America

Belasko appoints Jersey client services director

Scott Nelson joins from Fairway Group

CSSF updates SFDR FAQ

Luxembourg regulator adds three new questions to help clarify SFDR

Khepri launched via MBO of MJ Hudson UK unit

Will Roxburgh and Mike Booth have led the buyout of MJ Hudson’s UK regulatory and fund management business

Apex acquires Efficient Group

Apex aims to expand its footprint in South Africa