EU passport for development investments
New management company with AIFM status
Zurich, 30 April 2015 – The Swiss asset manager responsAbility Investments AG (responsAbility), which specialises in development investments, is establishing an alternative investment fund management company in Luxembourg. responsAbility Management Company S.A. has taken over the management of six responsAbility investment products that are already domiciled in Luxembourg. The management company’s Alternative Investment Fund Manager (AIFM) status will enable responsAbility to distribute its investment products to professional investors throughout the EU in future.
responsAbility has been active in the field of development investments since 2003 and has assets under management totalling USD 2.6 billion, including six investment products focusing on microfinance with an investment value of USD 1.8 billion in the fund domicile of Luxembourg.
The Alternative Investment Fund Managers Directive (AIFMD) that entered into effect in 2011 introduced new requirements for managers of alternative investment funds. These new requirements also apply to the management of responsAbility investment funds. Under this Directive, all managers of alternative investment funds domiciled in the EU must comply with certain conditions that are collectively intended to ensure professionalism and transparency and to thus strengthen investor protection.
In view of the increased requirements that an AIFMD management company must comply with, responsAbility has decided to manage its investment products that are domiciled in Luxembourg through a separate company. Credit Suisse Holding Europe (Luxembourg) S.A. has a stake in this company. The new company will operate under the name responsAbility Management Company S.A.
The management company – under its former name ‘Credit Suisse Microfinance Fund Management Company S.A.’ – was granted authorisation to operate as a manager of alternative investment funds in September 2014. This authorisation will facilitate the distribution of responsAbility investment products to professional investors within the EU.
In connection with the establishment of the new management company, Klaus Tischhauser, Co Founder and CEO of responsAbility, stated: “Development investments, such as those made by responsAbility, are increasingly also attracting the interest of professional investors throughout Europe. With the launch of our new management company, we are establishing a further important asset management function within our organization. At the same time, we are creating the basis for the future pan-European distribution of our investment products and for the achievement of an even greater development impact through our investment activities.”
Commenting on Credit Suisse’s decision to participate in responsAbility Management Company, Petra Reinhard, Managing Director at Credit Suisse Funds AG, stated: “Our cooperation with responsAbility represents the continuation of a longstanding and successful partnership. It also reflects our view that professionally managed development investments are an increasingly important investment theme that Credit Suisse wants to continue to support going forward.”
responsAbility Investments AG
Ulli Janett, Media Relations
Telefon: +41 44 250 67 15
E-mail: ulli.janett [at] responsAbility.com
About responsAbility Investments AG
responsAbility Investments AG is one of the world’s leading asset managers in the field of development investments and offers professionally managed investment solutions to both private and institutional investors. The company supplies debt and equity financing to non-listed firms in emerging economies and developing countries.
responsAbility currently has USD 2.6 billion of assets under management that is invested in 535 companies in 93 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market as well as its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.