“The new Ucits platform--Elevation Fund Sicav--enables investment managers to launch sub-funds in a faster and more cost-effective way, using Link Group’s scale, robust governance framework and investment in technology.”
The announcement also stated:
“The new umbrella fund will operate its first sub-fund for Stewart Asset Management, LLC, a US manager based in New York”.
The company has been expanding in the grand duchy since it received a “super manco” licence from Luxembourg’s financial regulator, the CSSF, in 2018. It had already been active in the UK and Ireland “for over 30 years”.
Link Group said it had €139bn of assets under management and administration, counting both retail and alternative funds, in Europe, as of the end of 2019.
In February, the company said it was “working proactively with the regulator” to remediate the collapsed Woodford Ucits fund that it administered, having remitted £2.1bn (“representing 75.5% of the AUM at the time of distribution”) to investors in January 2020.