BUSINESS
Alternative funds
LUXEMBOURG V. DUBLIN Dublin has long been Luxembourg’s investment fund rival, but both financial centres were pipped last month by the Netherlands, whose lower house of parliament passed a bill transposing the EU’s European Alternative Investment Fund Managers Directive. But first mover advantage will only go so far with this particular set of rules, which are scheduled to take effect in the summer of 2013, and the Grand Duchy is likely to win out over rival European hubs, Luxembourg fund executives say. Yet implementing the directive is only half the battle, with another set of technical rules yet to be revealed by Brussels. Text by Aaron Grunwald Photography by Charles Caratini
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NOVEMBER 2012