Alternative Investment

US GAAP: an acceptable accounting principle in Luxembourg?

As more and more US-based asset managers choose Luxembourg for their next alternative investment funds (AIFs), the question they invariably ask is whether they can keep the accounting principles they are using for their current structures: United States Generally Accepted Accounting Principles (US GAAP). Many of these asset managers also run parallel funds al […]
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Covid-19: Best practices for alternative investment professionals

The article was adapted from the original published on kpmg.com by Andrew Weir: Leadership, Global Head of Asset Management and Global Chair of Real Estate and Construction, KPMG International. Ensuring business continuity and client confidence in a crisis. The alternative investment sector in Luxembourg has grown exponentially over the past few years and now […]
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The Zombie Effect…In Luxembourg & Beyond

This article has been written together with Frederic Mazarin. Since the 2008 recession, we have witnessed the infiltration of seemingly benign economic creatures with a dark side…They limit domestic productivity and threaten to exacerbate a future economic downturn. They are the zombie firms. Zombie firms can be defined as companies where turnover is s […]
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What do the new transfer pricing developments mean for asset managers?

It seems that transfer pricing is the topic of the moment: in conferences, articles, and boardrooms you hear about it… but what does it really mean? When third parties enter into commercial transactions with each other, the terms and conditions of their arrangement are governed by market forces and the price they negotiate is by definition a market price. H […]
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Debt funds to the rescue

Corporate financing in Europe is currently undergoing a significant transformation. Historically, it has been largely dominated by banks, but with banks being in the process of deleveraging and currently burdened by additional capital requirements, debt funds have stepped in and increasingly provided funding to small- to medium-sized enterprises, either through […]
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Women in alternative investments: a marathon, not a sprint

A few years ago the first-ever Rothstein Kass WAI Hedge Fund Index came out, with the report that women-run hedge funds had outperformed all others for a period of six and a half years. The index had returned 6%, compared to the S&P 500’s 4.2% and the HFRX Global Hedge Fund Index’s -1.1%. The news was all good: short of any oversimplified interpretations […]