Antonio Frias and Denis Harty (Waystone): More than a Manco

Antonio Frias, CEO of Waystone Administration Solutions, and Denis Harty, Country Head Luxembourg, explain how Waystone’s administration business complements the Third party manco offering. The growth of Waystone in Luxembourg will be built on two pillars (Admin & Manco) moving forward. Interview.

When most people in Luxembourg think of Waystone, they think Manco, but you also have a thriving Admin business, can you tell me a little more about the Admin business?

The administration business is critical to what we do, and it is central to Waystone success. In Luxembourg we are principally recognized as a third-party management company, but at Waystone we have more than 600 staff globally in our administration team. We have both the technology toolkit and the people with deep professional expertise to support our clients efficiently. Many people still associate Waystone with third-party Manco services, especially in Luxembourg, but the administration business plays a critical role. For more than fifteen years, this activity has served alternative investment funds : private equity, real estate, infrastructure, hybrid and private debt funds. We support the full fund lifecycle, from launch to distribution, mergers and closure. We also handle underlying vehicles like SPVs, holding companies and securitization structures.

We can see in Luxembourg that this is a very competitive business. I have seen law firms and Big4 offering administration services. What makes you different from other providers?

There are many differentiators, we have exceptional people and technology, but it’s also our ability to be a global player with local expertise. Looking at our client base, many are U.S. managers who need multi-jurisdictional support. The ability to service clients globally really sets us apart. It comes down to having the right people, the right experience, and a strong international footprint. All of that combined allows us to truly support our clients. Being present in over 20 jurisdictions worldwide, we can provide seamless support from Asia to Europe and the U.S. What sets us apart is focus. On average our senior management team brings over twenty-five years of experience in the administration business. That dedication ensures

continuity and deep expertise. Complexity keeps increasing, especially across jurisdictions. Staying focused means staying ahead. We've been handling fund and corporate vehicle administration in Luxembourg and across the world for many years.

“Our ability to combine global scale with specialist local knowledge gives us a real edge.”

“Staying focused means staying ahead.”

Which risks and opportunities do you identify?

I prefer to focus on the opportunities and see many for both Waystone and Luxembourg. The Grand Duchy remains the second-largest fund market in the world. We continue to seeing significant growth in alternative segment here, which is an our “Sweet Spot” at Waystone. Along with that more and more clients are looking for a single-source provider. They don’t want to deal with multiple partners to provide their required support. That’s where our global footprint becomes a real advantage. We support both management company and administration needs, helping clients to simplify operations and solve challenges. Ultimately, our mission is to make their lives easier. It's about efficiency, simplification, trust, and partnership. And of course, there are clear synergies, for both us and our clients, when they consolidate services with a single provider. In Luxembourg, our deep expertise, combined with being part of a global organization allows us to export that knowledge worldwide. You could consider that we act as ambassador of Luxembourg! We can translate Luxembourg-specific requirements for clients across different markets, ensuring clarity and consistency. Ultimately, clients want high-quality service and efficient execution, and that’s exactly what we deliver.