The Legal 500

Luxembourg > Investment funds

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  1. Investment funds
  2. Leading individuals

Leading individuals

Allen & Overy Luxembourg advises on both UCITS and alternative funds for big-name clients such as BNP Paribas, Morgan Stanley and the European Investment Fund, recently assisting the latter with establishing the Dutch Venture Initiative, a Luxembourg SICAR fund investing in Dutch hi-tech SMEs. Lead practitioners Jean-Christian Six and Pierre Schleimer are very experienced.

Arendt & Medernach has a ‘leading’ team of some 17 partners, with ‘deep knowledge of the technical issues’ and ‘strong relationships with the regulator’. Leading individual Claude Kremer heads the practice, and works alongside the ‘commercial’ Michèle Eisenhuth, Francis Kass and Claude Niedner, among others. Clients range from start-ups to major asset managers.

Clifford Chancealways can be relied upon’. Practice head and ‘alternative fund guru’ Joëlle Hauser is ‘outstanding’, has ‘excellent industry knowledge’, ‘understands the market’, and leads a large team of senior counsels and associates. The firm is a regular on headline transactions, recently acting for key client Credit Suisse on the sale of its ETF business to BlackRock.

Clients of Elvinger, Hoss & Prussen include leading international asset managers and financial institutions. The firm is ‘proactive in exploring new legal forms’, and recently advised Grameen Crédit Agricole Microfinance Foundation on a landmark specialised investment fund incorporated as a co-operative and organised as a public limited company. Among the team of 12 partners and counsel are Jacques Elvinger, Jérôme Wigny and the ‘hands-on’ Frédérique Lifrange.

Linklaters LLP has ‘great knowledge and experience in the field’ and is ‘quick at turning around questions’. Individuals highlighted for praise include Hermann Beythan, who ‘easily understands the issues’ and ‘gives good, hands-on advice’, and Freddy Brausch, an ‘expert in the investment funds industry’ who has ‘clear opinions’. The firm advised Invesco on the set-up of a €1bn-target fund for Asian real estate investment. Emmanuel-Frédéric Henrion is also recommended.

The ‘very goodBonn & Schmitt boasts an impressive market share of domiciled funds, and both Marcus Peter and senior counsel Corinne Philippe have a solid track record advising in relation to UCITS and alternative funds. The firm established a new fund for EQT, and acted for Carnegie on the creation of a €100m fund for Swedish investors.

Bonn Steichen & Partners is a significant player, advising well-known asset management companies and financial institutions on high-value and complex funds and transactions; recent examples include a €500m target private debt fund, acting for promoter Rothschild. Lead partner Luc Courtois is very experienced.

Dechert Luxembourgconsistently provides the best service’, and Antonios Nezeritis is ‘particularly good’; he is one of three expert investment funds partners, the others being the widely respected Patrick Goebel and Marc Seimetz. Clients include Wells Fargo (Lux) Worldwide Fund.

Loyens & Loeff’s ‘good-quality funds team’ has recognised expertise in UCITS and an expanding alternative funds practice, acting for internationally known players. The ‘excellent’ Thibaut Partsch led advice to Vallis Capital Partners on incorporating a €700m fund for investment in Portugal’s construction industry. Marc Meyers is ‘very client-oriented’.

Baker & McKenzie has attracted global asset managers, banks and fund service providers as clients. Recent work includes establishing a UCITS fund for a French asset manager. Laurent Fessmann provides ‘concise, commercial and practical advice without delay’.

Name partners Rémi Chevalier and Olivier Sciales at Chevalier & Sciales specialise in all aspects of funds work, demonstrating ‘a deep understanding of Luxembourg law in investment funds’ and providing an ‘excellent’ service with ‘high attention to detail’. Work included the creation of the Cambodia-Laos Development Fund SIF SICAV, possibly the first private equity fund investing in SMEs in the two African countries.

Kleyr | Grasso | Associes’ Rina Breininger and Patrick Chantrain advise on both regulated and unregulated funds, particularly within the private equity and hedge fund industry. Highlights included advising Mitsubishi UFJ Global Custody on a new Luxembourg umbrella fund.

MNKS was boosted by the hire of new practice head Max Welbes and his team from Luther. Recent work includes advising a fund management company on the reorganisation of a private equity fund as an umbrella SICAR, a mandate won following competitive tender.

NautaDutilh has undergone a team restructuring following the departure of key partner Pierre Reuter to Hogan Lovells (Luxembourg) LLP; managing partner Josée Weydert now leads the practice. Senior associate Jean-Florent Richard has a ‘strong, problem-solving approach’. Clients include the Fine Art Fund Group.

Wildgen, Partners in Law represents domestic and foreign investors and financial services institutions. Practice head Samia Rabia led advice to Moor Park Capital Partners on the acquisition of a €1bn UK hospital portfolio via several funds established in Luxembourg. The service provided is ‘excellent’.

CMS has a steady practice under Vivian Walry, who ‘tries to find a way to make things work that at the beginning seem impossible’. The firm advises funds and investors on regulatory matters and fund set-ups, among other areas; clients include a Polish financial institution and a UCITS management company.

New entrant Hogan Lovells (Luxembourg) LLP already has a following among funds, thanks to the standing of practice head Pierre Reuter in the market. The firm acted for Pareto Forvaltning on the launch of one of the first UCITS master-feeder structures.

King & Wood Mallesons SJ Berwin is building a funds practice that is ‘robust, responsive and well priced’. Clients include some major players in the industry. Alexandrine Armstrong-Cerfontaine has ‘very good knowledge of fund regulation and set-up issues’.

Jeannette Vaude-Perrin now heads the practice at Luther, following the departure of Max Welbes and some associates to MNKS. Vaude-Perrin joined from leading firm Arendt & Medernach and is ‘Luxembourg’s best-kept secret’, with ‘an excellent track record and real experience in fund structuring and cross-border financing’.

Michel Molitor heads a cross-disciplinary team at Molitor Avocats à la Cour, which ‘performs as well as or better than many other big law firms’. Recent client gains include a domestic private bank.

The experienced Ezechiel Havrenne heads the practice at OPF Partners, with strong support from the firm’s corporate and tax partners. Havrenne joined the firm from Loyens & Loeff. CVC Capital Partners and GI Partners are clients.

Offshore firm Ogier has made its presence felt in its first year in the jurisdiction. The firm is gaining notable market share under the leadership of François Pfister.

Speechly Bircham’s David Louis is building a solid practice in the alternative investments market, and ‘makes the most difficult concepts easier to understand’ as well as showing ‘strong drive and commitment to deliver’. The firm recently established a SIF for a big-name fund.

Vandenbulke set up a new fund for a boutique Spanish management company, and is a regular adviser to a UK real estate investment and asset management company on matters throughout Europe. Denis Van Den Bulke and Laurence Jacques are recommended.

Newly established firm Deynecourt comprises the bulk of the funds team from Rutsaert Legal. The ‘expert boutique law firm’ is led by Pierre de Backer, who has ‘detailed knowledge of both the law and current industry issues’. Clients include Rothschild Bank, Pictet & Cie, and All Seasons Capital Management.

Linari Law Firm has a focused practice under Vincent Linari-Pierron, punching above its weight in advising a mix of international companies and funds. The service is ‘just perfect’.

Boutique firm M Partners’ five-lawyer team is led by the internationally experienced Vanessa Molloy, who is noted for her alternative investment fund expertise. The practice recently advised on the set-up of funds ranging in value between €5m-€100m.

SJLC | Sedlo Jimenez Lunz Clement acted for Blackstone on setting up and structuring a specialised fund investing in a portfolio of €2.2bn infrastructure loans. The hire of tax specialist Christophe Clément was a boost to the practice.

Press releases

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

Legal Developments in Luxembourg for Investment funds

  • CSSF updates Q&A on AIFMD implementation law

    Luxembourg's Financial Sector Supervisory Authority has published on March 17 an update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive, as well as the European Commission's Level 2 regulation on implementation of the AIFMD. The CSSF says the FAQ document, which is now in its sixth version in nine months, is designed to highlight certain key aspects of the AIFMD rules from a Luxembourg perspective and is primarily aimed at alternative funds and managers established in the grand duchy.
    - Chevalier & Sciales

Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Newsflash - No VAT on management services for defined contribution pension schemes

  • Legal update - Mars 2014

  • Newsflash - Luxembourg concludes intergovernmental agreement with the US on FATCA

  • CSSF updates Q&A on AIFMD implementation law

    Luxembourg's Financial Sector Supervisory Authority has published on March 17 an update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive, as well as the European Commission's Level 2 regulation on implementation of the AIFMD. The CSSF says the FAQ document, which is now in its sixth version in nine months, is designed to highlight certain key aspects of the AIFMD rules from a Luxembourg perspective and is primarily aimed at alternative funds and managers established in the grand duchy.
  • ESMA Q&A targets common supervisory approach to AIFM Directive application

    The European Securities and Markets Authority has published on February 17 a Question and Answers document on the Alternative Investment Fund Managers Directive, with the aim of promoting common supervisory approaches and practices in the application of the AIFMD and its implementing measures.
  • Newsflash - 9 January 2014 - CSSF press release 14/02

    On 8 January 2014 the Commission de Surveillance du Secteur Financier (the "CSSF") issued press release. This press release is relevant to all issuers whose home Member State within the meaning of the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the "Transparency Law") is Luxembourg and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). The CSSF has announced it will focus its review on several selected subjects, discover them in the newsflash attached.
  • Luxembourg in pole position as AIFMD compliance looms

    With little more than five months to go before alternative managers active in Europe must be fully compliant with the European Union's Alternative Investment Fund Managers Directive, Luxembourg is perfectly positioned to accommodate fund firms, from global investment houses to specialist boutiques, eager to exploit the potential of a passport to an EU-wide market.
  • CSSF publishes a fourth updated version of its FAQs on the Law on AIFM - 14 January 2014

    On 10 January 2014, the Commission de Surveillance du Secteur Financier (the "CSSF") has published a fourth update of its frequently asked questions ("FAQs") on the law of 12 July 2013 on alternative investment fund managers ("AIFML") as well as the Commission Delegated Regulation n° 231/2013 of 19 December 2012.
  • Tax update - January 2014

    Discover our latest tax update. The topics of this document are: - Introduction of the bill regarding the automatic exchange of information - New circular letter of 31 December 2013 on the exchange of information upon request procedure - New circular letter on reduction of net worth tax - New VAT circular letter on fund management VAT exemption - risk management services included - Case No. 27380a dated 1 October 2013 - incompatibility of 5-year requirement for Luxembourg net wealth tax exemption with freedom of establishment - Sales made by retailers subject to VAT where a customer fraudulently uses a credit card (case C-494/12) - Inclusion of VAT in the sales price in the absence of VAT provisions in the sales contract (joined cases C-249/12 and C-250/12) - Exemption of the management of special investment funds (case C-464/12) tax_update_-_january_2014
  • Newsflash - Back to 2013

    2013 was an extremely busy year, not least with regard to the legal and regulatory changes that may impact your business. In this respect, we are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg law.

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
  • Hengeler Mueller advises GlaxoSmithKline on its major multiple-part interconditional transaction...

    Hengeler Mueller is advising GlaxoSmithKline (GSK) on German corporate and real estate aspects as well as German employment and pensions aspects on two parts of the major three-part interrelated transaction with Novartis announced on 22 April 2014. The two parts of the transaction include GSK and Novartis combining their respective Consumer Healthcare businesses to form a new world-leading Consumer Healthcare business and GSK acquiring Novartis' global Vaccines business (excluding influenza vaccines) for an initial cash consideration of US$5.25bn with subsequent potential milestone payments of up to US$1.8bn and ongoing royalties.
  • Hengeler Mueller advises Talanx on first secondary listing of a German company on the Warsaw Stock E

    Talanx AG today successfully completed its listing on the Warsaw Stock Exchange. Following its IPO in Germany in 2012, Talanx shares are now also tradable in Warsaw (with a market capitalisation of just under €6.9bn). Talanx is the first German company with a secondary listing on the Warsaw Stock Exchange. The transaction was carried out by way of a special transaction structure concerning tradability and certification of the shares.
  • Mikhail Aleksandrov was a moderator of the discussion in the International Forum...

    Mikhail Aleksandrov, Partner of DS Law, moderated the panel discussion «Capitalising on New Large-Scale Opportunities in the Russian Infrastructure Sector».
    - DS Law
  • DS Law participated in the Lawyers Career Day in the MSLA

    On April 4 DS Law.Attorneys participated in the 8th exhibition-forum "The Lawyers Career Day" in the Moscow State University of Law by the name of O.E.Kutafin (MSLA) dedicated to the professional growth and career of associates.
    - DS Law
  • Mikhail Aleksandrov moderated the discussion in the Forum "Private Equity and Venture Capital"

    Mikhail Aleksandrov, Partner of DS Law.Attorneys, moderated the panel discussion "Capitalising on Large-Scale Opportunities in the Russian Infrastructure Sector" in the 10th International Forum "Private Equity and Venture Capital". The Forum was organized by C5.
    - DS Law
  • Pepeliaev Group at the 10th annual Legal Forum

    Pepeliaev Group has become the partner at Vedomosti newspaper's 10th annual legal forum, which will be held in Moscow on 17-18 April 2014. It is noteworthy that, 10 years ago, it was Pepeliaev Group that was the driving force behind the first forum. Now the event has become a landmark occasion in the Russian legal calendar. Over the last decade, major business figures have come together every year, hosted by the newspaper Vedomosti, to discuss the most pressing issues facing the legal sector and Russia's judicial system. The first day of the conference will feature a plenary session ‘Deoffshoring the economy and creating a favourable business environment', with Sergey Pepeliaev, managing partner of Pepeliaev Group, taking the chair.
  • Round table “Improvement of the transparency and effectiveness in the work of the Supreme Administ

    A round table was held on 15/04/2014 in "Sheraton" hotel in relation to the financed by OPAC project  "Improvement of the transparency and effectiveness in the work of the Supreme Administrative Court (SAC)". /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}
  • “Popov and partners” will consult the Supreme Judicial Council

    In the beginning of April 2014 the Supreme Judicial Council chose "Popov & Partners" Law Office for consultant in the preparation of documentations according to the Public Procurement Act for selection of contractors for the supply of goods and services to ensure the institution's activities in the period between 2014 - 2015.
  • Kim & Chang: Korea Law Firm of the Year – The Macallan ALB Hong Kong Law Awards 2013

    Kim & Chang was selected as ‘The Korea Law Firm of the Year' at the Macallan ALB Hong Kong Law Awards 2013, surveyed and announced by ALB (Asian Legal Business), a renowned legal publication in Asia owned by Thomson Reuters.
  • Kim & Chang recognized as one of world’s top 10 pro bono firms- Who’s Who Legal Pro Bono Survey

    Kim & Chang was recognized as one of the top 10 pro bono leading law firms in the world according to Who's Who Legal Pro Bono Survey 2013 , published by Who's Who Legal, an international legal media. Kim & Chang is the only Asian firm to be selected.