Alceda applies for AIFM licence in Luxembourg, Germany
Alceda Fund Management, the Luxembourg based structuring specialist, has applied for AIFM status in its home jurisdiction as well as Germany, as part of business development plans.
The manager, with some $7bn in assets under management, said the licence application was for its Alceda Asset Management GmbH business in Germany and Alceda Fund Management S.A. in Luxembourg.
The application comes following the implementation of the AIFMD on 22 July, which establishes common rules for funds not encompassed by the Ucits Directive.
Michael Sanders, chairman of the Board at Alceda Fund Management S.A. said: “We are confident that funds under the AIFMD will have the same ‘gold standard’ as the Ucits brand and as a result, we believe that Luxembourg will continue to be the worldwide leader in cross-border fund distribution.”
“The AIFMD is accelerating the change from offshore to onshore as managers today often run both onshore and offshore vehicles to attract investors from different jurisdictions. Our application to become AIFM registered in Germany and Luxembourg is a logical next step in our continued development and growth and in meeting the increasingly complex needs of investors.”
“We see current investor appetite for alternative strategies growing worldwide. Investors in the US and Europe continue to look East and West and demand greater exposure to managers that are sufficiently savvy, creative and disciplined to deliver compelling products and performance.”
Following AIFM authorisation in Germany and Luxembourg, Alceda will be able to provide portfolio and risk management, administration and marketing services.
New fund concepts and launches, fund migrations, restructurings, and re-domiciliation of hedge funds, private equity and offshore funds will be possible.
Further to the AIFMD related authorisation, Alceda has moved to firm up its links to German alternative manager Aquila Group.
Alceda Fund Management S.A. has previously been involved providing structuring services within Aquila in areas such as renewable energy, infrastructure, agriculture, timber and real estate.
Michaela von Grafenstein, chief risk officer of the Aquila Group has been appointed managing director at Alceda Asset Management GmbH and Alceda Fund Management S.A.
Von Grafenstein said: “We believe the trend for real assets will increase in future. Currently, the identification of attractive projects, ambiguous regulatory requirements as well as political and economic changes are challenging investors. A comprehensive valuation of the investment, its earning potential and risk profile as well as a precise analysis of the target regions are of major importance when investing in real assets.”