JPMorgan today announced that its Hedge Fund Services business has opened an office in Luxembourg to service existing and new clients, which will provide custody, administration, accounting and outsourcing services for hedge funds and funds of hedge funds.
Asset growth of hedge funds and fund of hedge funds domiciled and/or administered in Luxembourg was more than 46 per cent last year to $211 billion of assets under management, according to the Association of the Luxembourg Fund Industry (ALFI).
Bhagesh Malde, head of JPMorgan Hedge Fund Services in Europe and Asia said: "Luxembourg is an important market for our existing and future hedge fund and fund of hedge fund clients, and opening a full service office there is an important part of our expansion strategy into additional domiciles to be closer to our clients and service them on the ground. As the Luxembourg market grows, we intend to grow with it."
JPMorgan Hedge Fund Services in Luxembourg will be run by Mario Pirola, who will work closely with Sanjiv Sawhney, head of JPMorgan's Luxembourg office.