LPEA - Ambassade du Luxembourg à Paris

Luxembourg: la place financière
idéale pour la distribution et
l’investissement collectif
28 Septembre 2015 | Cercle de l’Union Interalliée
SPONSORS
AGENDA
15.00
Introduction
Luxembourg en chiffres : l’évolution du capital-investissement en
termes de fonds et de sociétés de gestion
15.15
Luxembourg: la place financière idéale pour la distribution et
l’investissement collectif (Interview)
15.35
Luxembourg en pratique : fonds parallèles & double sociétés de
gestion en France et Luxembourg
16.20
Nouveautés
17.00
Cocktail
INTRODUCTION
Luxembourg en chiffres : l’évolution du capitalinvestissement en termes de fonds et de sociétés de gestion
INTRODUCTION
About LPEA
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Founded in February 2010 with 25 founding members
2015: 120 members
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50 PE houses (full members)
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70 service providers (associate members)
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more than 200 active participants on technical committees
Leader of Private Equity in Luxembourg
Member of EVCA, the European Private Equity and Venture
Capital Association
Member of Luxembourg for Finance
INTRODUCTION
LPEA Full Members
INTRODUCTION
LPEA Associate Members
ABN AMRO BANK (Luxembourg) S.A.
Crestbridge S.A.
Luther Law Firm
AIG
Deloitte S.A.
Luxembourg Investment Solutions S.A.
Allen & Overy Luxembourg
DLA Piper Luxembourg S.àr.l.
Mazars Luxembourg SA
Alter Domus
DLP Law Firm S.àr.l.
MNKS
Arendt & Medernach
Elian Fiduciary Services S.àr.l.
Ogier
Astris S.àr.l.
Elvinger, Hoss & Prussen
OPF Partners Luxembourg
AtoZ S.A.
Ernst & Young
Oppenheim Asset Management Services
AVEGA S.àr.l.
Etude Loesch
Pandomus
Aztec Financial Services (Luxembourg) S.A.
Experta Corporate & Trust Services S.A.
PricewaterhouseCoopers
Baker & McKenzie Luxembourg
Grant Thornton PKF Weber & Bontemps
RBS Global Banking (Luxembourg) S.A.
Banque de Luxembourg
Halsey Group S.àr.l.
Roemers Trapp Pautot
Banque Privée Edmond de Rothschild
Hogan Lovells (Luxembourg) LLP
Sanne Group (Luxembourg) S.A.
BDO Tax and Accounting
ING Luxembourg S.A.
Sedlo Jimenez Lunz
BIL Luxembourg
Intertrust (Luxembourg) S.àr.l.
SGG S.A.
Bonn & Schmitt
Ipes (Luxembourg) S.à r.l.
Bonn Steichen & Partners
JTC (Luxembourg) S.A.
Société Européenne de Banque - Intesa
SanPaolo
Brown Brothers Harriman (Luxembourg)
S.C.A.
KBL European Private Bankers S.A.
Société Générale Bank & Trust
State Street (Alternative Investment Solutions)
Caceis Bank Luxembourg
King & Wood Mallesons (SJ Berwin
Luxembourg)
Capita Fiduciary SA
Kleyr, Grasso Associes
TMF Luxembourg S.A.
CBP Quilvest S.A.
KPMG
United International Management S.A.
Citco Luxembourg
Linklaters LLP
Vandenbulke
Citibank International PLC.
Loyens & Loeff
Vistra Luxembourg S.àr.l
Clément & Avocats
LRI Invest S.A.
Wildgen, Partners in Law
Clifford Chance
Stibbe Avocats
INTRODUCTION
About Luxembourg
Grand Duchy of Luxembourg
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Constitutional Monarchy
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Founding member of the European Union, NATO,
OECD, the United Nations, and Benelux
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550.000 Inhabitants (~45% expats)
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1.000 Sq. Miles (Rhode Island » 1.500)
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Official Languages: French, German and
Luxembourgish
(English as a common language in business)
INTRODUCTION
About Luxembourg
Grand Duchy of Luxembourg
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2nd Largest Investment Fund Centre in the world
after the US
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6th Most competitive Country (IMD)
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AAA rating
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€ currency
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Sovereign debt 23.2% of GDP
INTERVIEW
Luxembourg: la place financière idéale pour la distribution et
l’investissement collectif
PANEL
Luxembourg en pratique : fonds parallèles & doubles
sociétés de gestion en France et Luxembourg
PANEL
Nouveautés : légaux, fiscaux, opérationnels et bancaires
Le LP luxembourgeois
Le LP luxembourgeois
AIFMD – Option 1 – délégation
de la gestion de portefeuille
Commissaire aux Comptes
Banque dépositaire
Gestionnaire de Fonds d’Investissement
Alternatif
Gestion des risques
FIA
• Revue mensuelle par le comité du GFIA
• Revue trimestrielle par le conseil d’administration
du FIA
• Revue annuelle d’audit
• Implication des administrateurs, si nécessaire
Gestion de portefeuille
Administration centrale
Distribution/Marketing
Gestionnaire
AIFMD – Option 2 – pas de délégation
de la gestion de portefeuille
Commissaire aux Comptes
Banque dépositaire
Gestionnaire de Fonds d’Investissement
Alternatif
Gestion des risques
FIA
• Revue mensuelle par le comité du GFIA
• Revue trimestrielle par le conseil d’administration
du FIA
• Revue annuelle d’audit
• Implication des administrateurs, si nécessaire
Gestion de portefeuille
Comité d’investissement
Administration centrale
Distribution/Marketing
Conseiller
Key trends for Private Equity Asset Servicers
Private Equity, an expending asset class with
increasing needs for financing
– Traditional asset managers create PE and Debt dedicated desk and
PE firms create RE departments
– Institutional investors plan to increase their allocation in alternative
assets
– Higher performances in a context of low interest rates
– Illiquidity premium
– Lower volatility compared to listed assets
• More and more financing facilities required by Private Equity ManCos:
– No leverage but …
– Financing facilities based on uncalled capital to improve IRR and
make cashflows more predictable for institutional investors
• Overdrafts
• Equity Bridge Financing (drawdown rights and Letters Of Credit)
• Forex
Key trends for Private Equity Asset Servicers
Back to Core Business
• PE ManCos are driven by two main jobs: fund raising and investing
• So, back & middle offices staffing are not a priority but meanwhile
investors and regulators require more and more sophistication about
reporting:
– To fulfill these requirements, from now on, PE Firms are keen on
outsourcing partially or totally their back/middle offices
– Scope of outsourcing :
• Capital calls & distributions
• Investments monitoring
• Data crunching & Look-through (especially for funds of funds)
• Reporting (investments, investors, regulators)
Key trends for Private Equity Asset Servicers
New relationships with investors
• Especially for High Net Worth Individuals (HNWI), new channels of
distribution are being imagined :
• First step: Asset Servicers create new communication channels with
funds distributors
– Online solution to exchange information: KYC documentations,
notices of operation, etc
• Ultimate step: Retail PE asset managers request Asset Servicers to
provide online solutions to invest in funds
– Needs for a highly secured online transaction and reporting solution :
• Subscription form
• KYC documentation
• Payments platform
• Consolidated Reporting
• Consolidated cash position
• Monitoring of capital calls & distribution
Key trends for Private Equity Asset Servicers
Debt fund and Fintech are ramping up
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Debt funds more and more considered as an alternative to banks within the
EU
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Corporate loans issuances are boosted thanks to various incentives :
– « Fonds de Prêts à l’Economie » in France and new regulated vehicles for
debt funds across various jurisdictions in the EU
– ECB investment policy towards ABS and SME and EuroSystem label for
ESNI
– Juncker investment plan at EU level
– Improvement of capital requirements under Solvency 2 for Securitisation
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Private Debt funds as an alternative to commercial banks for financing
Corporates and SMEs :
– « Invest to lend » model
– Alignment of European Union on the US financing model ?
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Fintech, a sustainable trend (crowdfunding, peer-to-peer lending) ?
Informations fiscales
Luxembourg
› “Hot topic” – Avenant à la convention fiscale entre la France et le Luxembourg
› Dynamisme de la place financière luxembourgeoise
› Clarification des règles applicables aux SCS/SCSp
› TVA
› Application des standards internationaux
› Prix de transfert
› Echange d’information – FATCA
› Transposition des nouveaux standards européens
PANEL
Nouveautés : légaux, fiscaux, opérationnels et bancaires
Luxembourg
Your Private Equity Hub
28 Septembre 2015 | Cercle de l’Union Interalliée