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Editorial

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Who Represents Who

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Jean-Christian Six and Pierre Schleimer head Allen & Overy Luxembourg’s 17-strong funds team, which attracts praise for its ‘practical and helpful’ advice and for its particular focus on structuring real estate, private equity and debt investment funds. Aided by Yannick Arbaut, Six advised DECA Investments on its restructuring from an umbrella SICAR to a standalone SICAR.

Praised for its ‘responsive and technical advice’, Arendt & Medernach is best known for its UCITS expertise. Praised for his ‘excellent knowledge of the regulator’, Claude Niedner acts for State Street Global Advisors SICAV on day-to-day legal, regulatory and compliance issues associated with this umbrella fund with approximately €8.5bn under management. Claude Kremer, Gilles Dusemon, Pierre Beissel, Isabelle Lebbe and Michele Eisenhuth are also recommended at a partner level, while ‘technically brilliant’ senior associate Frank Brülin ‘has an impressive knowledge of local and EU law and regulation’.

FIRMS IN THE SPOTLIGHT

Chevalier & Sciales

Chevalier & Sciales celebrates 10 years of existence this year. It has strong expertise and in-depth knowledge of investment and asset management, providing comprehensive advice on legal and regulatory issues for asset management firms and investment funds. Their interdisciplinary approach assists clients with the organisation, establishment and operation of investment funds, including retail and sophisticated UCITS, master-feeder structures, Specialised Investment Funds, closed-ended funds, hedge and private equity funds, as well as the negotiation of service and management agreements.

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Headed by the ‘experienced and knowledgeable’ Joëlle Hauser, Clifford Chance’s ‘impeccable’ 21-strong team has particular strength in the cross-border structuring of alternative investment funds. With assistance from the firm’s New York and Frankfurt offices, Hauser recently advised Mercer Private Markets on the establishment of a new umbrella SICAV-SIF. Other key figures include Paul van den Abeele, ‘outstanding’ counsel Arne Bolch and senior associate Alexander Wagner, who is ‘incredibly knowledgeable in all AIFM-related issues’.

Elvinger Hoss Prussen’s nine-partner team handles the full range of issues associated with the structuring of alternative investment funds and UCITS. The firm was at the forefront of the industry’s push to introduce the Reserved Alternative Investment Fund (RAIF) into the market; the ‘knowledgeable and articulateJérôme Wigny has represented Quilvest in the establishment of the first two RAIFs in the market under the newly enacted law. Jacques Elvinger and Gast Juncker are also recommended.

Led by Emmanuel-Frédéric Henrion, Linklaters’ four-partner team attracts praise for its ‘outstanding service’ and ‘business-sensitive and industry-savvy’ sensibilities. Henrion has been particularly active advising UCITS on their increasing adoption of hedge fund-like strategies, including the enhanced use of derivatives as opposed to more commoditised stocks and fixed income strategies. Clients also benefit from the firm’s ability to provide a harmonised service across the firm’s additional European, US and Asian offices. Silke Bernard is at the forefront of developments in the market, as underscored by her work for Partners Group on the structuring of its first two European Long-Term Investment Funds (ELTIF). Hermann Beythan and Freddy Brausch are also recommended.

Bonn & Schmitt advises on the structuring and operational issues associated with UCITS and alternative investment funds, including private equity, real estate and hedge funds. Team head Corinne Philippe continues to advise Euromobiliare International Fund SICAV including on the creation of new sub-funds and the transformation of existing ones. Other clients include Banca Generali and ING Asset Management.

Led by the ‘excellentLuc Courtois, Bonn Steichen & Partners is recognised as a ‘very reputable firm in the funds industry with solid links to the regulator’. Evelyn Maher is also recommended for her work on behalf of international clients on the structuring and establishment of alternative investment funds.

Led by the ‘commercial and knowledgeableMarc Seimetz, Dechert Luxembourg’s four-partner team provides a ‘responsive and value-for-money service’ to a growing roster of clients in the asset management industry. The team also provides due diligence to investors when investing in Luxembourg investment vehicles. Johan Terblanche recently advised AMP Capital on establishing its new infrastructure debt fund. Patrick Goebel has ‘in-depth knowledge of investment funds regulation’.

A ‘safe pair of hands and a true business partner’, Loyens & Loeff handles the full range of regulatory, transactional and operational work for real estate, infrastructure, private equity and debt funds. Marc Meyers (who attracts praise for his ‘encyclopaedic knowledge and phenomenal experience’ heads the three-partner team, which includes the ‘pragmatic’ Thibaut Partsch and Max Welbes, following his move in July 2016 from MNKS.

Baker McKenzie’s two-partner team provides ‘pragmatic and solutions-oriented advice’ to many of the largest and most sophisticated independent global fund managers and bank-affiliated asset managers. Team head Laurent Fessmann (who provides ‘succinct and efficient’ advice) continues to represent the real estate arm of BNP Paribas with several subscriptions from prestigious investors and the acquisition of the fund’s target portfolio of real estate assets. The team was strengthened by the arrival in September 2016 of ‘respected and well-established funds lawyerCatherine Martougin from the Paris office of Jones Day.

The ‘responsive and hardworking’ team at Chevalier & Sciales provides ‘a value-for-money service’ on the establishment and restructuring of UCITS and SIFs. Name partner Olivier Sciales recently assisted a Latvian promoter on the establishment of an equity fund specialising in indirect investments into Euro-denominated mortgage loans in Spain.

Led by Pierre Reuter, Hogan Lovells (Luxembourg) LLP’s team is viewed as a ‘safe pair of hands’ within the alternative funds sector, and is particularly accomplished within the real estate space. Clients include Areca SICAV SIF, Pareto Asset Management, and United Trust.

Wildgen, Partners in Law’s two-partner team has experience advising clients across the spectrum of fund structures including UCITS, SIFs and SICARs. The ‘very experienced’ Samia Rabia has ‘deep knowledge of the laws governing finance’ and is particularly conversant with shari’ah-compliant funds.

At CMS, team head Françoise Pfeiffer recently advised on the establishment of an alternative investment fund investing in IT start-ups. The team, which forms part of the firm’s global funds sector group, regularly works particularly closely with the German offices.

OPF Partners’ recent merger with Dentons gives the legacy firm’s clients the benefit of a wider international footprint. Jeannette Vaude-Perrin heads the team, which was bolstered by the arrival of regulatory compliance expert Eduard Koster from King & Wood Mallesons in August 2016.

At Kleyr Grasso, the ‘knowledgeable and pragmaticPatrick Chantrain and counsel Sophie Arvieux are regularly instructed by major US-based credit-oriented alternative asset manager GSO Capital Partners on the Luxembourg elements of its investment strategies.

MNKS has a strong reputation within the alternative funds space, with a particular focus on private equity and real estate funds. Max Welbes joined Loyens & Loeff in July 2016.

At NautaDutilh, team head Ezechiel Havrenne handles the regulatory and operational aspects associated with alternative investment funds and UCITS.

Ogier provides a one-stop-shop service to sponsors and investors across the lifecycle of regulated and unregulated investment funds. Team head François Pfister is recommended for his work in the private equity sector.

Vandenbulke handles every aspect of the fund lifecycle, including formation, investments and the development of products for entities within the alternative space. The firm is also regularly engaged in restructuring mandates and has been appointed liquidator for a number of regulated investment funds. Denis Van den Bulke is recommended.

Led by David Louis, Charles Russell Speechlys provides a one-stop-shop service to funds with a focus on alternative investment strategies for private equity and hedge funds.

Recent highlights for D.law include advising a leading Spanish financial group on the establishment of various Luxembourg alternative investment funds. ‘Extremely knowledgeable and responsive’ team head Ingrid Dubourdieu is recommended.

Established in March 2016 by three former partners from Bonn Steichen & Partners, GSK Stockmann (GSK Luxembourg SA) is noted for its ‘excellent knowledge in the investment funds business’. The ‘very knowledgeable’ Marcus Peter provides ‘pragmatic and solutions-oriented advice’.

LexFieldpunches above its weight’ and provides ‘technically excellent and responsive advice’ on the structuring and pursuant investments of private equity and real estate funds. The ‘exceptionalAldric Grosjean is ‘reassuringly knowledgeable’ and heads the team alongside the ‘efficient and very pleasantPierre-Yves Magerotte.

Headed by Vincent Linari-Pierron, Linari Law Firm provides ‘sophisticated and innovative advice’ to fund-industry clients.

At Luther S.A., counsel Julie Thai handles the structuring, marketing and distribution of UCITS and other regulated vehicles. The team was strengthened by the arrival of the ‘pragmatic and knowledgeable’ Hervé Leclerq from Stibbe.

Molitor Avocats à la Cour provides a ‘responsive and knowledgeable service’ to clients engaged in establishing new funds as well as restructuring existing ones. Team head Martina Huppertz regularly represents German clients with their investment fund requirements. Augustin de Longeaux joined from Clifford Chance.

Leveraging its strong roster of international hedge and private equity funds, Simmons & Simmons LLP In Luxembourg’s recently formed Luxembourg office is ‘doing well in the market’ and is particularly strong in the alternative investment funds sector.

Stibbe’s team experienced considerable change with Hervé Leclerq’s departure to Luther S.A. being offset by the arrival of Renaud Graas from Allen & Overy Luxembourg.

Tiberghien Deynecourt represents both sponsors and investors and is able to provide ‘practical and insightful’ advice across a raft of regulatory and corporate issues associated with regulated and unregulated funds. Pierre de Backer is recommended.

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Press releases

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Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Luxembourg exchange becomes international leader for green securities

    Since the autumn of 2016, the Luxembourg Stock Exchange has operated the first listing and trading platform worldwide reserved exclusively for environment-focused financial instruments. The Luxembourg Green Exchange (LGX) provides access to securities from a broad range of issuers that are recognised globally as authentically green and offers enhanced information about their environmental characteristics.
  • Luxembourg’s one-euro company provides major incentive for entrepreneurs

    Luxembourg’s law of July 23, 2016, which came into force on January 16, 2017, creates an incentive for entrepreneurs to establish a business in the grand duchy by introducing the simplified private limited liability company (société à responsabilité limitée simplifiée or Sàrl-S) – also known as the one-euro company.
  • ESMA sets out new rules for UCITS share classes

    On January 30, the European Securities and Markets Authority issued an opinion on the minimum principles that management companies must apply when establishing different UCITS share classes. The opinion is aimed at ensuring a harmonised approach throughout the EU, where different national approaches have been observed up to now.
  • UCITS investment limits to be applied to umbrella funds on look-through basis

    The European Securities and Markets Authority has updated its Q&A documents on details of the UCITS rules in November of this year with two additional queries regarding the interpretation of investment limits when a UCITS invests in an umbrella fund.
  • Modernisation of Luxembourg Company Law: changes affecting the S.à r.l.

    The law of 10 August 2016 modernising the law concerning commercial companies of 10 August 1915 and amending the Civil Code as well as the law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of companies (the “Law”), entered into force on 23 August 2016. The Law is immediately applicable for all newly incorporated companies. Existing companies have been granted a period of 24 months to adapt their articles of association. The below is a summary of the main changes which affect private limited liability companies (“société à responsabilité limitée” (“S.àr.l.”)):
  • Luxembourg regulator updates rules for UCITS depositaries

    Luxembourg’s Financial Sector Supervisory Authority (CSSF) has issued on October 11, 2016 Circular 16/644, which sets out revised rules applicable to all Luxembourg credit institutions acting as depositary banks for UCITS funds as well as to all Luxembourg UCITS, including self-managed funds, and/or their management companies. The circular sets out regulatory requirements clarifying rules under the updated Luxembourg investment fund law implementing the UCITS V directive, which came into force on June 1, and the European Commission’s Level 2 delegated regulation EU2016/438 regarding the obligations of depositaries, as well as various other matters.
  • UCITS V regulation on depositaries’ obligations comes into force

    The Commission’s delegated regulation (EU) 2016/438 of December 17, 2015, which updates the UCITS regime provisions on the obligations of depositaries, has taken effect as of October 13. The UCITS V Level 2 regulation sets out detailed uniform rules in particular regarding the duties of the depositaries of UCITS funds. The regulation lays down requirements regarding depositaries’ duties, delegation arrangements and the liability regime for UCITS assets under custody, designed to provide a high level of investor protection.
  • New bill on the implementation of the 2017 tax reform package

    27 July 2016
  • Investment Funds: shielding from the new supervision paradigm

    9 August 2016
  • Reserved alternative investment funds (the “RAIF”) for EU and third-country AIFMs

    The RAIF benefits from flexibility in terms of legal structuring, and from all the advantages known to the SIF and SICAR regimes: umbrella structure, toolbox assembly approach and the “well-informed” investor concept. Please refer to our newsflash, to get all the details about the RAIF.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to