What inspired your move to Value & Risk, and what will be your priorities?

Monica Ramos da Fonseca: Value & Risk appealed to me on several levels. It is a specialised and fast-growing company with a solid foundation in valuation and a clear strategy for expansion in Luxembourg — a market that is both sophisticated and increasingly strategic. What ultimately convinced me to join was the firm’s unwavering commitment to quality, independence, and responsiveness. These are not just guiding principles; they are reflected in how Value & Risk engages with clients, approaches challenges, and delivers results. Fund managers, AIFMs, and administrators are placing greater emphasis on independent, high-quality valuation services, particularly in the private markets space. My role is to strengthen Value & Risk’s presence in the Grand Duchy, deepen client relationships, and promote our expertise across a wide range of alternative asset classes. The firm’s focus on precision, transparency, and partnership resonates strongly with my own professional values, and it’s what makes this opportunity so meaningful.

Charles Dequaire: Luxembourg has long been recognised as a global hub for fund administration and cross-border distribution. Today, it is maturing into a true centre of expertise — one defined by substance, governance, and accountability. Valuation now sits at the core of that transformation, providing a bridge between investment decision-making, regulatory oversight, and investor protection.

“Valuation is not just a number, it’s a reflection of economic reality, process transparency, and market integrity.”  -Monica Ramos da Fonseca

How are regulatory changes affecting the valuation function?

Charles Dequaire: Valuation has evolved into a strategic function within the investment fund industry — far beyond a technical or accounting task. It now represents one of the main pillars of governance, transparency, and investor protection. Since its founding in 1996, Value & Risk has earned its reputation for independence, rigour, and transparency. These principles became even more vital after the global financial crisis, which highlighted that reliable, well-documented valuations are essential for maintaining confidence in financial markets. Today, regulators across Europe have significantly raised their expectations. Requirements for independent oversight, methodological clarity, and documentation have intensified. Clients must demonstrate consistency and transparency in their valuation models, ensuring they can withstand internal reviews and external audits. Our goal is to help clients navigate this evolving landscape — not by simply meeting compliance checklists, but by building credibility. Whether the underlying assets are illiquid, bespoke, or complex, valuations must be robust, transparent, and defensible. Communication is central to that process.

Monica Ramos da Fonseca: Clients value the time we dedicate to explaining our methodology, ensuring that investors share the same understanding of their financial investments and underlying risks as the investment managers. This open dialogue fosters a robust valuation function and forms the basis for sound decision-making. A valuation is not merely a figure — it reflects economic reality and market integrity. Our goal is to give clients confidence that their valuation processes are rigorous, transparent, and aligned with both regulatory requirements and the highest investment standards.

How do you see the future of valuation services in Luxembourg and beyond?

Charles Dequaire: The future of valuation lies at the intersection of technology and human expertise. Technology is advancing rapidly — from digitalisation to automation and now to artificial intelligence — all of which are transforming the industry. Yet, sound professional judgement remains irreplaceable. At Value & Risk, we embrace the latest technological developments to enhance our analytical capabilities — not to replace human insight, but to reinforce the precision, efficiency, and independence that define our valuation approach. Fund managers increasingly seek valuation partners who can navigate complex instruments, adapt to evolving market conditions, and deliver analyses that instil confidence across all stakeholders — from boards to auditors and investors.

Monica Ramos da Fonseca: Luxembourg will continue to thrive as a global centre for fund services, international distribution, and regulatory innovation. CSSF’s pragmatic approach, combined with the expertise of the local workforce, creates a solid environment for strong governance and professional excellence. At Value & Risk, we aim to expand across asset classes, evolve with market needs, and remain close to our clients. Independence and expertise are our anchors — they build the trust that underpins sustainable growth and long-term collaboration.

Charles Dequaire: Value & Risk has supported Luxembourg-based clients since its early days. With our local office now firmly established, we have deepened our contribution to the Grand Duchy’s financial ecosystem, helping AIFMs, management companies, and fund boards manage their governance and compliance responsibilities. At Value & Risk, we are committed to contributing to the ongoing development of the valuation profession. Our team is composed of experienced specialists, and we actively engage in knowledge sharing and open dialogue across the industry. Collaboration is essential to strengthening standards, promoting consistency in valuation practices, and supporting a culture of transparency and professional excellence. Through our involvement in various professional forums and associations, we help advance the recognition of valuation as a key element of governance and investor confidence, while staying closely aligned with emerging regulatory and market developments that continue to shape the industry.