LPEA - Ambassade du Luxembourg à Paris
Transcription
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 ► ► ► ► ► Founded in February 2010 with 25 founding members 2015: 120 members ► 50 PE houses (full members) ► 70 service providers (associate members) ► 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 • Constitutional Monarchy • Founding member of the European Union, NATO, OECD, the United Nations, and Benelux • 550.000 Inhabitants (~45% expats) • 1.000 Sq. Miles (Rhode Island » 1.500) • Official Languages: French, German and Luxembourgish (English as a common language in business) INTRODUCTION About Luxembourg Grand Duchy of Luxembourg • 2nd Largest Investment Fund Centre in the world after the US • 6th Most competitive Country (IMD) • AAA rating • € currency • 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 • Debt funds more and more considered as an alternative to banks within the EU • 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 • 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 ? • 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