Kieran Dowling, Head of Client Coverage and New Business Implementation, Northern Trust Luxembourg, talks with Funds Europe about some of the issues raised in a recent Luxembourg asset servicing roundtable that covered technology, fund governance, and the revision to the Alternative Investment Fund Managers Directive.
Luxembourg has seen an intense focus on fund governance in recent years. Dowling told the roundtable that the number of management companies – or ‘ManCos’ – that exist in Luxembourg is considerably higher than in other fund administration centres of excellence, such as Ireland, and consolidation of players to create ‘super-ManCo’ groups is likely to be an ongoing trend, particularly with the requirements that regulators have in terms of people and technology.
The roundtable also featured Jeremy Albrecht of RBC Investor & Treasury Services, Mathieu Maurier of Societe Generale Securities Services and Georg Lasch of BNP Paribas Securities Services.
