On the occasion of Corinne Lamesch's appointment as Chairperson of the Luxembourg Association of the Investment Fund Industry, there is a focus on the health of the fund industry in Luxembourg and ALFI's priorities for the coming years.
A positive context
Corinne Lamesch's appointment as head of the Association luxembourgeoise de l'industrie des fonds d'investissement (ALFI) comes at a favorable time. Assets under management in investment funds in the Grand-Duchy are at a high level, namely €4,502.5 billion at the end of August 2019, according to figures from the Commission de Surveillance du Secteur Financier (CSSF). Despite instability on the international scene and a fluctuating market, Luxembourg remains a safe place for investment funds. In its efforts to replicate the success of UCITS, Luxembourg succeeded in attracting 33% of net sales of alternative funds (AIFs) in Europe at the end of July 2019 (Source: EFAMA). Exchange-traded funds (ETF) in the Grand Duchy increased by 32.7% between March 2018 and March 2019. This is also positive for the flagship product of the Luxembourg investment fund industry, UCITS, since, at the end of August they represented 82.65% of net assets and 69.55% of supervised units in the country (Source: CSSF).
“Sustainable finance, alternative investments and pensions are areas in which Luxembourg wants to position itself and contribute its know-how.”
20 years of experience
With twenty years of experience in the investment fund sector in Luxembourg, Corinne Lamesch has just reached a new level. Already a member of ALFI's Board of Directors since 2017, she succeeds Denise Voss for a two-year term. At the same time, Corinne Lamesch is Country Head, Luxembourg at Fidelity International. Previously, the new Chairperson of ALFI worked as a lawyer at Clifford Chance and Allen & Overy and advised Luxembourg and international companies on investment funds. A law graduate of the New York University School of Law and Robert Schuman University, Corinne Lamesch is tackling a new and significant challenge. As she explained at the time of her appointment, "The asset management industry in Europe is at a critical period when new political and societal trends will bring both challenges and opportunities.”
Continuity and stability
Corinne Lamesch intends to continue the work led by Denise Voss, in particular by following the previously implemented 2020 ambition document; supporting sustainable finance and remaining committed to the EU action plan; continuing to promote retirement savings and enabling ALFI members to benefit from the opportunities offered by the EU’s pan-European personal pension product (PEPP). But some projects are already waiting for ALFI’s new president. Given the importance of alternative investment funds for the Capital markets union, Corinne Lamesch intends to support their growth. The association's annual conferences must also reinvent themselves to remain attractive. The ultimate objective remains, of course, to strengthen the Grand-Duchy's position as the main international center for funds, in particular, and to enable these investment products and asset managers to stimulate Luxembourg's economic growth in a sustainable way.