The association is currently interviewing candidates to head up the office, and expects to name the individual by the end of March, according to Alfi deputy director general Charles Muller.
Like other financial centres, Luxembourg and Alfi – which represents the interests of Luxembourg’s large funds industry – are looking increasingly to Eastern markets, such as China, for new customers.
Jersey Finance opened an office in Hong Kong in October and is eyeing India for another, while Guernsey opened one in Shanghai in 2008.
Muller says Eastern investors are increasingly looking to the Ucits-compliant funds Alfi member firms provide. A study by Lipper-Feri for Alfi, which is due to be released at the organisation’s spring conference later this month, is expected to detail the global reach of the Ucits brand and its outlook for continued growth over the next eight years.
Based in Luxembourg, Alfi has some 1,200 member funds, whose assets under management total €1.86trn.
Hong Kong to be ‘hub’
Muller says Alfi’s new Hong Kong office will serve as a hub to all of Asia, including mainland China.
The organisation’s decision to open an office in Hong Kong follows the signing of a memorandum of understanding in 2008 with Chinese officials by Luxembourg’s regulator, which permits qualified Chinese qualified institutional investors to buy Luxembourg funds.
In other news at Alfi, 23 March has been set for the launch of a website aimed directly at investors. The new consumer website will be part of Alfi’s main website, www.alfi.lu, which is re-launching on that day, to coincide with the conference.
As reported by International Adviser in October, the idea for a direct-to-consumers website evolved in the aftermath of the collapse in 2008 of the Ponzi scheme run by New York’s Bernard Madoff.
A couple of Luxembourg-based funds had invested in Madoff entities, prompting the jurisdiction to launch a major review of its structures, particularly with regard to depositaries.
The new website is expected to be similar to the UK Financial Services Authority’s www.moneymadeclear.fsa.gov.uk, with basic information for people new to investing as well as more sophisticated material.
Unlike the English-language-only FSA website, however, the Alfi site will be available in three languages to start – English, French and German – and possibly more eventually, Muller noted.
