The Association of the Luxembourg Fund Industry (ALFI) has set out its ambition for the Luxembourg Fund Centre to be a global centre of excellence for the asset management industry, thereby creating opportunities for investors, fund professionals and the global community as a whole.
Marc Saluzzi (pictured), Chairman of ALFI, says: “The world we live in is experiencing rapid and radical shifts at political, social and economic levels; ALFI fully understands that this has significantly influenced investor demands for performance and safety, efficiency and innovation. ALFI has therefore developed its Ambition Paper which identifies five key objectives which we aim to achieve over the next four years, and the activity required to achieve these objectives.
“With a market share of over 30% Luxembourg has become the leading fund centre in Europe, thanks to its early adoption of UCITS. However, the recent crisis has demonstrated that investor protection is key and ALFI aims to highlight that UCITS already provides outstanding safety to investors. This Ambition Paper aims to tackle these issues, and centres on two statements which are very close to our hearts, first, that funds are good for you and, second, that Luxembourg is good for funds.
“The five objectives that we have outlined support those two statements to our stakeholders, and will present Luxembourg as a global centre of excellence for the asset management industry, creating opportunities for investors, professionals and the community.
“By providing quality service to investors, asset management “made in Luxembourg” will also benefit the community as a whole – in Luxembourg, in Europe and internationally. It will help renew trust in long-term savings, facilitate capital investment, increase business confidence, create highly skilled jobs and fulfil the asset management industry’s role in generating prosperity in the global economic value chain.”
ALFI will be working closely with its members, partners, stakeholders and all interested third parties to achieve its ambition. Within Luxembourg all players need to work hand in hand – the Government, the House of Parliament, the relevant ministries and administrations, the CSSF and other Luxembourg trade bodies. Over the next few months, the ambition paper and action plan will be a topic for discussion at the level of the Haut Comité de Place, chaired by Luxembourg Finance Minister Luc Frieden. ALFI will also consult widely at an international level with representatives of the industry, the investor community, experts and opinion leaders.