Arrow Global, an asset manager specialised in taking on non-performing and non-core loans and real estate assets, said it will build out its substance in the grand duchy.

The firm’s €1.3bn ACO 1 credit fund is already domiciled in Luxembourg. “The opening of this local office will allow the group to deliver optimum infrastructure to this and future investment vehicles,” Arrow last week.

According to its announcement: “The new office will initially be made up of a fund treasury team with Arrow keen to build a multi-disciplinary team over the next 24 months. As it continues to deploy ACO 1 at pace across high-return European credit and real estate opportunities, the opening of the new office will help Arrow future-proof investment strategies via scalable and efficient fund administration operations.”

Arrow did not comment on specific staffing plans for Luxembourg. However, a spokesman told Delano on Wednesday: “We are increasing numbers in the office such that we expect around half a dozen by the end of the year. We will build plans for further teams over the next 18 months as our infrastructure and operational vehicles grow in Luxembourg.”

Its website said it had “over 2,500 employees” and listed several offices in the UK, Ireland, Italy, the Netherlands and Portugal.

The company stated that ACO 1’s fund manager, Arrow-owned AGG Capital Management, would continue to be located in Jersey.

Arrow Q1 2022 revenue of £79m (roughly €93m), with adjusted Ebitda of £88m (€104m). It had €4.4bn in funds under management.

UPDATED: Comments from Arrow spokesman on Luxembourg staffing plans added 27 July