Specialist private equity fund administrator, Ipes, will this week commence the provision of central administration services in Luxembourg following authorisation and regulation by the Ministry of Finance and the Commission de Surveillance du Secteur Financier, “CssF” on 3 September 2010.
Ipes established the office in Luxembourg in December 2009 and was licensed as a Chartered Accountant Company in February 2010. Under its newly granted Professional of the Financial Sector, “PSF” license, Ipes Luxembourg S.A. is able to provide a full range of administration services to both regulated and unregulated funds including the popular SIF and SICAR structures.
Group Chief Executive Kevin Brennan says “Establishing a solid on the ground presence in Luxembourg is a really significant step forward for us, and part of a considered expansion strategy. We believe this new office offers considerable growth potential for the business, based on strong existing demand from our clients and the increasing scale of the funds market in Luxembourg.”
Luxembourg is the largest fund centre in Europe and an attractive domicile for European fund managers and institutional investors alike due to its sophisticated yet pragmatic legal and regulatory framework, OECD white list status, and efficient and reliable fund infrastructure.
According to statistics published by the CssF in August, the total net assets of undertakings for Luxembourg based funds as at 30 June 2010 exceeded €2,010bn representing a 23.26% increase over the last 12 months.
Simon Henin, Managing Director for Ipes Luxembourg S.A., joined the company in December 2009 to spearhead the establishment of the new office. A Belgian national, he has worked in the Luxembourg finance industry since 1999.
“Based on my experience of working here in Luxembourg, there is a real gap in the market for specialist fund services providers like Ipes. In addition to the firm’s strong reputation in the industry and diverse client base, one of the factors that attracted me to Ipes was its client centric culture. The new office will bring this service-led approach to Luxembourg” says Simon Henin.
“Now we have received final approval to commence operations from the Ministry of Finance and I am looking forward to continuing to build the business here in Luxembourg” he continues.
Ipes Luxembourg S.A. is based in the heart of Luxembourg City. It has already won four mandates, with further new business in the pipeline.
The firm is a member of the Luxembourg Private Equity Association, and will be sponsoring the ALFI European Alternative Investment Funds Conference later this year.
Established in Guernsey in 1998, Ipes pioneered a specialist approach to private equity fund administration. Today the firm has offices in four European locations and manages in excess of $37bn of assets on behalf of 77 clients. In the past 12 months Ipes has won three leading industry awards and is ranked 6th globally based on Private Equity Assets under Administration by ICFA Magazine’s 2010 fund administration survey.