Crestbridge increases presence with Luxembourg funds administration licence

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Crestbridge increases presence with Luxembourg funds administration licence

Crestbridge has been granted a funds administration licence in Luxembourg in a move that significantly bolsters the company's capabilities in the jurisdiction and its multijurisdictional proposition for alternative fund managers.

Granted by Luxembourg's financial services regulator, the Commission de Surveillance du Secteur Financier (CSSF), the new licence enables Crestbridge to provide a broad range of fund administration services from Luxembourg, complementing the well-established Management Company (ManCo) solution already provided from the jurisdiction.

Crestbridge established its ManCo in Luxembourg in 2011 and was one of the first businesses to establish an AIFM in early 2014, providing a third-party management company solution for managers of both UCITS and alternative investment funds with pan-European distribution needs. The business is also one of the only third-party management companies in Luxembourg to hold a European Venture Capital (EuVECA) licence.

Luxembourg is a major hub for alternative asset fund structuring and, particularly with the changing political landscape, this new licence will be a strong addition to our proposition of providing services in key domiciles."

The new funds licence also enhances the businesses capability to offer multijurisdictional and bespoke solutions for fund managers, encompassing fund administration, accounting, regulatory and governance solutions, through its dedicated teams of private equity and real assets specialists and network of offices in Jersey, London, Bahrain, and the Cayman Islands as well as Luxembourg. Crestbridge, as a Group, currently services assets valued at in excess of US$120bn.

Commenting on the new licence, Michael Johnson, group head of fund services at Crestbridge, said: "This is another key step in our growth strategy as we look to build on our excellent track-record of delivering a high quality, solution-driven service for fund managers across a full range of structures and asset classes.

"Luxembourg is a major hub for alternative asset fund structuring and, particularly with the changing political landscape, this new licence will be a strong addition to our proposition of providing services in key domiciles and enable us to provide a holistic, bespoke and flexible service to managers wanting EU investor access."

Daniela Klasén-Martin, group head of management company services, Managing Director Luxembourg at Crestbridge, added: "Over the past decade, we've seen consistent growth in our Management Company business, which can cater for all categories of assets. It's a model that clearly works for fund managers, offering a straightforward and cost-effective solution to marketing into multiple EU member states, with its appeal really accelerating in light of ongoing political events.

"Our new funds administration licence, a strategic decision supporting the demands of our existing multijurisdictional Group clients, adds significantly to our existing proposition in Luxembourg, complementing our Management Company solution, which will continue to be independent and an open architecture platform."

Crestbridge employs over 300 people and has offices in Bahrain, Cayman Jersey, London, Luxembourg and New York.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.