Over the last few years there has been a quiet sea change in the Duchy which is starting to have a significant impact. When the Aztec Group entered the Luxembourg market in 2007, the main work a Fund Administrator would do was to manage investment holding companies that were, quite frankly, sleepy. And the jurisdiction itself somewhat reflected this. Much has and is, in fact, changing. External political, legal and regulatory forces have aligned to promote Luxembourg as a safe, well-regulated and, importantly, an onshore jurisdiction. Internally, the Duchy has also listened and reacted to increase the attractiveness and flexibility of the products and entities that Luxembourg offers in the funds arena to make them fit for purpose. The result is by no means a finished article (there is still the VAT leakage issue, for example) but it has changed almost beyond recognition in the last decade.
Luxembourg now has the products and the political goodwill to make it a pre-eminent jurisdiction for not just our holding companies but also funds in their own right. Since 2013 in excess of 50 percent of the new work being won by our Luxembourg office has been looking after funds themselves rather than only their holding companies. This growth, I believe, will continue and, perhaps, even accelerate as more and more funds recognise the attractiveness of the jurisdiction in the world of 2016 and beyond.
For this reason, I relish to be at the coal face. I am hoping, if possible, to be instrumental in building the experience of our teams on the ground in the jurisdiction. I believe the product and the opportunity is already here in Luxembourg and so, if we maintain our client-centric service delivery, Luxembourg has the potential to be our leading office by the end of the decade. Ambitious maybe, but what a great challenge and so the question really should be, why would I not want to be in Luxembourg?
In Luxembourg, the Aztec Group currently employs over 80 people in our lively office near the airport. Our reputation for delivering good quality service has been well received and translated into double digit organic growth in every one of the nine years we have operated in Luxembourg.
To discuss your requirements or simply to find more out about our future plans in the Duchy, please don’t hesitate to contact me.
previous comment / Alan Ross
We’ve seen it before. A market-leading brand or institution that’s seemingly untouchable one minute, and gone (or at least banished into the realms of the ordinary) the next.... Read More
If you would like to discuss outsourcing to the Aztec Group or are considering migrating a fund or SPV, please call James Duffield, Head of Business Development, on +44 20 3818 0250.
Aztec Group Guernsey
Aztec Financial Services (Guernsey) Limited
PO Box 656, East Wing, Trafalgar Court
Les Banques, St Peter Port, Guernsey, GY1 3PP
Telephone: +44 1481 749700
Facsimile: +44 1481 749749
Aztec Group Jersey
Aztec Financial Services (Jersey) Limited
Aztec Group House, PO Box 730
11-15 Seaton Place, St Helier, Jersey, JE4 0QH
Telephone: +44 1534 833000
Facsimile: +44 1534 833033
Aztec Group UK - London
Aztec Financial Services (UK) Limited
2 Throgmorton Avenue
Telephone: +44 20 3818 0250
Aztec Group Luxembourg
Aztec Financial Services (Luxembourg) S.A.
8, rue Lou Hemmer, L-1748, Luxembourg – Findel
Grand-Duché de Luxembourg
Telephone:+352 246 160 6000
Facsimile: +352 246 160 6016
Aztec Group The Netherlands
Aztec Financial Services (Netherlands) BV
Spaces Zuidas, Barbara Strozzilaan 201
1083 HN Amsterdam, The Netherlands
Telephone: +31 20 794 4820
Facsimile: +31 20 794 4821
Aztec Group UK - Southampton
Aztec Financial Services (UK) Limited
Forum 3, Solent Business Park
Parkway South, Whiteley, Fareham, PO15 7FH
Telephone: +44 238 202 2300
Facsimile: +44 238 202 2309