This publication brings latest news of product and service launches in wealth management around the world.

BIL Manage Invest, the third-party management company of the Banque Internationale à Luxembourg, has won regulatory approval to launch a platform giving external investment managers and fund promoters an umbrella under which they can oversee their own investment strategies.

Approval has been granted for Lux Multimanager SICAV, described as a hosted “rent-a-compartment” UCITS fund platform. BIL Manage Invest has appointed RBC Investor Services Bank in Luxembourg to provide custody, central administration and domiciliary services to the platform, BIL said in a statement yesterday. 

The managers are appointed by BIL Manage Invest (in its capacity as management company to the SICAV) as investment manager and distributor to the manager’s own dedicated sub-fund or funds. The managers obtain the efficiencies from the pre-existing structure of the platform in terms of sharing of costs, existing middle and back office operating model, its systems, and quick time to market.

The platform provides such managers with a UCITS-compliant sub-fund which they are able to market within the EU without the need to create their own fund and/or management company substance in Luxembourg or in another EU member state.

BMI was established in June 2013 as part of BIL’s strategic development targets for 2020. BIL was founded in 1856 and is the oldest bank in the jurisdiction.