CapitalatWork Foyer Group (CapitalatWork) has appointed Lemanik as the management company for its Luxembourg and Belgian-based funds.CapitalatWork, a member of luxembourg-based independent insurance group Foyer, is a wealth manager in Benelux, with over EUR8 billion assets under management.
With strong roots and presence in Luxembourg, CapitalatWork obtained a Management Company (ManCo) license in 2011. In 2019, following a decision to concentrate its energy on core activities, namely on client servicing and on asset management, the regulatory requirements and inherent costs, CapitalatWork decided to outsource ManCo activities.
Lemanik was appointed following a comprehensive RFP process. In December 2019, all funds were successfully migrated to Lemanik.
Claude Eyschen, General Manager CapitalatWork Luxembourg, says: “We were looking for a solid, independent Management Company with strong transparency and risk management experience. Sharing the same company values and our ‘client focus’ culture, Lemanik is the perfect fit for us. The decision to outsource our ManCo business has also been meaningful to our fund shareholders as they can now benefit from the best corporate model centred on independent fund governance. We also managed to create value to our clients by reducing the funds costs.”
Philippe Meloni, CEO of Lemanik Asset Management, says: “I am very proud that CapitalatWork Foyer Group selected Lemanik to accompany and sustain their business growth. I really believe this is just the beginning and, increasingly, asset managers will follow CapitalatWork path to outsource its Management Company business to pursue excellence and decrease costs.
There are currently over 400 Management Companies in Luxembourg and most of them struggle with a long-term profitable and viable model. The regulator is pushing for consolidation as it is in the best interest of the industry and funds shareholders.
“Our track record in migrating funds and experience in insourcing other Management Companies are critical in such transactions. The migration for both Luxembourg and Belgian funds has been seamless and the lift out of the (CapitalatWork) staff a true success.
“We look forward to work closely with CapitalatWork on this next chapter of their growth.”