POLITICS & INSTITUTIONS - ECONOMY

Fake financial firm?



Paperjam.lu

 Luc Deflorenne (archives)

Warning: An entity called “AC-Alternative” is operating without permission, Luxembourg financial regulator CSSF and the UK financial regulator FSA say.

The company’s website claims it is based in Luxembourg City, is one of the Grand Duchy’s “largest investment firms,” and offers “solutions for creating and managing wealth” for individual and institutional clients.

The British agency said in a statement: “the FSA believes that this organisation may be targeting UK customers.” While the CSSF noted: “this entity has not been granted the required authorisation to provide financial services in or from Luxembourg.

The Grand Duchy’s regulator also clarified that “AC-Alternative” has no relation to the authorised AC Alterative UCITS fund family, which is administered by Alceda Fund Management.

The CSSF made pains to clarify the difference, because the “AC-Alternative” website lists Alceda’s real office address.

A spokeswoman for Alceda confirmed it had been in touch with both the Luxembourg and UK agencies regarding the matter, and that it had no connection with the website in question. She said Alceda’s clients were “well informed” about the situation. The spokeswomen added that she was unable to comment further, “because of current legal proceedings.

As of 11:00 am on Thursday, messages left by Delano on the voicemail and email listed on the “AC-Alternative” website were unreturned. The Luxembourg phone number has a ‘208’ voice-over-Internet prefix, meaning incoming calls could easily be forwarded to outside the Grand Duchy.