Asset and investment managers have welcomed the Luxembourg government's recent decision to abolish the 0.01% subscription tax for multinational companies wishing to establish investment vehicles in Luxembourg to pool their cross border pension assets.
The move has been praised as acknowledging the need of multi-national corporations to pool the assets of their various pension funds from around the world in order to increase the range of investments available to them, enhance corporate governance and reduce operating costs.
Speaking earlier this week, Ian Baillie, senior vice president and managing director for the Luxembourg office of investment management solutions provider, Northern Trust observed that:
"This is another example of how the Luxembourg Government has recognised an opportunity to support and promote its financial marketplace working closely with the Luxembourg Banking Association and the Luxembourg Investment Funds Association. It illustrates the decisive way in which the Luxembourg Government is facilitating the creation of innovative products in order to attract new assets."
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