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Arendt & Medernach’s ‘well-known’ and established team has a ‘large market share’ and features luminaries such as founding partner Claude Kremer, as well as Claude Niedner, Isabelle Lebbe and regulatory specialist Michèle Eisenhuth. The firm has an unrivalled list of institutional clients that regularly turn to it for representation on UCITS, ETFs, real estate funds, infrastructure funds, private equity, and credit derivatives issues. The firm recently represented one of the world’s leading hedge funds on a series of UCITS III products.

Elvinger, Hoss & Prussen has vast experience, according to clients. Its elite status in Luxembourg ensures that it retains tight connections to major promoters and fund managers, as well as to the industry regulator. Institutional clients are known to include a number of major global banks. The firm has a fine record in the UCITS space, and department head Jacques Elvinger and Jérôme Wigny have excellent reputations.

Linklaters LLP handles a broad range of investment fund products, of late demonstrating exceptional expertise with the UCITS III platform. Clients value the firm’s ‘knowledge’ and ‘commitment’, which allow it to understand the industry and be consistently ‘proactive’. Genuine all rounder Freddy Brausch, private funds specialist Francine Keiser, real estate funds expert Hermann Beythan and structured funds specialist Emmanuel-Frédéric Henrion are all picked out for praise, with UCITS III expert Josiane Schroeder considered a rising star.

Allen & Overy Luxembourg provides the ‘benchmark’ for others according to one client. It is commended for its peerless legal knowledge, ‘constructive approach’, ‘practical’ application and awareness of ‘economic aspects’. The firm recently worked on the structuring of the landmark AlphaOne SICAV-FIS fund, one of many recent highlights. Counsels Jean-Christian Six (‘professional’ and ‘responsive’) and Patrick Goebel (‘outstanding’, ‘in-depth business knowledge’) are recognised specialists in this area. Henri Wagner has ‘deep knowledge’ and good ‘contacts with the regulators’.

Dechert Luxembourg has a mighty global presence in the hedge fund and investment fund environment. The Luxembourg office is playing an increasingly pivotal role in the firm’s international fortunes, with extensive expertise in the UCITS III structure and good connections to institutional and fund manager clients. Department head Marc Seimitz is a prominent investment funds specialist.

Kremer Associés & Clifford Chance is ‘one of the leaders’ in the funds industry in Luxembourg, most notably in relation to real estate funds. The Luxembourg office has a strong standalone practice in its own right. Joëlle Hauser is highly reputed, while Christian Kremer is the firm’s global head of asset management. Clients include Commerzbank, which the firm advised on the establishment of a UCITS III management company and a UCITS III SICAV that consists of 70 sub-funds and some €3bn of assets under management.

Loyens & Loeff is emerging as a more than credible force in alternative funds. It has a formidable reputation for fund formation, notably private equity investment vehicles. In August 2009, the firm represented Goodhart Partners in relation to its €500m acquisition of investment funds previously managed by WestLB Mellon Asset Management. Marc Meyers is ‘client driven’ and ‘entrepreneurial’, and Gilles Dusemon is also recommended.

Bonn Schmitt Steichen has a more than solid practice encompassing a broad range of investment funds. The firm is equally capable in regulated and non-regulated funds, and is widely acknowledged for its emerging markets work. Luc Courtois and Corinne Philippe are recommended.

KLEYR | GRASSO | ASSOCIES continues to make considerable progress in the investment funds environment. The firm is particularly strong in the private equity sector, in which it acts for number of industry giants. It is also regularly engaged in restructuring issues for its many investment fund clients with Rina Breininger and Patrick Chantrain having strong reputations.

Oostvogels Pfister Feyten has a mighty reputation in the private equity sector. Alternative funds is a key strength of a practice that features Harold Parize, who spends part of his time in the firm’s London office, targeting the UK-based private equity sector.

Wildgen, Partners in Law is also recommended for a range of investment funds including alternative products, and regulated and non-regulated funds. The firm has created a high proportion of pension funds approved by the CSSF.

Niche firm Chevalier & Sciales acts for a wide-range of institutional hedge fund and private equity sponsors. It has extensive experience of structuring UCITS vehicles and the investment funds department is supported by an excellent structured finance practice. Olivier Sciales has a fine reputation.

New firm Findling Collin Fessma has excellent fund structuring credentials with Jean-François Findling having a solid record on the private equity side and Laurent Fessmann known for non-retail hedge funds, private equity funds and real estate funds, and his familiarity with the UCITS III structure.

NautaDutilh has a fine history in the investment funds sector with extensive experience of UCITS structures. In 2009 the Luxembourg office demonstrated the breadth of its expertise by advising on the proposed restructuring of an existing Luxembourg leveraged debt fund. Pierre Reuter has an excellent reputation.

Noble & Scheidecker has a prominent private equity and non-regulated practice as well as undertaking regulated investment funds work. This includes extensive experience with UCITS, SIF and SICAV products. However, the recent departure of Jean-François Findling and Laurent Fessmann is a significant blow to the practice.

DSM Di Stefano Sedlo Moyse Avocats à la Cour has broad capabilities and in particular an excellent structured finance practice that services the funds industry.

M Partners is recommended for hedge funds and other alternative investment funds. The firm recently advised on the establishment of a $500m Cayman fund and subsidiary companies to invest in the Russian equities market. The firm’s extensive tax expertise is of obvious further benefit to the practice. Vanessa Molloy is recommended.

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Legal Developments in Luxembourg for Investment funds

  • Liabilities of Directors of an Investment Fund

    The current turmoil in the investment fund industry has particularly drawn the attention of professionals, including "Directors", to the liabilities they may incur in the framework of their duties as director of an investment vehicle.
    - Noble & Scheidecker

Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • Liabilities of Directors of an Investment Fund

    The current turmoil in the investment fund industry has particularly drawn the attention of professionals, including "Directors", to the liabilities they may incur in the framework of their duties as director of an investment vehicle.
    - Noble & Scheidecker

  • Islamic Microfinancing in Luxembourg

    The following article was co-written by a partner of a well established law firm in Luxembourg and an expert in Islamic Finance with the objective to demonstrate the extent to which the Luxembourg microfinance vehicles an be used to foster the development of Islamic microfinance schemes. The argumentation is centred on the unique combination of the robust Western governance framework and structuring vehicles together with Oriental philanthropic and religious principles; this association is likely to meet the financing needs of the neediest who, so far, were kept aside of conventional interest-based microfinance solutions.
    - Linari Law Firm

  • Migration or relocation of offshore funds to Luxembourg

    The Madoff scandal which has led to the quasi-collapse of the banking sector has changed the fund industry landscape. The ability to relocate in Luxembourg opens new horizons to offshore promoters and investors.
    - Chevalier & Sciales

  • Restructuring & Insolvency in Luxembourg

    It goes without saying that the past few years have been quite unique. Over this period, we have seen the fall of many prominent banking institutions and have experienced some quite special situations. The repercussions of these events have greatly impacted global economies and in many jurisdictions, they have led to a spectacular level of bankruptcy, insolvency and restructuring cases.
    - Oostvogels Pfister Feyten

  • Luxembourg Newcits or Sophisticated UCITS

    For a long time, Luxembourg hedge funds and funds of hedge funds have been set-up under several wrappers, namely funds submitted under part II of the law of 20 December 2002 on UCIs (the “2002” Law) and specialized investment funds (SIF) governed by the law of 13 February 2007 (the “SIF Law”). As of today, hedge fund managers are considering launching UCITS platforms (especially “sophisticated UCITS”). As widely known, UCITS funds are harmonized European retail fund vehicles that can be sold globally and which benefit from the European passport enabling investment managers to easily market their funds within the EU.
    - Chevalier & Sciales

  • Real Estate in Luxembourg – 2010 Edition

    This comprehensive brochure provides an overview of Real Estate in Luxembourg. It provides details on Luxembourg’s approach to the sector, developments during the course of 2009 and outlines those vehicles which can be used to invest in the sector. These include regulated vehicles such as the Real Estate UCI, SICAR, SIF and the unregulated SOPARFI. The booklet also covers the various tax elements of Real Estate investing.
    - Oostvogels Pfister Feyten

  • IP, IT & Media News from Luxembourg

    On 25 November 2009, the European Union enacted a new set of rules regarding electronic communications, the so-called new "Telecom Package". This new regulation is composed by two directives which must be implemented by the Member States by 25 May 2011 and one regulation which is immediately applicable. In Luxembourg, a draft of law has been filed on 30 March 2010 in order to implement into national law some of the new provisions related to the independence of the national regulatory authorities ("NRA").
    - Molitor, Fisch & Associés

  • Luxembourg : a hub for Islamic Finance

    Well established as a world leader in the investment funds industry (second only to the USA), Luxembourg firmly held its position throughout the economic crisis, totalling EUR 1,840.993 billion net assets under management as at 31 December 2009. This five decade long success story originates from a continuing intention on the part of the local authorities to make the most of promising opportunities in the financial market. Islamic Finance is unquestionably one such opportunity and initiatives taken by the various actors operating in Luxembourg show how determined they are to lead the way in this fast growing market. 
    - Chevalier & Sciales

  • Getting the Deal Through - Insurance & Reinsurance 2009 - Luxembourg chapter

    Identify the regulatory agencies responsible for regulating insurance and reinsurance companies. The Commissariat aux Assurances (the Commissariat) is in charge of the supervision of insurance and reinsurance undertakings, as well as insurance intermediaries (agents and brokers). It is in charge of examining the applications for licences. The Commissariat also assists the Luxembourg public authorities in European and international negotiations. It takes an active part to the preparation of Luxembourg laws and regulations within its field of competence. The Commissariat is a public establishment vested with legal personality and is financially independent. It is under the authority of the ministry of treasury and budget.
    - KLEYR GRASSO ASSOCIES

  • Getting the Deal Through - Dispute Resolution 2009 - Luxembourg Chapter

    What is the structure of the civil court system? The Luxembourg court system is organised according to the principle of ‘double court instance’, pursuant to which any case may be judged twice by two different courts, both upon the factual and legal merits. As a result, a major distinction is to be drawn up between the first degree courts and the courts of appeal.
    - KLEYR GRASSO ASSOCIES

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