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L3A extends its member network with Spuerkeess

The Luxembourg Alternative Administrators Association (L3A) is pleased to welcome Spuerkeess as a new Associate Member.

Read this short interview of Paolo Vinciarelli, Head of Institutional Clients Department and Member of the Extended Management Board.


1) Can you outline the history and activity of your company in a few words?

Spuerkeess, a universal bank with over 150 years of history, is headquartered in Luxembourg and fully owned by the Luxembourg state. The bank has an AA+ rating and is recognized as the safest bank in Luxembourg and one of the top-rated universal banks globally. Designated as a systemic bank, Spuerkeess is supervised by both the CSSF and the European Central Bank, enhancing its regulatory framework.

We offer comprehensive banking services to a wide range of alternative and private asset structures and strategies. For more than two decades, Spuerkeess has been expanding its capabilities and services, including depositary bank services, equity bridge financing, custody services, issuer services, FX hedging, cash management, and payment solutions. Our service philosophy is centered on fostering genuine partnerships with our clients, engaging all parties involved such as the funds, SPVs, GPs, carry vehicles, and structuring vehicles.

2) You have recently decided to join L3A - what are the key reasons behind this?

Joining L3A, a pivotal entity within Luxembourg's expanding financial ecosystem, aligns with our strategic goals. Spuerkeess is committed, as outlined in our constitutional law, to contributing to Luxembourg's economic and social development through our activities. The importance of private asset investment vehicles and their ancillary entities is increasingly significant within Luxembourg's financial ecosystem. We believe that uniting with service providers and engaging with key stakeholders through L3A will enhance our ecosystem's sustainability and resilience, preparing it for future challenges.

3) What do you believe you can offer to L3A and the alternative administrator provider ecosystem?

With our deep-rooted presence in Luxembourg and our experienced team, we are well- positioned to contribute significant banking, depositary banking, and fund finance expertise to L3A. Our goal is to support L3A’s initiatives and discussions, helping ensure that the ecosystem remains robust and progressive. We will contribute to various L3A committees, providing insights, among other topics, into the latest developments in depositary banking services and AML/KYC requirements related to banking onboardings.

4) What do you see as the greatest opportunities offered by Luxembourg in the alternative administrator provider market? What are the main challenges to be tackled in order to capitalise on these opportunities?

Democratizing private asset investments represents a significant opportunity for Luxembourg and its service providers. From a general partner's perspective, selecting effective distribution channels is crucial for success. As a service provider, our challenges include, among others, managing extensive limited partner bases, addressing KYC requirements, and offering efficient excess cash management solutions to reduce the fund’s cash drag. These efforts are vital to minimizing overhead costs for funds/general partners and maintaining Luxembourg’s competitive edge.

Through our partnership with L3A, we are dedicated to discussing with our fellow co-members these challenges and developing solutions that not only meet regulatory requirements but also client centric. In this context, we view these challenges as opportunities to differentiate Luxembourg from other fund jurisdictions and enhance our market position.


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