The Association of the Luxembourg Fund Industry (ALFI) conference brought together more than 200 national and international experts to discuss the new investment agenda
The day focused on the main trends in the Luxembourg ecosystem and its growing appeal for Spanish asset managers: private markets, private debt, internationalisation and growth of active ETFs
Since 2025, Cecabank has been offering securities services in Luxembourg, where it assists asset managers in their cross-border operations. Furthermore, the bank's status as the first B2B custodian in Spain with a MiCA licence puts it in an advantageous position to also operate in the Luxembourg market
At its headquarters in Madrid, Cecabank yesterday hosted a new edition of the Association of the Luxembourg Fund Industry (ALFI) roadshow, a leading event for the international investment fund community. The event brought together professionals from the Spanish and Luxembourg ecosystems to analyse industry trends and explore new opportunities for collaboration.
ALFI, the entity representing the Luxembourg fund industry, organises these roadshows in the world's main financial centres in order to bring each market closer to the Grand Duchy's regulatory, operational and business developments, as well as to strengthen the relationship with its international partners.
These conferences focus on Luxembourg's central role in the global investment fund industry. The country is the largest fund domicile in Europe and the second largest worldwide, as well as being an international benchmark in cross-border fund distribution. Its robust financial infrastructure, together with an ecosystem that integrates asset managers, custodians, specialist service providers and supervisory authorities, has established the Grand Duchy as a leading centre for the development of innovative and sustainable investment solutions.
In this context, Cecabank plays a key role as a leading custodian bank in post-contract services in Spain and Portugal—deposit, registration-custody, clearing and settlement—and is recognised for its independence, neutrality and deep technical knowledge. As of 2025, the bank has also offered securities services in Luxembourg, thus reinforcing its international presence. Since its establishment in Luxembourg, Cecabank has supported Spanish and international asset managers in the operation of cross-border vehicles (both UCITS and alternatives), integrating its capabilities with the operational and governance standards of the local market. Furthermore, it has become the first B2B custodian bank in Spain to provide services for digital assets in accordance with MiCA. As such, it can offer a unique proposition in a regulated, reliable environment with the maximum guarantees, which in turn gives it an advantageous position to operate in the Luxembourg market, where this regulatory framework will have a significant impact.
Private markets, private debt and ETFs: new opportunities for Spanish asset managers in Luxembourg
The day, organised into several thematic sessions, allowed attendees to learn about the latest operational and regulatory trends in the Luxembourg ecosystem first-hand, as well as the most relevant use cases for Spanish asset managers interested in diversifying their offering, optimising their operations and scaling internationally.
The official welcome was given by Jean Marc Goy, president of ALFI, who stressed: “Spain remains a key market for funds domiciled in Luxembourg, reflecting the deep trust and cooperation between our two financial centres. At ALFI, we want to make sure that the Luxembourgish toolbox—from established UCITS to the most recent developments, including in private assets, ELTIFs and digital assets—continue to empower Spanish asset managers in their access to global investors. This roadshow hosted by Cecabank offers an essential platform to showcase the excellence of our jurisdiction and address the evolution of the regulatory framework. Through both sustainable finance and the digital transformation of fund operations, our objectives remain clear: to provide the stability and knowledge required to turn industry challenges into growth opportunities.”
Subsequently, Brenda Bol, director of Cecabank's branch in Luxembourg, officially opened the day and hosted the event. During her speech, Brenda Bol highlighted: “Luxembourg has established itself as a strategic framework for Spanish asset managers, not only because of the depth of its market, but also because of the capacity it offers to promote projects with international ambition. At Cecabank, we work to ensure that our client asset managers have an expert, independent partner focused on providing solutions, capable of supporting them in the development of projects with true scale and security", she added: “This conference highlights the strength of the collaboration between both cities and the wide potential that continues to open up for the industry.”
Following the institutional presentations, four panels were held with top-level experts who delved into the main trends driving the evolution of the Luxembourg fund ecosystem and its growing appeal to Spanish asset managers.
The analysis of private markets highlighted how the expansion of Luxembourgish vehicles is generating new opportunities in raising capital and structuring investment strategies in private assets with a regional and global reach. The growing interest in private debt was also addressed, focusing on mechanisms that allow for more efficient access aligned with the needs of institutional investors.
The conversation moved on to Luxembourg's role as a strategic platform for the internationalisation of asset managers, offering a solid regulatory framework and global distribution channels to access investors across Europe.
Finally, the day concluded with an analysis of the growth potential of active ETFs, a rapidly expanding segment that combines the search for alpha with the intraday liquidity inherent to this vehicle.
The event, held in person at Cecabank's headquarters in Madrid, brought together around 200 attendees from more than 150 entities and featured the participation of representatives from ALFI, Maples and Calder, Portobello Capital Gestión, Bestinver, Stoneshield Capital, Elvinger Hoss Prussen, EY, Pictet Asset Management, Linklaters, AllFunds Bank, Alaluz Capital, Mutuactivos, Arendt & Medernach, BNP Paribas, Adepa Asset Management and Cecabank, reinforcing its position as a key meeting point in the industry in Spain and internationally.
