Asset and Wealth Management Publications

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Complying with fund tax reporting requirements in Europe is key for successful cross-border fund distribution. It is also one of the biggest challenges facing fund administrators, promoters and management companies.




Discover our full range of services tailored to Management Companies.




Observatory for Management Companies

The 2016 Barometer of PwC Luxembourg's Observatory for Management Companies reveals an increase of 16.9% in the activity of UCITS management companies for 2015. The index is based on the number of employees, changes in assets under management (AuM) and the number of structures in Luxembourg. By the end of 2015, UCITS management companies employed 3,768 people - 11% more than at the end of 2014. In terms of AuM, companies managed 3,071 billion euros of assets, an increase of 25%. As far as the number of UCITS companies is concerned, it fell slightly - from 206 structures at the end of 2014, to 204 in late 2015.




Global Fund Distribution 2016 (March 2016)

The PwC Market Research Centre has just released the 17th edition of its annual Global Fund Distribution Poster. Since its first edition, the annual poster has become a reference tool for asset managers who need a quick overview of the global cross-border fund market.




Dedicated to Debt Funds

Debt is clearly an attractive class of assets on the radar screen of many investors. Over the past years, we have set up a dedicated team from various horizons. This team is as diversified as the debt funds we are servicing during their entire life through a wide range of audit, tax and advisory services.





The Real Estate Industry is currently facing a multitude of challenges and transformations while being in a period of uncertainty. The Luxembourg Real Estate & Infrastructure Team stands by your side, providing a one-stop-shop solution to help you face tomorrow's challenges.




By providing you with suitable and comprehensive services and products we support you in building an efficient and sustainable advantage. Private Equity is a core and substantial business within PwC Luxembourg’s service offering. We have developed a team of highly sophisticated specialists with deep know-how and sound market knowledge. Over 220 experienced multilingual partners and staff are dedicated to Private Equity within our audit, tax, compliance and advisory practices and support you in making the right choices. As a result, we are the number one audit firm and market leader servicing the Private Equity industry sector in Luxembourg.




UCITS V New depositary role, new remuneration rules for managers, new administrative sanctions

This new Directive will align the depositary's duties and liabilities and the managers' remuneration requirements, with the requirements of the Alternative Investment Fund Managers Directive (AIFMD). However, differences will remain that will need to be closely monitored to ensure full compliance with the new rules. UCITS V will also create a new sanctions regime, thus strengthening the fear of sanction and the reputational risk for industry players.




3W - Your integrated Watch services

Stay on top of things that matter to your business!




Thanks to its long established track record in the global distribution of investment funds, Luxembourg is recognised as the axis point for international investors and asset managers seeking exposure to worldwide markets.




Pursuant to article 42 of the Alternative Investment Fund Managers Directive ("AIFMD" or "the Directive") non-EU/Asian Alternative Investment Fund Managers ("AIFMs"), as from 2013, can only market the non- EU/Asian Alternative Investment Funds ("AIFs") they manage to EU investors via private placement regimes ("PPRs"), where available and applicable.




Recent years have seen phenomenal growth in the global ETF market. Global assets in ETFs/ETPs reach a new record of US$3 trillion at the end of May 2015.





Fund distribution is at a turning point. Although the status quo of the industry has been in a state of continuous metamorphosis for some time, the latest regulatory agenda, a profound shift in the investor base, and recent technological developments are accelerating the pace of change.




Following the global financial crisis, the European Commission (Commission) decided to review the MiFID framework. The resulting revised Markets in Financial Instruments regime (MiFID II/ MiFIR) will entail challenges and potentially change the business models for the entirety of financial institutions and financial product manufacturers operating or distributing in the EU.




Africa presents an exciting opportunity: as wealth continues to increase, more domestic investors emerge, while improvements in regulatory frameworks are enticing foreign investment and distribution. In this report we seek to highlight the potential opportunities and challenges that may lie ahead for investors and how they can plan for 2020 and beyond.
Discover our "Africa Asset Management 2020" website.




The Asset Management sector stands on the precipice of fundamental shifts that will make it significantly different tomorrow than it is today. The good news is that we can look forward to a bright future: worldwide assets under management are continuing to rise, and we predict they will exceed USD 100 trillion by 2020.




Solvency II is a new risk-based framework aimed at harmonising the European insurance business and will replace the current national regulatory framework from 1 January 2016 onwards. Unlike the current solvency regime for (re)insurance undertakings, quantitative and qualitative requirements are now closely linked to the asset side of the insurer’s balance sheet.




European Institutional Investors - Poster

The European Institutional Investors poster provides a quick, yet comprehensive overview of the European institutional market including the size and structure of the market, the asset allocation breakdown, the top locations and the largest investors. The poster also highlights the country origins and destinations of European portfolio investments outside Europe.




The seventh edition of the Luxembourg Fund Governance Survey was conducted jointly by PwC and ILA during the months of July to October 2014. The survey takes an in-depth look at governance practices within funds and management companies established in Luxembourg. Once again, the high response rate to our survey underscores the central role governance plays in the Luxembourg fund industry.




To serve clients in the institutional world, it is crucial to understand their needs and plans for the coming months and years. To understand these needs and to elaborate the best services for these clients, UBS Fund Services in collaboration with PwC, have conducted a survey amongst 44 important institutional investors with specific questions regarding their view of the current and coming trends in our industry. UBS and PwC are convinced that the results of this survey will be of interest to you and are therefore delighted to share the answers and interpretation of the answers gathered with you.




Unless otherwise stated in specific laws and/or CSSF circulars, UCITS investment funds fall under the disclosure requirements defined in the Law of 10 December 2010, which abrogates section XIII of the Company Law of 10 August 1915 on annual accounts applicable to commercial companies in Luxembourg. The disclosure requirements specific to the annual reports of Luxembourg UCITS investment funds are defined by the Law of 17 December 2010, as amended by the Law of 12 July 2013 and relevant CSSF circulars applicable to UCITS investment funds.




Investment funds have been hit by a wave of reporting requirements from their investors - specifically from institutional investors, such as credit institutions, insurance companies and other institutional investors. These investors need detailed information in order to comply with their own reporting requirements.




The time is right for asset management to move into the spotlight and increase its role in supporting the global economy. However, the asset management industry will need to ensure that regulators and policy makers do not overregulate the industry, thereby impeding its efforts to play a more decisive role within the global economy. In our current economic climate, the industry must build and strengthen its trust with the public, regulators and policy makers and provide innovative, sustainable solutions. As asset management moves into the spotlight, it will have to rethink its relationships with key stakeholders (investors, distributors, regulators and policy makers) and evaluate, then adapt, its operations and business models to the new paradigm.




For the second consecutive year, PwC launches its Global Asset Management Remuneration Survey.



Over the last years, some offshore promoters decided to locate their fund management activities in Luxembourg by re-domiciling their existing offshore funds in Luxembourg or decided to launch new fund ranges in Luxembourg.





The current European and Luxembourg Asset Management (AM) regulatory framework and the continued focus on tailoring products for different investor types present serious compliance challenges. It also provides market players with considerable opportunities to meet clients’ needs.




The internationalisation of the Chinese Renminbi (RMB or ¥) could be one of the most significant developments in global finance for the coming decade. Economists and futurists have been predicting the "Chinese Century" for years and myriad indicators suggest it has finally arrived. Since the dollar eclipsed the pound as the world's most influential currency, China has become the world’s largest exporter and second largest importer of goods and the Chinese government hopes its currency will soon reflect this reality. Hence, internationalising the RMB is one of China's utmost priorities.




The total expense ratio represents a key indicator for investors. However, promoters should find the right balance between attracting investors and keeping the best investment managers. Performance fees may be the mean to reconcile both investors and investment manager's interests. Indeed more and more funds are charging performance fees.




A Brave New World for Asset Management - Executive Summary

Just six years from now the Asset Management industry is likely to look very different from the way it does today, as nearly 500 delegates gathered in Dublin for PwC’s annual European Asset Management Conference heard last week.




Global Fund Distribution: German Tax Reporting

Despite various harmonisation initiatives in Europe, e.g. UCITs IV, tax reporting is still a very long way behind. Germany is a major distribution country for UCITs and non-UCITs funds and it also turns out to have one of the most complex and intricate tax reporting regime for investment funds. Germany is the only country requiring a third party to issue a statement on the accuracy of the tax figures.
Our GTax service provides you with more than simply certification and compilation. It also covers five key areas and includes: Training, Fund Migration, Consulting, System and Process Analysis, Hotline.




Global Tax Compliance - Complying with investment fund's tax challenges has never been easier

So many countries with different reporting requirements create a complex puzzle in tax reporting. We offer a unique tailor-made solution to help you manage your requirements and put all the pieces together in one handy client platform.




Global Tax Compliance - US Tax Reporting for US Investors

Do you have US investors in your fund? A question you have probably heard all too frequently as the topic of FATCA continues to gain in popularity. However, beyond the scope of FATCA, providing your US investors with the right US tax reporting allows them to properly optimise their US tax return filings.




European Market Infrastructure Regulation

In the wake of the 2008 financial crisis, OTC derivatives came under close regulatory scrutiny, leading in 2009 to the decision of introducing comprehensive global regulation of OTC derivatives at the G20-peak in Pittsburgh.
EMIR will restructure in Europe post-trade activities for OTC derivatives through central counterparties (CCPs) and trade repositories (TRs). The objective is to increase transparency and to reduce counterparty default risks in the hitherto unregulated OTC market.




Global Fund Distribution Services for AIFMs

On 22 July 2013 starts a new way to sell non-UCITS funds across the European Union. As from July, European AIFMs will be able to use a marketing passport to distribute European based AIFs within the European Union. In 2015, European AIFMs may have the possibility to use the marketing passport for non European AIFs. Finally, in 2018 only the AIFMD passport may be used with National Private Placement Regimes being eliminated.




Social Media Studies - Asset Management in the Social era

Social Media is changing the way people communicate and interact with each other, and by extension, it is impacting the way we do business today. From the asset manager's perspective, social media provide opportunities as well as challenges. In this report, we seek to identify the current state of asset management with regard to social media usage. We consider how leading asset managers in this area are interacting with end investors, and enumerate key considerations when implementing a social media strategy.




European ETF Listing & Distribution

Recent years have seen phenomenal growth in the global ETF market due to strong and growing investor demand for effective and cost efficient products. 2013 confirms the strong appetite of investors for such products as issuers continue to launch new ETFs and look to expand into new markets.




The latest economic crisis has highlighted the need to improve the Risk Management processes and structures. In that context, there are no "one size fits all" approach or set of general risk factors that can be used. Therefore, Risk Managers and Board of Directors of Management Companies will have to thoroughly understand their exposures and monitor them adequately.




The latest economic crisis has highlighted the need to improve the Risk Management processes and structures. In that context, there are no "one size fits all" approach or set of general risk factors that can be used. Therefore, Risk Managers and Board of Directors of Management Companies will have to thoroughly understand their exposures and monitor them adequately.




Investment Fund’s Financial Reporting

Coordinating and compiling Financial Statements is a challenge. The regulatory framework is continuously changing and it is increasingly complex to cope with all the new Investment Fund’s Financial Statements disclosure requirements imposed by Luxembourg legal and regulatory framework but also by foreign regulations where the fund is registered for distribution.




Bringing investment funds to a close: Dealing with liquidation issues efficiently and cost-effectively

The current turmoil in financial markets, associated with the increasing regulation in the Investment Funds industry have led most of the well known market players in the Asset Management industry to reconsider their range of products and even to close down poor performers.





Choosing an investment vehicle - European Real Estate Fund Regimes

The last decade has been a period of unprecedented change for the real estate investment management industry. The boom years of 2002 to 2007 have been followed by five years of challenge and uncertainty. Investors have been left bruised by the experience, and the fall-out from the crisis will also result in real estate investment managers facing a significant burden of regulation.




The global economy is changing. Major trends are sweeping across the global financial landscape, and this will change the way business is done. No sector will be unaffected as uncertainty arising from regulatory, fiscal, political and social pressures dominate the short term horizon. While the current volatility necessitates short term planning, asset managers will have to deal with higher investor scrutiny towards the financial sector, regulatory changes and policy-making which will put risk management, transparency and sustainability at the forefront and will impact practices for the foreseeable future.



Wir können (fast) alles - und auch deutsch

Diese Broschüre wurde in deutscher Sprache verfasst, weil wir damit unsere Geschäftspartner ganz gezielt auf unsere deutschsprachige Beratungskompetenz hinweisen möchten. Wir denken, es macht Sinn, Ihnen zu zeigen, was wir alles können, wer was macht und wer für Sie als Ansprechpartner zur Verfügung steht. Und richtig, wir freuen uns, dass wir Ihnen in diesem Segment so viele Mitarbeiter mit unterschiedlichen Fachkompetenzen vorstellen können.