ALFI TURNS 30 IN 2018
The history of ALFI is closely linked with the history of UCITS - not just because of its establishment only a few months after the setup of the UCITS regime. Like the global brand, and on the back of its success, the association has developed into an indispensable element in the world of investment funds.
Recognised internationally both as a driving force and reliable partner through eventful times, ALFI has built a reputation as a cornerstone of the fund sector in Luxembourg, Europe and beyond. In September 2018, the association will turn 30. Celebrate with us!
Discover our history
Creation of ALFI
Creation of ALFI with the aim of representing and promoting the Luxembourg investment fund industry
30 March 1988
ALFI regularly organises events in its role as a service provider to the Luxembourg investment fund community, with the goal of actively promoting the Luxembourg investment fund centre, its products and services, as well as to update its members and fund industry professionals on relevant industry developments.
Growing success of umbrella funds
Umbrella funds, officially authorised in the previous year, are in favour with promoters, with 63 new funds of this type.
ALFI joins FEFSI (now EFAMA), the representative body of the European investment management industry.
First Annual Europe-US Investment Fund Forum
ALFI and NICSA partner for the first time to present the Annual Europe-US Investment Fund Forum, now known as the Global Distribution Conference, a major annual event for the international fund distribution community.
First ALFI Spring Conference
March: ALFI launches a second must-attend event for the asset management industry with the first annual ALFI Spring Conference .
Code of Ethics established
A Code of Ethics is formally adopted and circulated to ALFI members to provide boards of directors with a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.
Luxembourg ranks as the largest investment fund centre in Europe
December: Luxembourg becomes, for the first time, the largest investment fund centre in Europe, overtaking France.
ALFI membership goes beyond funds
April: ALFI opens to members other than investment funds to adequately represent the entire industry.
ALFI membership on the rise
June: ALFI boasts a membership equivalent to > 70% of net assets of Luxembourg funds.
Focus on UCITS III
Luxembourg is the first country to transpose the UCITS III directive into national law, enhancing the attractiveness of UCITS while furthering investor protection.
ALFI’s mission statement
April: ALFI’s Board of Directors validates ALFI’s mission statement: “Lead industry efforts to make Luxembourg the most attractive international centre for investment funds".
Focus on SICAR
Luxembourg enacts the law governing the SICAR, an innovative regulated onshore investment company regime, customised to the needs of the private equity sector.
ALFI’s first roadshows
ALFI organises its first roadshows in London, Frankfurt and the US – the beginning of an intense global promotion agenda and travel itinerary.
For the second time, Luxembourg ranks as the largest investment fund centre in Europe – a position it has held ever since.
ALFI representative office in Brussels
September: ALFI opens its Brussels office to represent ALFI’s views at the heart of the legislative process.
A year of records
February: Adoption of the SIF Law.
May: Steady growth leads to industry volumes breaking the EUR 2 000 billion barrier.
December: 75.4% of UCITS registered in at least 3 countries are Luxembourg funds.
ALFI turns 20
On its 20th birthday, ALFI can celebrate impressive developments since 1988, with assets in Luxembourg going from EUR 50 billion 2000 billion. Luxembourg has established itself as the second fund centre in the world after the USA.
Focus on UCITS IV
January: Extensive negotiations result in the adoption of enhanced UCITS rules, known as UCITS IV, which further strengthen and consolidate a successful and growing industry.
October: ALFI launches its first working group abroad in Dubai.
ALFI representative office in Asia
November: ALFI opens its Asian representative office in Hong Kong, acknowledging the fact that Asia has become the main market for UCITS funds outside Europe, attracting ca. 15% of UCITS net sales in 2009.
November 2010: ALFI and HKIFA sign a cooperation agreement, in recognition of a globalised industry in which Hong Kong’s role as a regional hub for UCITS cross-border distribution in Asia is key.
December: The UCITS brand celebrates its 25th anniversary.
UCITS IV is transposed into national law.
Luxembourg ranks as second-biggest domicile for non-UCITS in Europe
For non-UCITS, Luxembourg is now the second-biggest domicile in Europe. At the end of May, half of the 3749 Luxembourg-domiciled funds are non-UCITS with 1266 SIFs and 619 Part II funds.
Historic net-asset levels for Luxembourg-domiciled funds
Luxembourg AuM reach a historic level at EUR 2,383 billion, representing an increase of 13.7% since the end of 2011 and over 26,7% of UCITS and non-UCITS AuM worldwide.
With 3,841 investment funds or 13,420 fund units, Luxembourg retains its title as fund centre no. 1 in Europe and no. 2 in the world, outranked only by the US.
Luxembourg implements AIFMD
A key measure is the introduction of a European passport for alternative investment fund managers.
The first European ESG Label is launched
LuxFLAG launches the first European ESG Label, to be granted to investment funds complying with specific criteria related to their achievement of Environment, Social and Governance objectives.
November: The Shanghai-Hong Kong Stock Connect is launched. One month later, the first Luxembourg-domiciled UCITS is able to access this innovative channel.
June: ALFI and AMAC, the Asset Management Association of China, commit to closer cooperation.
ALFI launches www.understandinginvesting.org, which is designed to provide the general public with useful basic information about investing.
April: Luxembourg is permitted a RMB 50 billion quota to directly invest on the Chinese capital market.
Luxembourg strengthens its leading position as domicile for responsible investment funds in Europe
December: The European responsible investing fund market reaches AuM of EUR 476 billion, almost doubling in size since 2010.
Luxembourg domiciled responsible investing funds account for 31% of funds and 35% of total AuM.
Upon the launch of the Shenzhen-Hong Kong Stock Connect, Luxembourg UCITS are immediately granted access to the channel.
Access to Luxembourg UCITS made easier for Australia’s institutional investors
ALFI successfully negotiates an exemption to holding a local Australian licence to provide financial services in Australia.
Luxembourg launches Reserved Alternative Investment Fund regime
The Luxembourg RAIF does not require CSSF approval, Supervised via its alternative investment fund manager, this vehicle improves the time to market for authorised managers and well-informed investors.
AuM surpass EUR 4 trillion
The new record figure is testament to the confidence that asset managers, fund distributors and investors have in the Luxembourg fund centre.
March: ALFI revamps its traditional Spring Conference to launch the new ALFI European Asset Management Conference which brings asset managers and investors centre-stage and becomes an immediate success.
November: Private equity and real estate funds continue to grow at an impressive rate. ALFI launches the new PE & RE Conference to highlight Luxembourg’s structuring and operational excellence in these two asset classes.
ALFI launches a working group in Singapore
Seven years after establishing its Hong Kong office, ALFI extends its presence in South East Asia by launching a new working group to promote closer cooperation between the fund management industries in Luxembourg and Singapore.
Luxembourg UCITS turn 30
On 30 March 1988, Luxembourg implemented the UCITS Directive into national law. It was the first country to take this important step. Today, two out of three UCITS distributed internationally are based in Luxembourg.
ALFI turns 30!